台灣觀光產業公司治理與企業績效關聯性之實證研究 李約翰、張椿柏
E-mail: 365783@mail.dyu.edu.tw
摘 要
本文從公司治理的角度，檢視台灣上市（櫃）觀光產業股權結構、董事會特性與企業績效之關聯性，同時探討機構投資人 持股及外部董事席次比率等監督機制的效果，實證結果發現如下：一、經營管理者持股比率與企業績效存在著非線性關係
，經營管理者持股比率在5％以下時，持股比率與企業績效呈正相關，支持利益收斂假說；但持股比率大於5％後，持股比 率則會與企業績效呈現負向關係，則支持鞏固職位假說。二、家族持股比率愈高會使企業績效提高。三、核心代理問題愈 嚴重，即企業之控制權與現金流量請求權偏離程度愈大，則企業績效愈低。四、機構投資人持股比率與企業績效間呈現正 相關，支持效率監督假說。五、外部董事席次比率及外部董事席次比率過半與企業績效間呈現非線性關係，外部董事席次 未過半前，席次比率與企業績效呈正相關；但席次比率過半後，席次比率則與企業績效呈現負相關。六、董事長兼任總經 理則能減少營運成本，使企業績效提升。
關鍵詞 : 核心代理問題、控制權、現金流量請求權、非線性關係 目錄
封面內頁 簽名頁 中文摘要─Ⅰ 英文摘要─Ⅱ 誌謝─Ⅲ 目錄─Ⅳ 圖目錄─Ⅵ 表目錄─Ⅶ 第一章 緒論 第一節 研究背景 與動機─1 第二節 研究目的─5 第三節 研究範圍─5 第四節 研究架構與流程─6 第二章 文獻探討 第一節 公司治理之相關 研究─8 第二節 股權結構與企業績效關係之相關研究─13 第三節 董事會特性與企業績效關係之相關研究─22 第三章 研 究設計 第一節 樣本選取與資料來源─26 第二節 變數定義與衡量─26 第三節 模型設計─33 第四章 實證結果分析 第一節 敘述統計─35 第二節 變數相關性檢定─36 第三節 迴歸分析─39 第五章 結論─47 參考文獻─49
參考文獻
一、網站資料 中華民國總統府網站 http://www.president.gov.tw/ 交通部觀光局網站 http://taiwan.net.tw/ 二、中文部份 王元章 （2001
）。「內部人持股、風險、股利、負債、投資與公司價值」，證券市場發展季刊，13（3），29-69。 王元章、張椿柏（2011）。從核心 代理問題的角度探討股權結構，董事會特性對公司價值之影響。證券市場發展季刊，23（2），131-174。 何里仁（2003）。公司治理之 資訊透明度與績效評核關聯性之研究。逢甲大學會計與財稅研究所碩士論文，未出版，臺中市。 何麗梅（2003）。推行公司治理創造 企業價值－台灣積體電路製造股份有限公司實例探討。台灣大學財金研究所碩士論文，未出版，臺北市。 李春安、吳欽杉、葉麗玉
（2003）。所有權結構與公司非法行為關係之研究-以台灣股票上市公司為例。證券市場發展季刊，14（4），75-138。 李詩將（2000）
。台灣上市公司所有權結構、資本結構與公司績效間相關性研究。高雄第一科技大學金融營運所碩士論文，未出版，高雄市。 周行一
、陳錦村、陳坤宏（1996）。家族企業、聯屬持股與公司價值之研究。中國財務學刊，4（1），115-139。 高蘭芬、邱正仁（2002）。
董監事股權質押對會計盈餘與股票報酬相關性之影響。臺大管理論叢，13（1），127-162。 許士軍、陳光中（1989）。台灣家族企業發 展與家族結構關係。行政院國家科學委員會專題研究計畫成果。 陳錦村、黃佩鈴（2001）。從股權結構與核心代理觀點評析公營銀行 民營化的實際成效。公營事業評論，2（3），69-89。 陳麗娟（2004）。董事會組成、股權結構、關係人交易與企業績效關係之研究—
以紡織業及電子業為實証。國立成功大學高階管理碩士在職專班碩士論文，未出版，臺南市。 葉匡時（2001）。公司治理:企業成敗的 最後關鍵。天下文化出版社。 葉銀華（1999）。家族控股集團、核心企業與報酬互動之研究—台灣與香港證券市場之比較。管理評論
，18（2），59-86。 葉銀華（2002）。台灣公司治理的問題與改革之道。證券暨期貨管理，20（11），1-16。 葉銀華、李存修、柯承恩
（2002）。公司治理與評等系統。台北市；商智文化出版社。 劉連煜（1995）。公司監控與公司社會責任。五南圖書出版有限公司。
三、英文部份 Agrawal, A. & Knoeber, C. R. (1996). “Firm Performance & Mechanisms to Control Agency Problems between Managers &
Shareholders. Journal of Financial & Quantitative Analysis, 31(3), 379-397. Alkhafaji, A. F. (1990). Effective Board of Directors: An Overview.
