政府持股、政治關係與公司價值：以台灣上市櫃公司為例之實證研究

Abstract

政治和商業兩者彼此關係向來密不可分，近年各國政府對於公司股權的持有水準不斷增加，許多文獻發現政府持股比率越高、政治關係越好之企業，營運的彈性較小、效率低，對公司價值產生負面影響；然而，其他文獻則指出，政府持股比率高、政治關係越好之企業，應有較高的企業治理水準與更多資源，並反映在其公司價值上。為了彌補上述之知識缺口，本文以台灣2007至2019期間1,565家上市櫃公司，並以差異中的差異法與傾向分數配對法，檢驗政府持股對公司價值之潛在影響。 其結果顯示，政府持股與公司價值呈現正相關；與沒有政治背景的公司相比，具政治關係的公司將有更高的公司價值；而具有政治關係之公司，政府持股對其公司價值之影響較不敏感。綜觀上述，通過調查台灣上市櫃公司董監事會成員之政治關係與公司之政府持股，發現這些「關係」也會對公司價值與經營績效產生重大影響。

Political and business have always been inextricably linked. In recent years, the level of government ownership in companies has been greatly increasing. Some literature suggests that firms with higher government ownership and better political connections have less flexibility and lower efficiency, which negatively affects their firm value while other literature indicates that government ownership and political connections ensure better corporate governance and more resources, which positively influence in their firm value. To fill this knowledge gap, this study examines the potential impact of government ownership and political connections on firm value using a difference-in-difference approach and a propensity score matching for 1,565 listed firms in Taiwan from 2007 to 2019. The results indicate that government ownership is positively correlated with company value; compared with companies without political connection, companies with better connections is more likely to have higher firm value and companies with higher government ownership have significantly lower sensitivity to their firm value. In summary, by investigating the political connections of board members of Taiwanese listed companies, we found that these 'guanxi' also have a significant impact on firm value and operating performance.