国立成功大学管理学院高阶管理硕士班在职专班(EMBA)硕士论

1、zz h b M (EMBA hq v z P g p sx n a d oThe Study of Relation between “Corporation Governance” and “Operation Performance” - Take the Listed Company and Public Company Located in TainanArea as Examples G RG d v B NE Q T ¦ ¤ K -no w B x W g M Enron q H k b A z q A yH H Y B C A l u q v z v (Co

2、rporation Governance¨q H B B v H Q Y H o X z BA H H H C A H B z h KY H n q v z A n q v z A O i H q o RO Q Y H Q q A i q g A H y F Q qj A O s D n D Cs H O n a W B W d w o q H A l H A Nd H z p B R p k i R C Q qv z T D n c A 结 结结IAbstractDue to the occurrence of finance storm in Asia area in the r

3、ecent years, and the financial crisis of local enterprises in Taiwan, plus the event of fraud account in Enron Company, dozens of fraud and misstatement in the corporations financial statements were bumping up in the capital markets all over the world, and were resulted in a collapse of investors co

4、nfidence as well as stock price. Therefore, nations are aggressively promoting the “Corporation Governance” to let investors, vendors, creditors and other interest parties have a reasonable and fair treatment and also to rescue the investors confidence as well. Establishing internal control system,

5、electing honest and integrity directors, supervisors and managements, and avoiding related parties transactions are the key components of “Corporation Governance”. As for whether or not it can prevent the company from fraud and irregularity, and protect all interest parties interest as well as enhan

6、ce the companys performance to create a biggest benefit for all shareholders, will be the main subject of the research.The research was sampled from the public companies and stock listed companies in Tainan area by sending them the questionnaire by mail. Those data gathering from the questionnaire w

7、ere analyzed by descriptive statistics, analysis of variance (ANOVA, Canonical correlation analysis and other related statistic methods in order for us to study the relation between operation performance with the three perspective of “Corporation Governance”, consisting of the structure of directors

8、 and supervisors, internal control and quality of related partys transaction. The results of the research can provide the public companies and stock listed companies with the information that they can take into account as they are approaching to the “Corporation Governance”.The research discovered t

9、hat for all of perspective of “Corporation Governance”, the operation performance was most influenced by internal control. Instead, the relation between operation performance and structure of directors and supervisors, and the quality of related partys transactions was weak. It shows that enhancemen

10、t of operation performance was no longer depended on neither number of independent directors and supervisors or the size of directors and supervisors, as well as the frequencies of internal transaction, reasonable price and transparence of information, but was depended on the honest of integrity of

11、directors, supervisors and managements who will not hurt the public interest for their own interest and will seriously and actually implement the internal control to reduce the cost and expenditure as well as to bring the function of internal audit fully play. Therefore, through the research we know

12、 that actually implementing internal control and electing the honest and integrity leader and directors and supervisors will be helpful for enterprises to enhance their operation performance. The main function of “Corporation Governance” is monitoring and preventing from the irregularity.Keywords: C

13、orporation Governance, Structure of directors and supervisors, Internal control, Quality of related partys transaction, Operation performance, Integrity and honestIIx Áo H A n P O d v B N b o l A x P P A A f X B G Of A H M P e s h Q N A s o H Y A E v v A O A P E A L H CO N G Q j A H q v z s D D

14、 h O M C X v A P P P P R y A o Hx b A CA P B a H P A z e e P A l o H A O j A l H P A O H j A v Cb A N m P z A P z IIII¿K n -K n -x Á-1 s I -1 G s -3 T s d P -5 s y -6 G m Q -9 q v z -9 G c -13 T -17 Y H -23 g -26 T s k -29 s c -29 G w q P q k -30 T P z -31 R k -33 p R -37 -37 G H R -38 T R

15、 -39z p -40 R -50 c R -57 C R -63 P -69 s -69 G -72 T s -73 s -74 m -75 -81 G -874-1-1 °p -374-1-2 ¤T q d K n -38 4-2-1 «H C Ò-394-2-2 q c H Cronbachs Y -39 4-4-1 ¡u c v Òt -41 4-4-2 ¡u v Òt -43 4-4-3 ¡u Y H v Òt -45 4-4-4 ¡u g q v Òt -474-

