F股公司治理、資訊透明度與績效之研究

Abstract

本研究以上市櫃F股公司為樣本，並選取同產業、資產規模相似的非F股上市櫃公司做為比較同儕，利用兩階段的實證研究去探討F股公司具有哪些獨特的公司特徵，並進一步去討論這些特徵與其公司績效有何關聯性，希望藉由研究結果去檢驗市場上對F股公司的一般印象是否有所偏誤。 實證結果發現，F股在股份盈餘偏離差、董監持股率等公司治理方面與其比較同儕並未有顯著差異，反而控制持股較比較同儕高、董事長兼任總經理的情形較其比較同儕少、董事會規模亦較比較同儕小，僅在資訊透明度方面表現較其比較同儕差，顯示F股公司公司治理並不如想像中糟，只有公司資訊相較不透明，資產報酬率亦反而較其比較同儕高。 此外，實證結果亦發現，F股公司控制持股率高以及董事長兼任總經理情形少是其資產報酬率相對比較同儕高的主要因素，而F股資訊透明度低的特徵對其股票績效具有負面效果。

This thesis investigates whether F-share firms in Taiwan differ from the size- and industry-matched firms in terms of corporate governance, information transparency, and financial performance. It also analyzes whether corporate governance and information transparency affect the performance of F-share firms. The empirical results of the thesis show that, compared with the matched firms, F-share firms have smaller boards and lower information transparency. Their controlling shareholders have higher ownership, and their CEOs are less likely to serve as board chairmen. On the other hand, F-share firms are similar to their peers in other important corporate governance features, and they have higher asset returns. These results suggest that, although F-share firms do have lower information transparency, they do not have worse corporate governance or poorer financial performance. It is also shown that the asset return of F-share firms is positively associated with controlling shareholding and negatively associated with CEO-board chairman duality. In addition, F-share firms with higher information transparency have better stock performance.