台灣公司治理之實際成效：以家族企業 、獨立董事、審計委員會為軸

Abstract

台灣的公司治理環境，相較於其他國家有其特殊之處，例如股權較為集中、且集中程度與公司營運年數之間有高度正相關、家族企業比例高、有一定比例的兼任公司等等。而於理論上，該等特殊情形均會影響相關公司治理制度的實際成效。經過本文實證分析發現，家族企業中，提高獨立董事的比例、資訊揭露品質等治理機制，確實對公司有正面影響；而在兼任公司方面，獨立董事比例則與公司營運績效脫鉤。至於審計委員會則無論無哪種情況下，對公司績效的正面影響均不顯著。 上述實證結果，可說明既有制度仍有改善的空間。透過與亞洲數十個國家進行比較後，本文揀擇與台灣治理環境較為相似的韓國，進行比較法的介紹，並特別著重於韓國近兩次的修法內容、以及強調該等法律與台灣法規的相異之處。文末並分就現行法下少數股東權行使門檻、投資人保護法第10條之一、獨立董事之職能、監察人與審計委員會之規定提出修改建議，期生拋磚引玉之效。

Compared with other countries’, corporate governance in Taiwan has some distinctive features such as its high ownership concentration, high positive correlation between concentration rate and years of operation, and the common phenomenon of CEO duality, etc. Theoretically, all these factors should have an impact on the performance of corporate governance, but the actual situation can only be concluded by empirical study. As shown by the empirical result in this thesis, given that the business is family-owned, the ratio increase of independent directors and the increase of information disclosure do have positive influence on the firm’s operating performance. However, in the case of CEO duality, there is no relation between the ration of independent directors and the firm’s operating performance. In addition, in either case, the audit committee has no significant positive influence on the firm’s performance. The outcome of the above empirical study indicates that the governance regulation in Taiwan still has much room for improvement. Therefore, it is necessary to juxtapose other country’s governance framework to see if there is any experience we could learn from. After deliberately comparing the governance characters of Taiwan with many Asian countries, this thesis concludes that the governance feature in Korea is the most similar. Therefore, this thesis further introduces the regulations of Korea concerning corporate governance and its history of amendment, and emphasizes the differences between the regulation in Taiwan and the rule in Korea. In the end of this thesis, I conclude that it is imperative to amend relevant regulations to relax the minimum shareholding ratio to exercise shareholder’s rights, to modify Article 10-1 of Securities Investor and Futures Trader Protection Act, to enhance the function of independent director, and to increase the independence of auditor and audit committee.