16、4-5 ¨X q O -48 4-4-6 ¨X q -48 4-4-7 ¨X q B -49 4-4-8 ¨X q B -49 4-4-9 ¨X q u H -504-4-10 X q o -504-5-1 KMO P w -51 4-5-2 ¦c KMO -514-5-3 Bartlett y w G -524-5-4 ¡u c v R G -53 4-5-5 ¡u v R G -54 4-5-6 ¡u Y H v R G -56 4-5-7 ¡u g v R G -574-6-1 ¸

17、;g P c q w -58 4-6-2 ¸g P q w -59 4-6-3 ¸g P q v -594-6-4 ¨P Y -604-6-5 ¨R G -60 4-6-6 ¸g P Y H q w -61 4-6-7 ¸c BY H g j k R -62 4-7-1 ¤q O Levene P w G -64 4-7-2 ¤q O Kruskal-Wallis w G -65 4-7-3 Welchs tÀw G -65 4-7-4 ¤q Levene P w G -65 4-7-5

18、64;q Kruskal-Wallis w G -66 4-7-6 ÃY H Duncan h w G -66 4-7-7 ¤q o Levene P w G -67 4-7-8 ¤q o Kruskal-Wallis w G -67 4-7-9 ¸g Duncan h w G -68 4-7-10 Welchs tÀw G -68 4-7-11 c -68 5-1-1 ¤q v z g j k R -691-1 s y -7 2-1 X q v z c -10 2-2 -18 3-1 s c p R k -29 3-2 R -32

19、4-6-1 g P -60 ½q v z O G B T D A q 2001 o Y z j q C x W F B Q Q O p t X y A q v z A j q v z Hq g A y F j C s q v z O H qv z w O g F B S H O q v z n a A O P qg w s H o N O Q s d Csy j A o O A z h p Q B n jX v v A s s A F o A u A oH L k q g G A L k A Y l H vq A P H H A Y L M C O 1997wA y n F n a

20、F O 19982001 x W g M A y W L Q a W d q x AJ B A G a H W q M P o F A O 2001 C j w q (EnronÃz o H k b A p k Nt C J B J B l u C t A H i u AC y j p v Arthur Anderson¡A EnronQ q k A L j X R v XR i A I X d B v H M D M Fq T (World Com¬Q b D q B QA s b w j B W y T j s Royal Ahold 2003A o N C

21、t Q o A C Q Bl b A z q b A yA t N C1H w q (Enron¤q T q (World Com¬A M i Hp k A p A t C J l A B O CX A H l A o M q q B BH p v B D B h h S o Cj L h t d s s B d B B d Oc A O M A o CF l A f w A Q p q H B Bv H Q Y H o X z B H Q Y H H u qv z v (Corporate GovernanceÅz j D A bW A z o i C A k

22、q k AW d q Y n D T R S A T u P B Az L F D A M v B v A n D m K N z L D A K F p Q X P qQ q M C 1998g X o i (The Organization of Economic and Co-operation and DevelopmentÂOECD l A X q v zW y D A O w L k v O A O o wC H Y b 19995OECD q w q v z j h Aw M C M b Enron o A q vz p J t A F H H A 20028q L F

23、k (Sarbannes Oxley Act¡C W w n b AT Y H A v H k O BH A o g z H A j S P j B T Op v W M W A F k D n b A j Cb x W W d q o q A D n H a h A Fp B N z o v C A n q v z C q q l Wd A w X W A c H n D A q v z I nj C A q 2001q q k B k P k A n Dt d H z q A N H z k A H Y Ho A b A d x R q O X A O q w h jq v z

24、k W h C p s W d m W H A W W d qv z u h q A H W Y S P s A H HI C2s A q v z A s A Hg A g A N H Q q m q Q q W A H Q q m j Q q W CA u T g v B u s v B u H v C z h Dw A O f n O A q v z I A b j AF Q q j CG sA g M A F g A O X H g Ao g i j b A D w C A M oz P A W j z L g z A N q Mw A M A j h k A M B zP A g C

