台灣上市櫃營造產業之轉型策略與公司治理之研究

Abstract

營造業素有火車頭工業之稱，與經濟景氣息息相關，常帶動關聯產業的發展。台灣營造業廠商林立，近年來政府財政赤字升高、物價持續上漲，且捷運、高鐵等大型公共工程常需要與國外的營造商競爭或合作，台灣的營造業廠商必須因應環境變化，選擇適當的轉型策略。而近幾年，政府鼓勵上市櫃業者強化公司治理，以家族企業型態為主的營造業者，如何隨著大環境之改變，選擇適當的轉型策略與公司治理結構。 本研究蒐集並瞭解台灣上市櫃營造業者自民國92年到96年的轉型策略與公司治理結構，透過證基會的資訊揭露評鑑系統衡量各業者的資訊透明度，分析營造業者公司治理結構與轉型策略、公司治理結構與資訊透明度之間的關聯性，研究觀察與結果如下： 1.上市櫃營造業者因應產業與市場環境變化，大多於民國80年代上市櫃 2.營造業者持續追求低成本、建立健全的管理制度，改善作業流程及經營效率，以爭取生存的獲利空間。 3.轉型策略的選擇具有階段性，根據營造業者成立年代、實收資本額、資產總額與承攬工程經驗而定。 4.經營權與所有權分離是未來可預期的趨勢。營造業充滿家族企業的色彩，多數擁有控制股權之業者，掌握多數董監事席次，選任適合公司未來發展之專業人才，進入董監事會，使經營決策兼顧專業與客觀意見，另透過合作多年的專業經理人執行公司業務運作，以構成將所有權與經營權分離。 5.提升營造業者揭露資訊的意願與提高資訊透明度的因素： a.營造業者為企業永續生存並配合未來經營成長，擴大規模，自發性逐步健全公司治理結構且成立經營所需之各類功能性委員會。 b.轉型策略走向國際化，業者基於經營需要，自我要求健全管理機制、加強內部資訊流通與整合內外資源整合。 c.在經營權與所有權分離情況下，大股東掌控之董事會為了解專業經理人之經營績效，要求提供較多管理資訊而強化資訊透明度。 d.公司所設立之獨立董事，為了法令規定職責所需或依其專業決策判斷需要，常要求經理人提供即時完整正確之經營資料及提高資訊透明度。 e.在資本市場中，投資者對資訊透明高的業者給予較高的溢價，以加強業者對資訊透明度的重視。 本研究的觀察與結果望對營造業者於面臨公司轉型、擬定公司治理與經營策略，在衡量自己的資源狀況，做抉擇考慮時，能有所參考價值，並有助於做出正確的決定。

Construction industry is a leading economic indicator and is closely tied to the development of related industries. Taiwanese industries need to adopt flexible strategies in response to the economic changes for several reasons- (1) competition within its own industries, (2) increase in price index due to government deficits, and (3) fierce competition for large scale public construction (i.e. Public Transit System and/or High Speed Rail) from both domestic and international companies. As a result, it has become more apparent and critical that construction firms establish sound strategies. Furthermore, the government now requires listed companies to practice better corporate governance; family-size construction firms will now need to establish corporate structures in order to incorporate better governance procedures. This research is to collect and understand information on the changing strategies and structures in corporate governance for Taiwanese listed construction companies starting 2003 through 2007. By using the evaluation system for disclosure from Security and Future Institute, the research will further evaluate the extent to which each company discloses this information and will analyze firms’ latest strategies and corporate governance structures. Also, the study will help understand the relationship between corporate governance structure vis-a-vis with the transparency of information. The results from this study are as follows: 1.Most construction companies went into initial public offering (IPO) in the 1990s. This was a result of the industry and market changes. 2.For continued existence, firms pursued low-cost production, established sound management systems, and improved efficiency and working procedures. 3.Firms showed different stages in re-positioning their strategies (i.e. different set up dates, utilization of their capitals and assets, and construction experiences). 4.The separation of management and ownership is a predictable trend in the future. In the industry, most shareholders possessing major shares also control the most of the seats in Board of Director, so they could invite appropriate and professional managers to enter the Board of Director in order to make professional and objective operating decisions. Through professional managers running the operation of the company, the company has separated the ownership and management. 5.Factors that raise companies’ willingness to disclose information and boost the transparency of information: a.Spontaneously and gradually improve the structure of corporate governance and establish committees for different operating functions in order to sustain and expand the company for growth of business in the future. b.Due to the needs for operation and internationalization, companies start to reinforce the management and the integration of internal and external information and resources. c.Under the circumstance of separation of management and ownership, the Board of Director controlled by the major shareholders would require more managerial information to evaluate the performance of managers, increasing the transparency of information. d.Independent directors, who need to comply with regulated obligation or make professional decisions, often demand managers to provide complete and accurate managerial information on time and increase the transparency of information to reduce agency costs. e.In capital market, investors would give higher premiums for companies with better transparency of information to encourage their emphasis on that part. It is with hope that this research study will help constructing companies to make correct decisions when they are faced with issues relating to resource evaluations, corporate strategy, and firms’ corporate governance structure and operating strategy.