公司治理評鑑與企業經營績效之攸關性— 以台灣上市櫃電子股為例

Abstract

公司治理評鑑系統乃在衡量個別公司之公司治理品質，並提供投資者一個容易取得、使用的客觀性參考標的。本研究採用2014年至2016年間台灣上市櫃電子股2,251筆資料樣本，探討依我國目前所採用之「公司治理評鑑系統」所評鑑之結果與電子業之公司經營績效及企業價值之關聯性，同時探討評鑑結果與董監事會規模及企業規模之關聯性。本文實證結果發現，公司治理評鑑結果愈好的公司，也會有愈佳的經營績效及企業價值。同時董監事會規模與企業規模愈大的公司，評鑑結果顯著優於較小之公司。本研究之實證結果更意謂，我國目前所採用之「公司治理評鑑系統」確可提供投資人充足之資訊，作為投資參考，亦可促使企業強化公司治理提升企業價值。

Corporate Governance Evaluation (“CGE”) is well suited for investors by offering an easily accessible and objective means to evaluate the quality of corporate governance of any given individual company. By examining 2,251 data excerpted from the now-existing CGE during the timeframe of 2014 to 2016, this study focuses on the correlation between corporate value and operational performance among electronics industry companies, as well as the correlation between three variables: the size of board of directors, the business scale and the CGE results. This study unveils that corporate value and operational performance are positively related to the CGE results; it further reveals those companies with larger business scales and board of directors to have better CGE results over which companies are relatively smaller in both variables. In a nutshell, this study concludes that the current CGE provides useful information for investment purposes; it functions as a proper means for enhancing corporate governance to increase corporate value.