25、l CT u P A s s A f p hW w A s s O z h d A s s L o A s p F w A p h p p A O z hM w C T z h A t o o R Pd A o P R A M i m I Ao i A m P A O z h n dC O z h A F b W L t d H B g z H H Dp A A H A q k 228W w s yA q k 219W w H s y H dA o H d q p B p C t q k 8W w A k t d H b q A q H A b dq t d H C A u P A W A j

26、 d bz h A z h B B w P v T o i A p Gz h D w A n D Y A M V A HA B B s A A t X n g z Av C Y z h n j B B A q H H A3F A W g a A o vN j C z h H A E A W d A p Gz h B A F p Q u k A A h B k O W d Oi X CW q e j A p h AA W X i w A p v d b u A p v d b qd A n h i C N p I A O eY t A N p P d i z A p v d u O b u X

27、z T H v L j F A O T C p v b f p hI B d d d A G N d A H P y Xj A l n t M W t k d C C m N oA g A j O A A Fl s q z h H D d A p Q O p v Oo f p A p G z h O X W w A p v f p d A h p v L t k d C p GT O p v d A p v N D F B A i QA X D i D H O D v CH b p v h A q A zv u u s A H g L M q A o qP I N O q X z C P i

28、X A D A V A c S A u D v s C N O n jq v z A m T A j P D w A i Hz h n q v z C A n q v z A iH q o R A O Q Y H Q q A o H B B u H P A Q o C Q v A O q v O A i q g A H y F Q q j C n q v z iH A McKinsey (2002ªs i X q v z n AA n A B H N I S R q v z uC4A q M V X k B X zi A c K a b H A N O n WA J e o C (2

29、002a«X j F u A Y H A J A qA a H u h A N q N Aq C A q Y q c A o MB z B X k A A H M T i A M Y HC C A q g N V W A H q v zv N j C A y X q N C As Q P q A q v z g v T Aq q v z n G A q q v z A ii y B R B CT s d Pq v z o A e s x A s B T AN q v z w c B P Y H T c AW z T c A Q q v z P g s C x W a W dq A o

30、 q v z P M l h C x W B na S P A a B H I t A H x W a Ba P n a q A o q v z t C A sH x n a W B W d o q H A Q q v z P gp A F C G1.¸c g v T F2.¤g v T F3.ÃY H g v T F4.¤q v z c B Y H gv T F5.¤q c B B Y H gv T F6.¸g s G A W B W d o q q v z C5s ys y p GB sm P y A o B s CG B P m

31、 Qm P y A N o X z A s zCT B s z cs P m Q A s z c CB s k T ws z c A p s k CB p em Q P s c A w n Q p A z L eo D b A i B e A H T w q P C B d zo P CC B RQ p k t X p n i R CK B s G PN R G Q CE B Ps G A X z X s P A Q o G b z W q A s Cs y p 1-1G 1-1 ¬s yG m Qvq v z (Corporation Governance¬O G Q B

32、 n zD A O Q l X s W C q (Corporation¤µA B²(2002 z Y X l g G u O G C s n A e X j A j H XC v O q F v z (Governance«h Y B y A H v Bz B z B v z A v z C q v z w q h A HO q v z m Q CB q v z O M cAlkhafaji(1990»q v z O q c v Q t A H M wP B P s Y P d Y C q v z O v Q N qt F B B F u L

33、 C D n j v O NA t A H X q j Q q h C 1999X q v z c A p 2-1¡A q v z i C A F o H P F A Rz A w o z M i A j F P vQ A B H v W O F h A p qk B k H O k A k O W d c BA A W B v H P q Q q Y QY H A p p v B v B H c M c P Aj O P A o q B M y i CK s (2003¤z k H q v z A q v z w qu Y z A q g d P L A b L QY H

34、 Q q A j q o q o i A H O FQ q C vG B q v z I bB s (1995»q v z A N A N O q B H R o C Shleifer and Vishny(1997«h q v z N Oq p F z h D A H d g h N zD N z o A O p F v q C g X o i (OECD¡A 1999©k X q v z c A t T O F v q B F J B O q Q Y H Q q B S P z q j TH j d C i B p G1.½T O F v

35、q (The Rights of Shareholders(1½T O F v q(2¦v P q g A A B w o q j T(3¦v P F j v(4¦v P q Q v q(5¤q v A T z A F v Q q(6ªF V F v P q2.ªF J (The Equitable Treatment of Shareholders(1·q I F v Q A F v D v(2¦P F Q P(3¤u p R Q T(4¤q P g z P q P q Q q3.

