台灣公司治理地圖-從破產機率分析

Abstract

公司治理為如何指導公司設定了準則，並提高公司的資訊透明度。良好的公司治理可以提高公司的信譽與財務績效，從而增強投資者信心並吸引資金投入。研究結果發現在資訊透明、股權結構及企業競爭力這三面的公司治理作為能顯著降低破產機率。而董事會結構及薪酬這兩面向的公司治理作為，迴歸結果表示其會增加企業破產的機率。根據公司治理地圖，從2000年之後公司治理的得分逐漸好轉。以產業看，金融產業在董事結構、股權結構及企業競爭力都有比較好的得分。以企業的壽命來看，從1980存續到現在的企業，在資訊透明、董事結構、股權結構及薪酬的表現比非長壽的企業還要來的更好。從市值來看，台灣市值前20大的企業在公司治理的五個面向全部都優於市值非前20大的公司。

Corporate governance sets the guidelines for a company and improves information transparency for it. Good corporate governance can improve the company's reputation and financial performance, thereby enhancing investor confidence and attracting capital investment. The results of the study find that corporate governance in the three aspects of Transparency, Ownership and Competition can significantly reduce the probability of bankruptcy. As for Director and Compensation, the regression results show that they will increase the probability of corporate bankruptcy. According to the corporate governance landscape, the score of corporate governance has gradually improved since 2000. In terms of industry, the financial industry has relatively good scores in Director, Ownership and Competition. In terms of the lifespan of companies, companies that have survived from 1980 to the present have performed better than non-longevity companies in terms of Transparency, Director, Ownership and Compensation. In terms of market capitalization, the top 20 companies in Taiwan by market capitalization outperform the non-top 20 companies in all five aspects of corporate governance.