我國推動公司治理策略與效益分析

Abstract

自亞洲金融風暴以來，全球各地因公司治理環境不完備而爆發諸多弊案，各國政府便開始重視並加強公司治理的發展，在此浪潮下，台灣證券交易所也於2014年成立公司治理部並開始研議公司治理評鑑制度。 本研究主要探討公司治理評鑑自2014年實施至2018年共5年來的的施行成效。自評鑑制度設計架構、指標題型的構面及評分方式介紹起，接著再挑選出較具可比較性的63項指標於過去5年的答題狀況，作為主要研究根據進行分析，研究樣本為滿足受評條件的所有上市櫃公司的答題狀況。研究結果發現評鑑能良好地反映出公司治理環境，且評鑑的實施會創造一良性競爭環境，提升企業加強公司治理的誘因，同時評鑑推行成果也成功改善台灣的公司治理環境，並受到許多第三方具公信力組織的認可。 本文最後則依據研究的結果進一步提出建議，包含加強質性指標的設計，或是考慮先將上市櫃公司依據屬性進行分組後，再進行更深入的研究，最後則是針對過去五年未見顯著成長的指標，可能需考慮依靠法令的修訂增強企業改善的執行力。整體而言，評鑑在過去5年的實施已見成效，希冀本研究的發現與建議能幫助公司治理評鑑更趨完整，進而幫助減少弊案的發生，也吸引更多國際投資人進入。

Since the Asian financial crisis in 1997, many embezzlements and scandals spread in various countries, most of them were originated from incomplete corporate governance system. Therefore, governments around the world started to put emphasis on this issue, TWSE also organized the Corporate Governance department in 2014 and started to develop corporate governance assessment system. This study mainly discusses the implementation effect of corporate governance assessment from 2014 to 2018. We started by introducing assessment’s background, indicators framework, and scoring methods. Then we selected 63 indicators, which were most representative and more comparable in the past five years, and looked into the responses from all qualified listed companies. We found that the assessment not only reflected the current corporate governance environment, but also created a positive competition among companies and motivated them to strengthen their corporate governance. Meanwhile, the results showed that the assessment has successfully improved the environment of corporate governance. Corporate governance assessment also received affirmation by many credible organizations around the world. At the end, further suggestions are made based on the results of the research, including enhancing the qualitative indicators, categorizing companies before taking deep dive into them. Lastly, regulation enforcement by government still be needed to improve those indicators that haven’t progressed significantly in the past five years. We have already seen many positive results in the past five years, we hope that the findings and recommendations based on this research could further improve the assessment system and make it become more complete, thus help to reduce the financial scandals and attract more international investors.