36、O q Q Y H Q q (The Role of Stakeholders in Corporate Governance(1¤q k W d T O Q Y H v q(2§Q Y H v q I A k q H v(3¤q c Q Y H P q B W i q(4¤q D H Q Q Y H q T4.´S P z q j T (Disclosure and Transparency(1´S P z q B T(2¤q h p b A q T(3¬T M A e W M Hh(4¤q B B D

37、 j q BT5.±j d (The Responsibilities of the Board(1¸z H q(2¸A F(3¸u k W H Q F Q q(4½T(5¸H W v A u A R id(6¸H T q Tt A x W d x R q W W d q v z uh (2002»A I W W d q v z D n V b G1.±j2.µo H3.-F Q Y H v Q4.¸T S z5.¤P6.·V u p v vA Rafael La

38、Porta, Florencio Lopez-de-Silanes, Andrei, Robert Vishny (2002»H O k u q v z A jO H O k l p F Q i o v A qv z C B s B (2002±Q q v zN A m W P H B z Y T z A HT O F P v H o S A A q v z O L QY H A p u P k v q CT v iq v z i B W d q z PH A i H o q b H C J (2001»nq v z A i b W o A i q vO A q

39、v z n a O C R (2003»q vz O b F P q z h Y W A q F b W o sA P F Y H H C q v z nq A c N h I T A B i H Co CX H W m Q o A q v z A q z h P FY A P v H B B Q Y H Y C q v z B LO z L j H A R Bz A Y A T A H K u p R Y H oA o C F Q Y H o J o S A oq Q o B A i o q g V W A qC q v z d s x A m Q I H A sz L c A Y

40、 H T D n v T c Qq v z g v T CG cOECD(1999¤G q v z j h A X q v zc W W d q v z u h (2002±o A H O q v zC H d b T O q g A q gh A M B g O D w c q v zC N c m H Q p GB WH W j p A q g s b m Wh Q A S T A q H S M q W j pw C Banco(1973»W j i H z L s q M A K H M w C Jensen(1993«h F M v AW H

41、C K H A C Yermack(1996»w z hg R Q A h n W L 10H A z Q u 89H A p W M W v Av O C d 頣 (1999¤p W i K t A H Py v o M O t C L A i m (1999ªs o AW W j p P g L A HL H A L m Q C (2001 s o H H i H d q p A H yh A H K L z q i C t A q k (2001²192216 W w A q m o T H A B F T H W AA q H H b A q k

42、 W w O kW C e N O A C x W (2002¤d x R(2002³W w W d q o H A W q C EH A H o T H h O M H C M Y q W j A po q G Q H A H T H C qk 208W w A H Y W L E H H W A h i t AY K H h A H h f v T v A gt v T CG B M g z Hq v z A y g z H K P A B eM W C Jensen & Meckling(1976ªs o gz A q a v Aq j A P g

43、A Y v C P g YC (1993«h y g z A z Og z h G A L k z L B h g zC a (1997°w x W W q i s o A O gz P g S CT B W H A uW H A Y q v H h C J(2001¥H A W d q O q F A qH h A O b q g D q j F A At h O W B q A L S b q gA S v A W q O L j q D O M aF H h A N j Q q A q B A b T OH A O Q q C i W B H Oq v z

44、n A i H W B H f p e B Se B W e A z L W W H D u eB a P q M A H O Q q C x W(2002¡B d R (2002¹W H h C G1.«D q k 27w k H N H2.¨H W B k B q u g3.-L q W H A W L a4.³L C (1¤q H Y B H H(2ªw o M H F A e Q WM H F(3«e G I C H t G H t(4ªq w o H W k H F B H H A e W k H F B H H(5»P q S w q c B H B g z HH W F(6¬q Y B B k A M H h B WB X B q c D B X H B B H B g z HtMorck, Shleifer & Vishny(1988¡B Byrd & Hickman