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標題: | 公司治理與公司績效關聯性之研究-應用LISREL模型 The Correlation between Corporate Governance and Operating Performance-Apply LISREL Model |
作者: | Min-I Chung 鍾旻宜 |
指導教授: | 楊朝成 |
關鍵字: | 公司治理,公司績效, corporate governance,operating performance,LISREL, |
出版年 : | 2007 |
學位: | 碩士 |
摘要: | 公司治理至今仍是各界極為重視的議題,本篇論文旨在利用LISREL模型探討公司治理的相關變數和公司績效間的關聯性。本研究選取了六大影響公司治理品質的因素,包括董事席次、董事長領導型態(是否兼任公司的總經理)、董事會組成、股權結構、大股東侵害小股東權利的效果、以及資訊揭露的透明度,組成LISREL模型中潛在變數的外生變數,透過聯立方程式來觀察對台灣上市上櫃公司績效(亦即潛在變數的內生變數)的影響。
研究結果指出,董事席次對於公司績效有負向影響,董事長兼任總經理也對公司績效有負面影響,而董事會組成、股權結構、以及資訊揭露的透明度對公司績效有正面影響,但依據此研究資料,本篇論文並沒有找到顯著的證據證明大股東侵害小股東的效果對公司績效有負面影響。 Corporate governance is still an important issue nowadays. This study aims at exploring the relationship between the variables of corporate governance and operating performance of a firm using LISREL model. This study chooses six factors affecting the quality of corporate governance, including board size, board leadership, board composition, ownership structure, entrenchment effect, and the transparency of information disclosure, as the exogenous variables of latent variables in LISREL. Through this structural equation model, we intend to observe the effect of six factors on operating performance, which is the endogenous variable of latent variables, of all listed companies of the Taiwan Stock Exchange Corporation (TSEC) and the Over-the-Counter market (OTC). Empirical results indicate that there is a negative relation between board size and operating performance. Furthermore, there is also an inverse association between board leadership and operating performance. Board composition, ownership structure, and the transparency of information disclosure affect operating performance positively. However, based on our data, we couldn’t find significant evidence to support that entrenchment effect impacts operating performance negatively. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/29045 |
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顯示於系所單位: | 財務金融學系 |
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