政府轉投資事業股權管理機制與成效之研究

Abstract

本研究係探討政府在股權結構及董監組成方面之影響力，對於轉投資事業會計盈餘資訊內涵、公司價值及經營績效是否具有解釋力，並進一步將董監事專業背景依其本職區分為「產、官、學」，依其學經歷區分為「財會V.S非財會」，觀察董監事專業背景所帶來之影響，再分別探討普通公務機關、特種基金單位、國營事業及四大基金等不同類型政府機關(構)持股價值對轉投資事業之影響，並以西元2008年至2012年中央政府暨其營業及非營業基金(含普通公務機關、非營業特種基金、國營事業)及四大基金持有之上市公司為樣本，進行實證研究。 研究結果發現，政府機關(構)適度地藉由持股或取得董監事席次的方式，參與並監督轉投資公司經營，將對轉投資公司之公司價值、經營績效及會計盈餘資訊內涵產生正向影響；惟轉投資公司董監事專業背景與其公司價值、經營績效及會計盈餘資訊內涵並未呈現顯著正向關係；至於政府類型方面，僅特種基金單位持股與轉投資公司之經營績效(ROA)呈顯著正向關係。

This paper examines whether government ownership structure and composition of the directors and supervisors in a listed compamy can affect the informativeness of accounting earnings and operating performance. I divide directors and supervisors into different groups in line with their professional background and work experience to observe the effects. In addition, government ownership are grouped into four groups ( 'government agency', 'non-profit special funds', 'state-owned enterprises', and 'The Four Fund') to examine the relationship of government shareholding and firm value. The empirical results show that (1) government’s participation and supervision of the operation of private enterprises by moderately holding stocks and acquiring board of directors’ seats will have positive influences on private enterprises’ value, informativeness of accounting earnings and operating performance, (2) the background of companies’ directors and supervisors is not positively related to the value, informativeness of accounting earnings and operating performance, and (3) as for the tape of government, only 'non-profit special funds” holding has a positive relation with the performance of companies.