Industrial Management and Data System, 90, 18-26. Anderson, R. C. & Reeb, G. N. (2003). Founding-Family Ownership and Firm Performance:
Evidence from The S&P 500, Journal of Finance, 58, 1301-1328. Ang, J. S., Cole, R. A., & Lin, J. W. (2000). Agency Costs & Ownership Structure.
The Journal of Finance , 55, 81-106. Annalisa, P., & Sasson, B. Y. (2011). Corporate Governance and Earnings Management in Family-Controlled Companies. Journal of Accounting, Auditing and Finance, 26, 199-227. Bacon, J. (1973). Corporate Directorship Practices:Membership and Committees of the Board, New York, The Conference Board and American Society of Corporate Secretaries. Baliga, B. R., Moyer,R. C. & Rao, R. S. (1996). CEO Duality & Firm Performance:What's the Fuss, Strategic Management Journal,17, 41-43. Beasley, M. S (1996). An Empirical Analysis of The Relation between The Board of Director Composition and Financial Statement Fraud. The Accounting Review, 71(4), 443-465.
Bebchuk, L., Kraakman, R., & Triantis, G. (2000). Stock Pyramids, Cross Ownership and Dual Class Equity: The Mechanisms and Agency Costs of Separating Control from Cash Flow Rights, Concentrated Corporate Ownership, 445-460. Berle, A. & Means, G. C. (1932). The Modern Corporation & Private Property, New York, Macmillan Publishing Company. Brickley, J. A., Coles, J. L., & Terry, R. L. (1994). Outside Directors and The Adoption of Poison Pills, Journal of Financial Economics, 35, 371-390. Brickley, J., Coles, J. & Jarrell, G. (1997). Leadership Structure:
Separating the CEO & Chairman of the Board. Journal of Corporate Finance, 3, 189-220. Burkart, M., Panunzi, F., & Shleifer, A. (2003). Family firms, Journal of Finance, 58, 2167–2210. Byrd, J. & Hickman, K. (1992). Do Outside Directors Monitor Managers? Evidence from Tender Offer Bids. Journal of Financial Economics, 32, 195-222. Cadbury, A.(1999). What Are the Trends in Corporate Governance? How Will They Impact Your Company? Long Range Planning, 32,12-19. Chiou, J., Hsiung, T., & Kao, L. (2002). A Study of the Relationship between Financial Distress and Collateralized Shares. Taiwan Accounting Review, 3, 79-111. Chung, K. H. & Pruitt, S. W. (1994). A Simple Approximation of Tobin’s Q.
