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題名:國際合資之公司治理:董事會、外部治理機制、任務情境與合資績效關係之研究
作者:張義杰
作者(外文):Yi-Chieh Chang
校院名稱:臺灣大學
系所名稱:國際企業學研究所
指導教授:莊正民
學位類別:博士
出版日期:2008
主題關鍵詞:國際合資公司治理董事會公司治理環境任務情境International Joint VentureCorporate GovernanceBoardCorporate Governance EnvironmentTask Contingencies
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本研究以國際合資公司治理為研究議題,主要研究問題有三:(1)探討並驗證董事會組成方式與合資公司績效之關係;(2)探討並驗證國際合資公司外部公司治理因素對合資績效之影響,及對內部公司治理因素與合資績效關係之影響效果;以及(3)探討並驗證在不同合資任務情境下,公司治理因素與合資公司績效關係之變化。三個研究問題分別於本論文第二、三、四章探討。本研究以74個台灣公開發行公司轉投資之合資案為研究對象,使用一般線性迴歸模型進行實證分析,主要發現依三大研究問題分別敘述如下:
(1)探討並驗證董事會組成與合資公司績效關係:探討合資公司董事會組成方式,對各公司治理功能可能產生的影響方向,及對合資績效的影響效果。本研究依據合資公司組織管理與所處環境之特質,提出監督、資源提供及平衡股東利益等三種公司治理功能需求。本研究將影響合資公司治理功能之因素,區分成合資公司本身因素及母公司對合資公司治理因素,建立合資公司治理研究架構。在合資投資報酬率(return of investment)為合資績效指標之實證結果部份,本研究發現,當董事會獨立性愈高、股東股權持有愈不平均、董事總持股比例愈高或母公司高階經理人占派駐合資公司董事比例愈高時,對合資投資報酬率會有顯著的正向影響。當控制股東席次控制權愈高、控制股東同時兼任董事長與總經理或控制股東股份盈餘偏離差愈大的情況下,對合資投資報酬率會有顯著的負向影響。實證研究結果並發現,同時考慮監督或資源提供能力及誘因,比單獨考慮監督或資源提供能力,對合資投資報酬率更具解釋力。以合資公司存續期間為績效指標之實證結果部份,實證結果發現,當董事會規模愈大或股東股權持有愈不平均,則合資公司存續期間會愈長。當母公司董事占派駐合資公司董事比例愈高,對合資公司存續期間會有顯著的負面影響。就整體而言,雖然本論文所提出合資公司治理研究架構對合資公司存續期間(longevity)長短,解釋力相對較弱。不過,對合資投資報酬率卻有極高的解釋力,本研究所提出的研究假說大多獲得實證結果支持。
(2)探討並驗證外部公司治理因素對合資績效之影響:此部份繼續延伸第一部份研究架構,提出外部公司治理制度環境的差異是國際合資公司與一般合資公司最大不同之處。探討合資所在地國及控制股東母國公司治理制度環境完善程度對合資績效之影響效果,及對內部公司治理因素與合資公司績效關係之影響。實證結果發現,所在地國公司治理制度環境完善程度對合資投資報酬率無顯著影響效果,但對董事會獨立性、董事會規模、董事總持股比例及控制股東席次控制權等公司治理因素與合資投資報酬率關係,具有顯著正向影響效果。唯所在地國治理環境完善程度不論對合資公司存續期間,或各內部公司治理因素與合資公司存續期間關係,皆無顯著影響效果。控制股東母國公司治理制度環境影響效果部份,本研究實證結果發現,當控制股東母國治理環境完善程度愈高,則合資投資報酬率會較佳,同時合資公司存續期間也會較長。母國治理環境同時對董事會獨立性、董事會規模、董事總持股比例及控制股東席次控制權等公司治理因素與兩種合資績效關係,產生正向影響效果。經由本研究實證結果,控制股東母國治理環境完善程度對合資公司績效確實具有一定程度的影響力。
(3)探討並驗證在不同合資任務情境下,公司治理因素與合資公司績效關係:本研究提出在不同任務情境下,合資公司對協調、防衛及知識獲取等特殊管理功能,會有不同程度的需求。特定的公司治理因素,在不同任務情境下,對合資公司各種特殊管理需求,會有不同程度的滿足。因此,本研究認為,合資公司任務情境會對公司治理因素與合資公司績效關係產生影響效果。本研究經實證分析發現,合資任務廣度會對控制股東席次控制權、董事會規模及母公司董事占派駐合資公司董事比例等公司治理因素與合資投資報酬率關係,產生正向影響效果。當合資任務為分享互補性技術時,會對控制股東股份盈餘偏離差及母公司董事占派駐合資公司董事比例等公司治理因素與合資投資報酬率關係,產生正向影響效果。當合資任務為控制股東提供新產品給其他股東之任務情境時,會對控制股東席次控制權、控制股東股份盈餘偏離差及董事會規模等公司治理因素與合資投資報酬率關係,產生正向影響效果。當合資任務為取得新市場且控制股東為所在地國企業之情境時,則會對控制股東席次控制權與合資投資報酬率關係,產生正向影響效果。經由本研究之實證資料顯示,公司治理因素與合資投資報酬率關係,會視其所處之合資任務情境,而呈現不同的變化。由本論文實證結果,可得知公司治理因素對企業績效的影響效果,會受到企業所處的情境影響。過去公司治理相關研究較少將情境因素納入考慮,此實證結果可以對為何過去公司治理研究經常實證結果不一致的現象,提供部份解釋。
In this study, we examined the relation between the Board of Directors and IJV’s (International Joint Venture) performances by analyzing 74 joint venture cases that consist of the Taiwan corporation listed in the Taiwan Stocks Exchange or traded Over-the-Counter (OTC). The Board of Directors serve three important functions: monitoring function, provision of resources function and balance of stocker’s benefit function. Our analysis indicates that relations between the function and IJV’s performances are positive. The function of the Board of Directors is determined by the composition of this group. Higher return of investment (ROI) will happen in the following four situations, high independence of the Board of Directors, high centralization of the votes among large blockholders, high ownership owned by the directors, and the high proportion of executive managers that were appointed by the parent company to IJV’s board to be legal representatives. The following three situations will lead to low return of investment, high ratio of board members controlled by the ultimate owners, the ultimate owners as the dual role of chairman and CEO, and high deviation of the voting rights from cash-flow rights. The bigger the board size is or the more unequal distribution of votes among large blockholders is, the longer the longevity of IJV. The higher the proportion of the director appointed by the parent company to IJV board to be legal representatives, the shorter the longevity of IJV will be. The findings also show that IJV’s performance is influenced by external governance mechanisms. In addition, the external governance mechanisms will also moderate the relation between the internal governance mechanisms and IJV’s performance. We also find that the home country’s corporate governance environment of the ultimate owners has a stronger effect on IJV’s performance than the host country’s corporate governance environment does. We also note that the relationship of corporate governance structures and JV’s performance is significantly dependent on JV’s task contingencies. Finally, we discuss the key theoretical issues and practical implications of corporate governance of IJV.
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