公司治理對於公司營運績效之影響

Abstract

本研究主要探討公司治理對於公司營運績效之影響，營運績效部分以資產報酬率（Return on Assets, ROA）、權益報酬率（Return on Equity, ROE）以及Tobin’s Q作為衡量指標。另外，公司治理部分則分成五大項目，分別為董事會（Director）、透明度（Transparency）、公司所有權（Ownership）、薪資報酬（Compensation）以及競爭力（Competition），並依據台灣經濟新報所揭露之資訊，給予各項目不同的分數，透過迴歸分析來探討是否公司治理分數越高的公司其績效越高。本研究結果顯示，透明度、董事會以及競爭力變數對於資產報酬率並無顯著影響，而公司所有權越集中會對資產報酬率帶來負面影響，合理的薪資報酬則會為資產報酬率帶來正面影響。而在權益報酬率部分，透過迴歸分析發現，其結果與資產報酬率大同小異。最後，在Tobin’s Q部分，本研究發現董事會對Tobin's Q 之影響並不顯著，競爭力變數會帶來負面影響，而集中公司所有權、越高的透明度以及合理薪資報酬皆會對於Tobin’s Q有正向且顯著之影響。

This study explores the impact of corporate governance on corporate performance. The primary measure considered for the study are return on assets (ROA), return on equity (ROE), and Tobin's Q. In addition, the corporate governance part is divided into five items: Director, Transparency, Ownership, Compensation, and Competition. Based on information release from TEJ, different scores are given to each item where regression analysis is utilized to identify if companies with higher corporate governance scores have better performance. The results show that transparency, directors and competition have no significant impact on ROA and ROE, while ownership will hurt ROA and ROE. In contrast, compensation will have a positive impact on ROA and ROE. With respect to Tobin’s Q measure, the study found that the impact of director on Tobin’s Q is not significant, and competition will have a negative impact, while ownership, transparency and compensation will have a positive and significant impact on Tobin’s Q.