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題名:利益相關者價值、股權結構與外包之公司治理機制研究
作者:蔡豐隆
作者(外文):Fong-Lung Tsai
校院名稱:國立中山大學
系所名稱:企業管理學系研究所
指導教授:王鳳生
學位類別:博士
出版日期:2004
主題關鍵詞:公司治理利益相關者外包股權結構交易成本Transaction CostCorporate GovernanceOutsourcingStockholding StructureStakeholder
原始連結:連回原系統網址new window
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公司治理(Corporate Governance)是近年來企業達成組織經營目標過程中,運用最為廣泛的制度架構。1997年東南亞金融危機,暴露了企業制度的明顯缺陷,也促使政府與民間機構,開始重新審視公司治理的重要性,紛紛提出公司治理原則,強化公司治理機制、提高公司治理效率、滿足股東利潤極大化的目標、保障利益相關者的權益。
本研究以策略性公司治理的觀點,分章探討公司治理的相關議題。第貳章從企業理論的角度,簡述公司治理理論的基礎內涵;第參章以利益相關者理論為基礎,分別從企業所有權狀態依存、風險承擔和倫理責任的角度,提出公司治理模式的選擇與安排,可以提供企業經營之參考;隨著各國的政治、經濟、文化的差異,其治理模式也會趨於不同。第肆章以委託代理理論為基礎,分別在股權結構分散與股權結構集中的兩種情況下,對所有者與經營者之間的委託代理行為進行分析,得到兩種情況下的Nash均衡,其Nash均衡水準與經營者的報償、股東對經營者的懲罰以及監督成本有關,對經營者的激勵與監督結果,必須適當的結合賞優懲劣制度。第伍章以外包為例,在交易成本的基礎上,加入企業核心能力觀點,分別從外包治理的成本和企業核心能力效益,建構出外包治理的觀念模式,並導出了四個不同條件下的六種不同的外包治理模式,可提供企業採取外包作為之依循。在不同條件下,由內製轉外求型式或外求轉內製型式之外包,顯示了公司內部物質資源與核心能力二者之間相互增長的動態觀念。第陸章以透過我國半導體產業為案例,比較我國與韓國在半導體產業的展概況,發覺我國半導體產業在政治、經濟、文化和產業結構與韓國不同,我國採取了垂直分工的治理模式,韓國則採取垂直整合的模式;並以台積電與聯電的個案,輔助說明交易成本、公司治理模式發展、股權結構的情況。
管理考慮投入與產出,著重經營活動所帶來的效率,治理由倫理與責任著手,注重訊息的公開透明、社會責任的關懷,偏重利益相關者權益的保護。所以,公司治理必須在倫理思考的架構下,採取相對應的公司治理結構,保護利益相關者的權益,創造更多的價值,達成企業價值極大化的目標。
The corporate governance is the extensive framework which applies to reach enterprise business goal in the recent years. Due to the south-eastern Asia financial crisis in 1997, it indicated the distinct defects of the enterprise system. The government and some institutions had to address the principles of the corporate governance and enhance the efficiency of the corporate governance.
The essays we discuss are from the strategic corporate governance viewpoint respectively by chapters. The second chapter briefs the basic content of the corporate governance theories. The third chapter based on the theories of the stakeholder theories, we raise the selection models of the corporate governance structure from the viewpoint of the state-contingent ownership, risk taking and ethics, respectively. Due to the differences in politics, economic and cultures from countries, there would be different corporate governance structure. In the fourth chapter, based on the principal-agent theory, we analyze the principal-agent behavior between the owner and the operator under the centralized and dispersal ownership structure conditions, respectively. It gets the Nash equilibrium, which relates with the manager’s rewards, the manager’s punishment and the monitoring cost. The manager’s motivation and rewards should combine with the granting rewards and punitive sanction. The fifth chapter is the example of outsourcing. Based on the transaction cost from the viewpoint of the enterprise core competence, it establishes the outsourcing governance model from the cost of outsourcing and the benefit of the enterprise core competence, and derives the six different outsourcing governance models from the four different conditions. Under the different conditions, it displays the dynamic viewpoint between the internal resources and core competence of the enterprise. In the sixth chapter, it takes the domestic semi-conductor industry as the example to compare the domestic development of the semiconductor industry with Korea’s. There are a lot of differences in politics, economic, culture and the industrial structure between these two countries. My country takes the vertical specialization, but Korean takes the vertical integration. Moreover, TSMC and UMC cases help to elaborate the transaction cost, the development of the corporate governance, and the ownership structure.
Management considers the input and the output and stresses on the efficiency of business operation. The governance starts from the ethics and accountability, emphasizes the information transparency and social responsibility, the protection of the stakeholders’ interest. Therefore, the corporate has to adopt the good corporate governance structure under the framework of ethics-thinking, ensure the interest of stakeholder, and create the more business value.
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