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題名：國際化與公司治理對臺灣資訊電子業生產效率之影響
書刊名：東吳經濟商學學報
作者：徐啟升／黃志宏
作者(外文)：Hsu, Chi-sheng／Hwang, Philip
出版日期：2009
卷期：66
頁次：頁115-143
主題關鍵詞：國際化；公司治理；生產效率；隨機邊界生產函數；Multinationality；Corporate governance；Production efficiency；Stochastic frontier production function
原始連結：連回原系統網址new window
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  • 被引用次數被引用次數:期刊(3) 博士論文(1) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:3
  • 共同引用共同引用:45
  • 點閱點閱:150
文係採用台灣資訊電子業1999 年到2005 年之上市上櫃公司為樣本，以「海外投資比率」作為國際化程度的替代變數，並選定「內部人持股比率」、「大股東持股比率」、「法人持股比率」、「董事會規模」及「董事長是否兼任總經理」作為衡量公司治理之替代變數，運用Translog 隨機邊界生產函數模型來檢視國際化與公司治理二大構面，對樣本廠商生產效率之影響程度。 實證結果顯示：(1) 海外投資比率和技術效率存在顯著正向影響，但此一正向關係主要係來自對中國大陸以外地區之海外投資比率。(2) 在公司治理部份，僅有法人持股比率對廠商技術效率呈現顯著正向關係，支持積極監督假說；但其他公司治理衡量變數對技術效率並未存在顯著正向影響。(3) 出口比率與樣本廠商之技術效率具有顯著的正向關係，亦即資訊電子業廠商可藉由增加出口比率提升技術效率。
This paper applies a translog stochastic frontier production function to estimate production efficiencies of all firms in Taiwan’s electronics and information industry between year 1999 and 2005. In addition, using the ratio of foreign investments to total assets (FITA) as a proxy of multinationality and using insiders ownership, blockholders ownership, institutional ownership, board size, and CEO duality as proxies of corporate government, this paper measures the effects of multinationality and corporate governance on production efficiency. The empirical results show that: (1) FITA has a significantly positive effect on the production efficiency, but it is the foreign investments in the area of outside China that contribute to this positive impact. (2) Institutional ownership presents a significantly positive influence on production efficiency, which supports the active monitoring hypothesis. However, other proxies of corporate governance fail to show significant impacts on production efficiency. (3) There exists a positive association between export ratio and production efficiency, suggesting that sample firms can improve production efficiencies by increasing export ratio.
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