Financial Management, 23, 70-74. Chung, K. H. & Pruitt, S. W. (1996). Executive Ownership, Corporate Value & Executive Compensation: A Unifying Framework. Journal of Banking & Finance, 20, 1135-1159. Claessens, S., Djankov, S. & Lang, L. H. P. (2000). The Separation of Ownership & Control in East Asian Corporation. Journal of Financial Economics, 58, 81-112. Claessens, S., Djankov, S., Fan, J. P. H. & Lang L.
H. P (2002). Disentangling the Incentive & Entrenchment Effects of Large Shareholdings. Journal of Finance, 57, 2741-2772. Claessens, S., Djankov, S., Fan, J.P.H. & Lang, L.H.P. (1999). Expropriation of minority shareholders in East Asia. Policy Research paper 2008. World Bank, Washington DC. Cordtz, D. (1993). Corporate Hangmen: Hanging Some CEOs May Encourage others, but Should Pension Funds Wield the Rope. Financial World,162, 24-28. Core, J. E., Holthausen. R W. & Larcker, D. F. (1999). Corporate Governance, Chief Executive Officer Compensation, and Firm Performance. Journal of Financial Economics, 51, 371-406. Cornett, M. M., McNutt, J.J., Tehranian, H (2009).
Corporate Governace and Earnings Management at Large U.S. bank Holding Companies. Journal of Corporate Finance, 15, 412-430. Dechow, P.
M., Sloan, R. G. & Sweeney, A. P. (1996). Causes & Consequences of Earnings Manipulation:An Analysis of Firms Subject to Enforcement Actions by The SEC. Contemporary Accounting Research, 13, 1-36. Delorme, J. C. (1993). Corporate Governace: The Need for a Shraehokders’
Charter. Canadian Business Review, 20, 42-43. Demsetz, H. & Lehn, K. (1985). The Structure of Corporate Ownership:Causes & Consequences.
Journal of Political Economy, 93, 1155-1177. Denis, D. K. (2001). Twenty-Five Years of Corporate Governance Research & Counting. Review of Financial Economics, 10(3), 191-212. Fan, J. P. H. & Wong, T. J. (2002). Corporate Ownership Structure & the Informativeness of Accounting Earning in East Asia. Journal of Accounting & Economics, 33, 401-425. Fisher, F. M. & McGowan, J. J. (1983). On the Misuse of Accounting Rates of Return toInfer Monopoly Profits. American Economic Review, 73(1), 82-97. Gilson, R.J.& Roe, M.J.(1993). Understanding the Japanese Keiretsu: Overlaps between Corporate Governance & Industrial Organization. The Yale Law Journal, 102(87), 1-906. Hart, O.D.(1995).
Corporate Governance: Some Theory and Implication. The Economic Journal, 105, 678-689. Hermalin, B. & Weisbach, M. (1988). The Determinants of Board Composition. Journal of Economics,19, 589-606. Hermalin, B. E. & Weisbach, M. S. (1991). The Effects of Board Composition and Direct Incentive on Firm Performance. Financial Management, 20(4), 101-112. Hudson, C., Jahera, J. & Lloyd, W. (1992).
Further Evidence on the Relationship Between Ownership and Performance. The Financial Review, 27, 227-239. Jaggi, B., Leung, S.,& Gul, F (2009). Family Control, Board Independence and Earnings Management:Evidence Based on Hong Kong Firms. Journal of Accounting and Public Policy, 28, 281-300. James, H. (1999). Owner as Manager, Extended Horizons and the Family Firm,” International Journal of the Economics of Business, 6, 41-56. Jensen, M. C. & Meckling, W. (1976). Theory of the Firm: Managerial Behavior, Agency Costs & Ownership Structure. Journal of Financial Economics, 3, 305-360. Jensen, M. C. & Ruback, R. S. (1983). The Market for Corporate Control: The Scientific Evidence. Journal of Financial Economics,11, 5-50. Jensen, M. C. (1993). The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. Journal of Finance, 48(3), 831-881. Johnson, S., Boone, P. Breach, A. & Friemdan, E. (2000). Corporate Governance & the Asian Financial Crisis. Journal of Financial Economics, 58, 141-186. Kang, S. A., & Kim, Y. S. (2012). Effect of corporate governance on real activity-based earnings
management: evidence from Korea. Journal of Business Economics and Management, 13, 29-52. Karpoff, J. M., Malatesta, P. H. & Walkling, R.
