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題名:以隨機邊界法探討公司治理與經營效率之關聯性
作者:吳家銘
作者(外文):Wu, Chia-Ming
校院名稱:國立交通大學
系所名稱:經營管理研究所
指導教授:胡均立
學位類別:博士
出版日期:2019
主題關鍵詞:效率前緣資訊不對稱公司治理隨機邊界分析法Efficiency FrontierInformation AsymmetryCorporate GovernanceStochastic Frontier Analysis
原始連結:連回原系統網址new window
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不足或過度的公司治理可能導致企業的經營效率降低。由於公司治理與經理人裁決權間存在有抵換關係,公司治理會限制及控制經理人決策的權力,但在面對許多情況之下,經理人若具有適當的裁決權則有利於迅速解決問題。因此,本研究欲利用隨機邊界分析法來建構效率前緣,並探討公司治理強度與經營效率間之非單調及非直線之關係。本研究並根據過去的研究,以台灣經濟新報所評估之台灣公司治理指標 (TCGI) 來代理公司治理的指標。研究結果發現隨著公司治理的強度增加,無效率項會隨之遞減,亦即經營效率增加,但其邊際效果亦呈現遞減狀態。由此可知,對於公司治理強度較低的企業而言,提升公司治理強度可大大增加經營效率,但對已有一定強度公司治理的企業而言,雖仍可透過提高公司治理的強度提升經營效率,但其效果隨著公司治理的提升而降低。此外,高科技產業的邊際影響遞減效果最小。公司治理強度尚低的企業可致力於提升企業的公司治理,除了可增進企業的經營效率外,也可締造資訊揭露更透明、投資人保護更完全的投資環境。
According to the agency theory, an enterprise’s value may deteriorate without proper corporate governance, but limiting and monitoring an agent’s discretion also harms the firm value, because it means the agent cannot make a prompt decision when the firm faces a changing environment. Thus, this study investigates the non-monotonic relation between corporate governance and operating efficiency by the stochastic frontier analysis (SFA) model and marginal effect. We employ corporate governance ratings obtained from the Taiwan Stock Exchange as our exogenous variable in the model and find that efficiency increases along with increasing corporate governance. We found that better corporate governance helps a firm improve its operating efficiency. In addition, we also note a decreasing marginal effect of corporate governance, but decreasing marginal effects in the high-tech industry are smaller than those in other samples. Therefore, in contrast to firm with greater corporate governance, firm with lower corporate governance strength can increase their operating efficiency easily. The results provide a reference for investors and the government to establish a better and suitable rule or standard of corporate governance in order to benefit stakeholders and the whole society.
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