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題名：公司治理對於併購宣告、企業社會責任與公司價值之影響
作者：洪世偉 引用關係
作者(外文)：Shih-Wei Hung
校院名稱：國立高雄第一科技大學
系所名稱：財務金融學院博士班
指導教授：陳振遠
王健聰
學位類別：博士
出版日期：2014
主題關鍵詞：公司治理；資訊洩漏；宣告效果；併購；企業社會責任；內生效果；公司價值；營運績效；Corporate Governance；Information Leakage；Announcement Effect；Mergers and Acquisitions；Corporate Social Responsibility；Endogeneity；Firm Values；Operating Performance.
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併購相關的實證研究大多聚焦於併購資訊洩漏與併購後之長期績效表現的議題，本研究則運用Chen, Kao, Tsao and Wu (2007)所提出公司治理指數並結合事件研究法，以檢視健全的公司治理機制是否能減輕併購資訊洩漏所產生之異常交易的現象。實證結果顯示公司治理較差的公司在併購訊息宣告前已出現嚴重的資訊洩漏情形，而良好的公司治理的確可以減輕併購宣告前之資訊洩漏的問題。另外，公司治理較佳的公司，在併購宣告後出現正的異常報酬，此結果顯示良好的公司治理亦有助於提升企業併購後之經營績效。最後，迴歸分析結果則指出，合適的董事會規模與併購宣告後之異常報酬存在顯著的正向關係。
有關企業社會責任對於公司價值的影響一直存在著不一致的看法與論述，本研究第二項議題就是運用Chen et al. (2007)所提出的公司治理指數與Chen, Tang and Hung (2013)的企業社會責任指數進行迴歸分析，以探討公司治理對於企業社會責任、公司價值和營運績效之影響。在控制內生性問題之後，迴歸結果顯示健全的公司治理機制可以有效監督企業社會責任運作，減輕代理問題，進而提升營運績效與公司價值。再者，董事會規模較大、獨立董事席次較多或機構投資人持股較多者的企業，其企業社會責任運作績效會較佳。整體而言，本研究實證結果支持健全的公司治理機制有助於企業社會責任之履行，可有效提升企業經營績效與核心競爭力。反之，若沒有完備的公司治理機制，貿然參與企業社會責任相關活動，則會造成公司價值與股東權益的損失。
Substantial empirical research regarding merger and acquisition (M&;A) has focused on issues such as information leakage about M&;A and long-term performance after M&;A. This study uses the corporate governance index proposed by Chen, Kao, Tsao and Wu (2007) and the event study method to investigate whether sound corporate governance mechanisms reduce abnormal transactions caused by information leakage. Empirical results show that there exists a serious information leakage prior to the M&;A announcement for the firms with poorer corporate governance. Also, good corporate governance indeed reduces information leakage prior to the M&;A announcement. Additionally, there are positive abnormal returns after the M&;A announcement for the firms with better corporate governance, implying that good corporate governance helps enhance the post-merger operating performance. Finally, regression analysis points out that there is significantly positive relationship between appropriate broad size and abnormal returns after the M&;A announcement.
The view on the impact of corporate social responsibility (CSR) on firm values is inconsistent. The second issue of this thesis uses the corporate governance index proposed by Chen et al. (2007) and the CSR index of Chen, Tang and Hung (2013) to examine how corporate governance structures affect the CSR, firm values, and operating performance. After controlling for endogeneity problem, regression results show that sound corporate governance mechanisms efficiently monitor firms to engage in CSR activities and mitigate agency problem, which in turn improves cost efficiency, and increases operating performance and firm values. Furthermore, firms characterized by bigger board size, higher board independence or higher institutional ownership have better operational performance in CSR after controlling for firm characteristics, industrial and year effect. Overall, our findings support that sound corporate governance mechanisms help implementation of CSR, and furthermore enhance operating performance and core competitiveness. In contrast, firms without sound corporate governance mechanisms rashly engage in CSR activities, resulting in the loss of firm values and shareholders’ equity.
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