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论文编号：	3946
作者编号：	1120050903
上传时间：	2011/12/9 8:37:50
中文题目：	公司治理对多元化战略绩效的影响研究
英文题目：	The corporate governance to the multiplex strategy achievements research
指导老师：	薛有志
中文关键字：	公司治理 多元化 股权结构 自由现金流量 高管薪酬
英文关键字：	Corporate Governance Multiplication Ownership Structure
中文摘要：	最近几年来，世界各国陆陆续续发生了公司营运丑闻及危机，为寻求有效解决方法，各主要国家无不大力倡导公司治理的重要性。公司治理如今已被视为积极改善经济效率、提升公司竞争力的一项重要因素。而公司是以营利为主要目的，公司如果想要永续营运，就要让组织不衰退，在动机上要保持组织不断成长，所以，多元化就变成非常自然的结果。目前台湾地区各公司正积极朝向国际化、多元化的方向发展，伴随着此一趋势而来的是要更积极的公司治理要求。近来专业化及大型化的公司将成为台湾地区公司的最新发展方式，然而当公司发展多元化的同时，应该检视公司治理因素对公司透过多元化营运所创造出的战略价值。在过去的研究中，股权结构、高管薪酬与自由现金流对公司多元化相关程度的影响，是相关文献较少同时探讨的课题，因此本研究以此为研究动机，试图由过去学者所提出的理论整理出一个影响多元化相关程度的因素，及其对公司绩效影响的模型，配合实证的方式来验证这些假设。本研究以2002年至2008年间台湾公开上市的存续公司为研究样本。公司样本代码取自于台湾经济新报（TEJ）之事业代码，地区性和部门别多元化资料取自于公开信息观测站之母公司财务报告书及TEJ内外销数据库。研究采用第四季之财务报告书及内外销值。其中，将未能在数据库中取得的正确数据如银行、保险、票劵、投信、证券、期货、金控公司、上市存托公司等性质特殊的事业，予以剔除。另外，本研究剔除之样本准则，在部门别部分，将母公司财务报告书中，无事业别信息、无部门别财务信息事项数据以及无母公司财务报告书、查无数据等数据不全以致无法判断其有无部门别多元化者，此样本予以删除。在地区别上，亦将无法识别有无外销值之样本公司予以剔除。本研究透过相关分析、回归分析检验本研究假说，分别以公司治理机制及公司治理程度为自变量，以营运绩效为因变量进行实证分析，如果采用横断面与时间序列合并数据模型（Panel Data）话，可解决最小平方法，忽略横断面与时间序列共存的资料特性，而产生无效率的估计结果问题，因Panel Data 拥有时间序列的动态特性并能顾虑样本的不同特质。因此本研究实证模型采用具备纵横断面数据（panel data）的固定效果方式进行估计，于模型中亦引入相关公司特征变量进行分析。实证结果获致以下主要结论： 1.多元化形态的差异对利害关系人持股具有显着的影响。利害关系人持股没有受到公司多元化的影响， 隐含利害关系人之扮演角色不会因为组织结构的改变而影响。 2.进行多元化公司，大股东持股比例愈高，监督管理阶层之诱因愈强。故大股东有较大的诱因监督管理人，对管理人具有潜在之接管威胁，是以对公司价值具有帮助；此外，大股东的监督能力，亦可强化信息透明度，降低讯息不对称，大股东剥削小股东的可能性也可有效减少，权益报酬率亦愈高。 3.十大股东持股比率在无地区性但有部门别多元化活动上，将可有效提升权益报酬率。由实证结果显示无地区性但有部门别的效果最大。 4. 多元化公司，董监职权愈高，则公司绩效愈佳，股东权益愈高。本研究的研究结果具有的创新: 1. 本研究归纳过去探讨多元化议题的文献，针对台湾地区集团企业多元化经营型态，深入探讨股权结构分别在地区性部门别之下，利害关系人持股、公司治理及独立董监权益报酬率与多元化治理绩效的关联性。 2.探讨公司规模的大小，公司大股东涉入公司经营，与公司经营相关风险交互影响下对于经营绩效的影响。
英文摘要：	In recent years, there are continually scandals and hazards of company in several contries. Many contries propose the importance of corporate governance for finding effective solution. Corporate governance is viewed as one of important factor for active improvement of economic efficiency and firm competitiveness. If company wants sustainable operation, the organization does not decline and maintains continuously growth based purpose of engaging in making profit. Hence, it becomes a very natural outcome for diversification. Every company in Taiwan is facing zealously internationalization and diversification to develop and then is having more serious requisition of corporate governance following this trend. Specialization and large firm will become the latest way of development in Taiwan. However, when firm develops diversification, we should survey the factor of corporate governance to create strategic value by diversification. The topics about ownership structure, the influence of top managers’ compensation and free cash flows on diversification are discussed rarely in previous studies. Based aforesaid reason, we organize a model to investigate the hypothesis about influence of relative degree of diversification on firm performance through the theorem past scholar proposed. In this study, we use the sample of Taiwan public offering companies during 2000 to 2008 year. The firm codes are obtained from Taiwan Economic Journal （TEJ） database; the regional and department class diversification data are acquired from the financial reports of parent company in Market Observation Post System and sales in domestic and foreign market of TEJ database. In this study, we apply the financial reports and sales in domestic and foreign market of fourth-quarter, and then delete the incorrect or the characteristic business data from database such as banks, insurance, bill finance, securities investment trust, securities, futures, financial holding corporations, depositary receipts and so on. Furthermore, for department class part, we delete unable determination of department class diversification data including without business information and department class financial information in financial reports of parent company or without the financial reports of parent company or non-data. For region part, we also delete the sample firm with unable determination of sales in domestic and foreign market. We examine the hypothesis by correlation and regression model analysis. The corporation governance mechanism and level are independent variables and then firm performance is dependent variable on regression model. Because both having dynamic property of time series and different characteristic of individual in Panel data model, it is the solution for a neglect characteristic of cross-section and time series data and inefficiency estimate results with Ordinary Least Squares （OLS） method by applying panel data model. Therefore, the empirical model in this study is used the fixed effect of panel data to estimate, and then added relative firm characteristic variables to analyze. The major conclusions from empirical results are the follows. 1. The difference in diversification form has a significant effect on stakeholders’ holding shares. Stakeholders’ holding shares are not influenced by company diversification, and it implies that the role played by stakeholders is not affect by change of organization structure. 2. The incentive to monitor managers is stronger when the holding shares ratio of large shareholders is higher among companies with diversification. Therefore, when large shareholders have more incentive to monitor managers, managers have potential takeover threats and then above-mentioned state will benefit firm value. Moreover, the monitor ability of large shareholders could intensify information transparency, lower asymmetric information, decrease the probability that large shareholders exploit small shareholders, and enhance equity of return （ROE）. 3. Ten holding shares ratios of large shareholders without regionalism but with diversification of department class will improve ROE. The empirical results show a remarkable effect on diversification without regionalism but with of department class. 4. The authority of director and supervisor is higher and then firm performance is better, that is ROE is better. Consequently, the results indicate that firm with diversification has a good effect of corporate governance if large shareholder have more holding shares and better monitor ability. Of findings this research have the following innovation: 1.this research induction discussed literature in the past the multiplex subject, in view of Taiwan geographical groups enterprise multiplication management. 2. the discussion company size's size, the company major stockholders ford into the company to manage, manages the relative risk with the company to be interactive.
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