台灣上市櫃企業公司治理之異同

Abstract

本研究探討台灣上市櫃公司治理之差異。有別於過去研究選擇少數的公司治理構面、發放問卷、實地訪談來進行公司治理評鑑，本研究參考中華公司治理協會與OECD之公司治理原則，採用多構面之公司治理與公開資訊來衡量台灣上市櫃公司治理之分數。研究發現： (1)台灣上市櫃公司治理評鑑分數整體而言，上櫃公司治理分數較上市佳。 (2)上市櫃公司治理評鑑分數越高，營運績效越佳。 (3)控制權與現金流量權的偏離對於上市公司治理評鑑分數造成負面影響，但對於上櫃公司公司治理之分數較不明顯。 (4)董監持股比率對於上市櫃公司治理評鑑分數呈現負相關。

This research discusses the difference of the corporate governance of companies listed in the two securities markets in Taiwan. Rather than choosing few structures of corporate governance, using questionnaire or on-site interview in the past, in this research, we refer to Taiwan Corporate Governance Association and OECD Principles of Corporate Governance, using multiple structures of corporate governance and public information to measure the score of corporate governance of companies listed in the two securities markets in Taiwan. The results show that: (1)Overall, the score of corporate governance of GTSM (GreTai Securities Market) Listed Companies is better. (2)The better the score of corporate governance is, the better the operation performance is. (3)Separation of control right and cash flow right will negatively affect the score of corporate governance, but indistinctively to that of TWSE (Taiwan Stock Exchange Corporation) Listed Companies. (4)Pledged share of directors and supervisors is negatively related to the score of corporate governance.