公司治理機制對公司價值之影響-以經營效率為中介變數_

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題名：	公司治理機制對公司價值之影響-以經營效率為中介變數
作者：	徐忠誠
作者(外文)：	Chung-cheng Hsu
校院名稱：	大葉大學
系所名稱：	管理研究所博士班
指導教授：	張保隆莊智薰
學位類別：	博士
出版日期：	2009
主題關鍵詞：	公司治理；公司價值；經營效率；Corporate Governance；Firm Value；Operating Efficiency
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(1) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:1 共同引用:0 點閱:57

以往對於公司治理的研究，傾向以單一或數個公司治理變數來探討公司治理的問題。然而,公司治理是如此多種構面的議題，使用單一或數個變數，似乎無法完整的代表公司治理機制。所以本研究嘗試以結構方程模式(SEM)為研究方法，選取2006年台灣電子業上市公司261家為研究樣本，尋求各項公司治理變數對各構面的整合結果，以及各公司治理構面再整合後的模型，測試其能否代表公司治理的程度，並進而影響公司價值。
本研究採用13項公司治理變數，整合成資訊透明度、股權結構、和董監結構等三個構面所構成的模型，做為公司治理的衡量，經過整個模型的檢驗，結果尚稱配適。實證研究亦發現，不論在公司治理對經營效率、公司治理對公司價值、與經營效率對公司價值等三個結構模式，皆呈現正相關的關係。顯示公司治理對於公司價值或經營效率，皆有正向的影響。此外，透過模型的檢驗及路徑係數的分析，發現似乎有中介變數(經營效率)存在的現象。亦即，公司治理機制透過影響經營效率，再經由經營效率，進而影響公司價值。

以文找文

Most of the prior research on corporate governance uses one single or several variables to investigate the issues. However, corporate governance is a multidimensional issue so that it is insufficient to use one single or several variables to explore the whole corporate governance mechanisms. This study uses a sample of 261 firms from electronics industry listed on Taiwan Stock Exchange during the year of 2006. The research first specifies the integration of the observed variables into multi-dimensional constructs, tests the fitness of integrated model, and further investigates the effect of corporate governance mechanism on firm value.
This paper integrates thirteen empirically observed corporate governance variables into three dimensional constructs, i.e. information transparency, ownership structure and board structure. And, the models composed by integrated dimensions for measuring corporate governance mechanisms are tested and found the models are fit. Moreover, we discover that the all of the three structural models including corporate governance to operating efficiency, corporate governance to firm value and operating efficiency to firm value, show significantly positive relationship. In addition, through the assessment of models and the analysis of path coefficients, the results show that there probably exists a mediator–operating efficiency. That is, corporate governance mechanisms would affect firms’ operating efficiency, and consequently affect the firm value.

以文找文

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