公司治理制度品質與財務風險及經營績效之關聯性

Abstract

本研究之研究目的為探討公司治理制度品質與財務風險及經營績效之關聯性，有別於以往針對公司治理個別因素之研究方式，本研究係以「公司治理制度品質評鑑指標」衡量企業整體之公司治理制度品質，內容包含：股東權益保障(例如：公司網站是否設置監察人或獨立董事信箱)、董事會職能的強化(例如：是否自願設立審計委員會)、審計委員監督功能的發揮或監察人功能的發揮(例如：審計委員會會議出席紀錄之揭露情形以及監察人與管理階層、董事之親屬關係之比率)、管理階層的紀律與溝通(例如：公司之網站是否有揭露職業道德規範)、利害關係人的尊重與社會責任(例如：董監事之股票有無設定質押以及公司是否有實質回饋社會之作為)五大構面，以此為衡量公司治理制度品質之依據，並藉此探討公司治理制度品質與財務風險及經營績效之關聯性。 本研究共計選取114家樣本公司，實證結果發現樣本公司依照「公司治理制度品質評鑑指標」之得分結果與其發生財務風險之機率呈顯著負向關係；且與稅後息前總資產報酬率及股東權益報酬率等二項經營績效變數間呈現顯著正向關係。本研究認為公司治理整體品質係可透過公司治理評鑑指標予以量化且與財務風險及績效呈現顯著關係。 本研究另外進行額外測試，以深入探討公司治理各個構面對財務風險及經營績效之關聯性，將「公司治理制度品質評鑑指標」之得分依照五大構面個別計算其得分。額外測試結果顯示，股東權益保障構面以及董事會職能的強化構面與財務風險呈現顯著負相關；與經營績效相關之公司治理構面為董事會職能的強化構面以及管理階層的紀律與溝通構面，其結果為顯著正向關係。

The purpose of this study is to investigate the relationship between the corporate governance system quality and financial distress and operating performance. The traditional research usually uses individual factors of corporate governance to test. Nevertheless, this study measures the whole corporate governance system quality through the corporate governance system quality rating index included five aspects: the right of shareholders, the responsibility of the board, the capability of the audit committee, the discipline of managements, and the role of stakeholders. The empirical results reveal that the scores graded through the corporate governance system quality rating index and financial distress have significant negative effect. Further, the scores also have significant positive impact on ROE and ROA, but insignificant on Tobin's Q. In a word, the results show that the corporate governance system quality can be validly quantificated by the rating index and have significant association with financial distress and performance. The study also devides the scores of corporate governance system quality rating index into five aspects. The additional tests reveal that the right of shareholders and the responsibility of the board have significant negative relationship with financial distress. Moreover, the responsibility of the board and the discipline of managements exist significant positive relevance with ROE and ROA.