A. (1996). Corporate Governance & Shareholder Initiatives:Empirical Evidence. Journal of Financial Economics, 42(3), 365-395. Klein, A. (2002).
Audit Committee, Board of Director Characteristics, and Earnings Management. Journal of Accounting and Economics, 33, 375-400. La Porta, R., Lopez-de-Silanes, F. & Shleifer, A. (1999). Corporate Ownership Around the World. Journal of Finance, 54, 471-517. La Porta, R.,
Lopez-de-Silanes, F., Shleifer, A., & Vishny, R (2000). Investor Protection and Corporate Governance,” Journal of Financial Economics, Vol.58(1), 3-27. Lemmon, M. L. & Lin, K. V. (2003). Ownership Structure, Corporate Governance, and Firm Value:Evidence from the East Asian financial Crisis. Journal of Finance, 58, 1445-1468. Lipton, M. & Lorsch, J. (1992). A Modest Proposal Improved Corporate Governance. Business Lawyer, 48, 59-77. Litz, R. (1995). The Family Business: Toward Definitional Clarity. Academy of Management Journal, 8(2), 100-104. Maury, B.
(2006). Family Ownership and Firm Performance:Empirical Evidence from Western European Corporations. Journal of Corporate Finance, 12, 321-341. McConnell, J. & Servaes, H. (1990). Additional Evidence on Equity Ownership and Corporate Value. Journal of Financial Economics, 27, 595-612. McKinsey(2002). A premium for good governance. The McKinsey Quarter, 1(3), 20 Mehran, H. (1995). Executive Compensation Structure, Ownership & Firm Performance. Journal of Financial Economics, 38, 163-184. Morck, R., Shleifer, A. & Vishny, R. (1988).
Management Ownership & Market Valuation: An Empirical Analysis. Journal of Financial Economics, 20, 293-315. Peasnell, K. V., Pope, P. F., &
Young, S (2000). Accrual Management to Meet Earnings Targets:UK Evidence Pre-and Post-Cadbury. British Accounting Review, 32, 415-445.
Pound, J. (1988). Proxy Contests and the Efficiency of Shareholder Oversight. Journal of Financial Economics, 20, 237-265. Protection and Corporate Governance. Journal of Financial Economics, 58(1), 3-27. Prowse, S. (1998). Corporate Governance: Emerging Issues and Lessons from
East Asia. Responding to the Global Financil Crisis –World Bank mimeo. Rajan, R.,& Zingales, L. (1998). Which Capitalism? Lessons From the East Asian Crisis. Journal of Applied Corporate Governance, 11(3), 40-48. Shivdasani, A. (1993). Board Composition, Ownership Structure, and Hostile Takeovers. Journal of Accounting and Economics, 16, 167-198. Shleifer, A. & Vishny, R. (1997). A Survey of Corporate Governance.
Journal of Finance, 52, 737–783. Singh, M. & Davidson, W. (2003). Agency Costs, Ownership Structure & Corporate Governance Mechanisms.
Journal of Banking and Finance, 27, 793-816. Vafeas, N. (2000). Board Structure and the Informativeness of Earnings. Journal of Accounting and Policy, 19, 139-160. Xie, B., Davidson, W. N. & DaDalt, P. J. (2003). Earnings Management & Corporate Governance:The Role of the Board &
the Audit Committee. Journal of Corporate Finance, 9, 295-316. Yermack, D. (1996). Higher Market Valuation of Companies with A Small Board of Directors. Journal of Financial Economics, 40, 185-212.
