公司治理對企業價值之影響 考慮成長機會的效應

Abstract

由於台灣財報舞弊層出不窮，投資人往往因為地雷股而讓自身財富遭受損失，使得公司治理的議題持續受到關注。本研究以2010年至2015年台灣上市櫃公司為研究樣本，樣本期間為6年。探討公司治理品質、成長機會與企業價值之關聯性。本研究以Tobin’s Q衡量企業價值；以Brown and Caylor (2006)所建構公司治理品質分數(Gov-score)衡量公司治理品質；以銷售成長率、總資產成長率與研究發展投入率衡量成長機會。實證結果為：(1)公司成長機會與企業價值為顯著正相關；(2)公司治理品質與企業價值為顯著正相關；(3)公司治理品質與成長機會交乘項為顯著正相關，即當公司擁有較多成長機會時，公司治理品質對企業價值的正面效應愈明顯。

Recent financial scandals such as Enron, WorldCom, and Procomp Informatics raised a global concern about the importance of corporate governance. Using Taiwanese listed companies selected from TEJ database during year 2010-2015, this essay examines the impact of corporate governance (measured by Gov-score ) on firm value (measured by Tobin’s Q)by using the growth opportunities as a moderator. I find a positive impact of corporate governance on firm value. Moreover, I find that, as a company has more growth opportunities, the positive effect of corporate governance on firm value is strengthened.