| 摘要: | 目前複雜的全球資本結構越來越要求誠實、透明的交易與財務機制，才能凝聚投資信心並維持經濟景氣。全球的資金資源是有限的，而各國為了因應國際投資之考量、產經政策上考量積極改善公司治理，根據里昂證券和標準普爾公司對台灣上市公司的評分結果也明顯的劣於東亞各國，而這些改進大多要靠法規的修訂與執行。 台灣有關「公司治理」的法規制訂相較於亞洲其他國家確實較慢，但自2002年起已陸續推出相關的法令規範，而這些規範是否對公司治理的改進確實有效及執行？ 印刷電路板這產業在台灣自從1997年起連年產量及需求量皆大幅成長，至2000年達到最高峰，但2001年因受全球經濟不景氣及美國911恐怖事件影響，較2000年下滑，而產業景氣的波動，對於公司治理的表現是否會有影響呢？當景氣好，即使有公司治理不佳者，較不容易將問題立即浮現，又當景氣不佳時，產業結構競爭更加激烈，此時公司治理很明顯的就可看出良窳。 所以本研究主要目的在探討：1、台灣政府法令的規範是否能有效改善公司治理機制？2、產業景氣是否會影響公司治理的效能？ 本研究對象以台灣PCB廠商共39家上市櫃公司為研究對象，研究期間自2000年至2002年。以個案分析及產業實證分析來得到分析結果。研究結果顯示： 1、台灣政府法令的規範，特別是有關獨立董監事之設置及要求董監事盡忠實及注意之義務，對公司治理機制有明顯的實質影響，其中董監事組成這個構面更是台灣公司治理的關鍵因素。 2、在該產業愈不景氣時，公司治理表現的優劣的影響愈明顯。當產業不景氣時，董監事組成、關係人交易、大股東介入股市與股權結構對次年度之經營績效及當年度之股價表現有顯著正相關。 Now, the complicated global capital structure needs more and more honest, transparent transactions and financial system, so it can cohere the investment confidence and maintain the economic prosperity. The global capital resources are limited, and every nation actively improves the corporate governance for the international investment and industry policy. According to CLSA and S&P, the scores of listed companies in Taiwan are significantly lower than other nations in East Asia, and these improvements mostly need to depend on the revise and enforcement of the laws and regulations. The revises of the laws and regulations about the corporate governance in Taiwan are actually slower than other nations in Asia, and the government had continually tried and carried out some relative laws and regulations, but are they actually effective for the improvement of the corporate governance? The outputs and demands of PCB industry grew largely for years running in Taiwan from 1997, and achieved the high peak in 2000. Because of the effects of the global depression and the terror of 911 in 2001, the growth of outputs and demands became gliding, but what does the fluctuation of the industrial prosperity affect the performance of the corporate governance? When the prosperity is good, even if the performance of corporate governance is not good, the problem will not easily appear; besides, when the prosperity is not good, the competition of the industrial structure becomes keener, so we can easily find out whether the performance of the corporate governance is good or not. So the main purposes of this study are to confer: 1. Can the laws and regulations of Taiwan government improve effectively the system of the corporate governance? 2. Can the industrial prosperity affect the efficiency of the corporate governance? This study takes 39 listed PCB companies of Taiwan as the objects of the study, and the period of the study is from 2000 to 2002. According to the case study and the industrial empirical analysis, this study gets the analysis results. The results of the study show: 1. The laws and regulations of Taiwan government, especially about the site of independent directors and monitors, the requisition of directors and monitors in play their proper role and the noteworthy duty do significantly affect the corporate governance, and the form of directors and monitors is actually the critical factor of corporate governance in Taiwan. 2. When the industrial prosperity is not good, the effect of the performance degree of the corporate governance is more obvious. When the industrial prosperity is not good, the form of directors and monitors, the relational transaction, the intervention of the stock market of major shareholders, and the equity structure are positive relative to the operating performance of the next year and the performance of the stock price of the same year. |
