公司治理、外資持股與企業績效 -以台灣半導體上市櫃公司為例

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题名:	公司治理、外資持股與企業績效 -以台灣半導體上市櫃公司為例
作者:	林青怡;Lin, Ching-I
贡献者:	會計研究所企業資源規劃會計碩士在職專班
关键词:	公司治理;股東權益;外資持股;公司價值;董監事股權;Corporate Governance;Stockholder Equity;Foreign Investors′ shareholding Positions;Corporate Value;Shareholding Equity of the Directors
日期:	2022-06-06
上传时间:	2022-07-13 22:29:58 (UTC+8)
出版者:	國立中央大學
摘要:	自 2014 年辦理第一屆公司治理評鑑迄今 2021 年已推動了八屆，台灣推動公司治理之成效在國際間亦受肯定，亞洲公司治理協會 2020 年發布公司治理評鑑結果，台灣在亞洲12 個國家名列第四，為歷年來最佳的成績，而半導體產業在美中貿易戰、新冠肺炎疫情下更顯出其對我國的重要性，因此本研究將以半導體產業為研究對象，探討公司治理評鑑對半導體產業的影響。本研究主要探討公司治理評鑑對企業股東權益報酬率、外資持股比率及公司價值的影響，並以半導體產業 87 家台灣上市上櫃公司，研究期間為 2014 年至 2020 年共計 7 年 609筆資料，進行相關係數及多元迴歸模型分析。研究結果顯示：(1) 公司治理評鑑與股東權益報酬率呈現顯著的正相關，公司治理評鑑上升，股東權益報酬率也會相對提升；(2) 公司治理評鑑與外資持股比率呈現顯著的正相關，外資對於公治理評鑑好的企業較願意持有股份；(3) 公司治理評鑑與公司價值呈現顯著的負相關，進行公司治理投入的成本在短期間未能立竿見影反應在公司價值上，長期來看投入成本的效益逐漸產生時將會提升公司價值。 ;It has been eight years since the inaugural Corporate Governance Evaluation was held in 2014, and the promulgation effort for corporate governance in Taiwan has been positively recognized around the world. Per the result of the Corporate Governance Evaluation published by The Asian Corporate Governance Association in 2020, Taiwan ranked 4th out of the twelve Asian countries evaluated, its best result so far, while the significance of Taiwan’s semiconductor industry has become even more so in the wake of the US-China Trade War and the COVID-19 pandemic; therefore, this study focuses on the semiconductor industry as its subject to study the impact of corporate governance evaluation. This study primarily discusses the impact of the corporate governance evaluation on the Return on Equity, the Ratio of Foreign Investors′ shareholding Positions, and corporate value among eighty-seven listed companies in Taiwan’s semiconductor industry, spanning from 2014 to 2020, with 609 records, in carrying out an analysis of relevant coefficients and multiple regression models. The study results indicated that (1) There is an apparent positive correlation between corporate governance evaluation and the ROEs of the stockholders, as the better the corporate governance evaluation results fare, the higher the ROEs of the stockholders; (2)There is an apparent positive correlation between corporate governance evaluation and the foreign investors′ shareholding positions, as the foreign investors are more willing to hold stock positions of companies with good corporate governance rating; (3) There is an apparent negative correlation between corporate governance evaluation and the corporate value, as the capital invested into corporate governance has not been reflected readily in the corporate value in the short term, and in the long term, the benefits from the said investment are gradually harnessed, the corporate value will be increased.
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