Sun Yat-Sen Management Review

  Journal Fullview

Sun Yat-Sen Management Review  2008/12

Vol. 16, No.4  p.787-822


Title
公司治理與財務健全度對企業價值影響之研究-多元適應性雲形迴歸之運用
Corporate Governance, Financial Health and Business Values:An Empirical Study with Multivariate Adaptive Regression Splines
(633719592173976250.pdf 5,344KB)

Author
林妙雀、顏怡音、陳雪芳/臺北大學財政學系、臺北商業技術學院會計資訊系、育達商業技術學院企業管理系暨輔仁大學商學研究所
Miao-Que Lin、Yi-Yin Yen、Hsueh-Fang Chen/

Department of Public Finance, National Taipei University , Department of Accounting Information, National College of Business , Department of Business Administration, Yu Da College of Business Doctoral Candidate in Business Administration, Fu Jen Catholic


Abstract(Chinese)

過去對公司治理之研究,或因資料來源或研究方法限制,未能合理篩選出 真正影響企業價值之公司治理構面。而新興的多變量無母數迴歸分析技--多 元適應性雲形迴歸(Mu1tivariate Adaptive Regression Splines ; MARS) , 不僅無 須符合傳統迴歸之基本假設,而且藉由較佳的演算程序,快速找出隱藏於高維 度複雜資料結構中的最佳變數轉換和交互作出,可以進行自變數之篩選,並判 別自變數之相對重要性。因此本研究搜集國內2000~2006 年上市公司之公司 治理資料,並利用MARS 篩選出對企業價值最具重要影響之董監事會特性與 股權結構變數,再以縱橫資料分析公司治理對企業價值之主效果,以及財務健全度之干擾效果。 本研究經出MARS 篩選出,對企業價值最具影響之變數,分別為與董監 事會特性有關之獨立董事席次與全部監事席次,以及與股權結構有關之監事持 股比率、大股東持股比率、本國金融機構持股比率、本國自然人持股比率及外 國自然人持股比率等。同時本研究採用固定效果模型驗證誰獨立董事席次及全部監事席次愈多、監事持股比率、大股東持股比率、本國金融機構持股比率及本國自然人持股比率愈高,對企業價值會產生顯著正向之影響。此外,當企業之財務健全度愈高,愈能強化董事會特性及股權結構,對企業價值之正向效益。

(633719592173507500.pdf 58KB)

KeyWord(Chinese)

公司治理、財務健全度、企業價值、多元適應性雲形迴歸


Abstract(English)

Previous researches on corporate governance had not been able to derive at the corporate governance dimensions that had solid effects on the business values due to limitations of data sources or study methods. On the other hand, the Multivariate Nonparametric Regression Analysis Technique-Multivariate Adaptive Regression Splines (MARS) is not required to conform to the basic hypotheses in the traditional regressions. It is also able to rapidly obtain the conversions and interactions among best variables hidden in the high dimensional and complex data structures by means of more optimum algorithms. The selection of independent variables and the relative importance of the independent variables can be conducted and then be determined by the MARS. Therefore, the corporate governance data are collected from the listed companies of the Taiwan Stock Exchange stock in 2000-2006. MARS is then used to select board characteristics and the ownership structure which arc related variables in most influential to business values. The main effects of corporate governance on the business values and the moderating effects of financial health are then analyzed through the panel data. The most influential variables to the business value arc selected by using MARS in this research. They include independent directors and supervisors under board characteristics as well as the holding ratio in supervisor/shareholder, domestic financial institution, domestic natural persons, and foreign natural persons under ownership structure. Meanwhile, the fixed-effect model is adopted in this research. It is verified that the higher the number of independent directors and supervisors as well as the holding ratio in supervisor/shareholder, the domestic financial institution, and the domestic natural persons. Moreover, this study produces significant and positive effects on the business value. Furthermore, the higher the company with financial health, board characteristics and ownership structure can be strengthened to create positive benefits in terms of business values.

(633719592173507500.pdf 58KB)

KeyWord(English)

corporate governance, financial health, business value, Multivariate Adaptive Regression Splines(MARS)


Policy and management implications
(Available only in Chinese)

過去學者對公司治理之研究,或因資料來源或研究方法限制,未能合理篩選出真正影響企業價值之公司治理構面。而新興的多變量無母數迴歸分析技術--多元適應性雲形迴歸(Multivariate Adaptive Regression Splines;MARS),不僅無須符合傳統迴歸之基本假設,而且藉由較佳的演算程序,快速找出隱藏於高維度複雜資料結構中的最佳變數轉換和交互作用,可以進行自變數之篩選,並判別自變數之相對重要性。因此本研究擬運用可提升模型預測能力及鑑別準確度之MARS,篩選出對企業價值最具重要影響之公司治理變數,再以縱橫資料分析公司治理對企業價值之主效果,以及財務健全度之干擾效果。 本研究經由MARS篩選出對企業價值最具重要影響之變數,配合縱橫分析之驗證,得悉獨立董事席次及全部監事席次愈多、監事持股比率、大股東持股比率、本國金融機構持股比率及本國自然人持股比率愈高,對企業價值會產生顯著正向之影響。此外,當企業之財務健全度愈高,愈有助於獨立董事席次愈多,以及大股東持股比率愈高之公司,顯著正向帶動企業價值之增加。本研究發現獨立董事席次愈多,確實有助於強化公司治理,是以建議主管機關對於上市公司設置獨立董事超過一定比率者,可以採取下列措施,例如:(1)縮短其籌資之時程;(2)對於初次申請上市案件,可以書面審查替代實地審查;(3)對於上市公司申報之財務報告,得免列入抽核,或免將公司列入平時及例外管理之對象等。 基於監事持股比率愈高,愈能提升企業價值,是故本研究建議主管機關宜將全體監事之最低持股比率標準予以提高。至於大股東持股轉讓未及時公告申報者,應確實予以處分並加以公開。再者,上市公司股權愈分散,其外部監督力量愈強,是以建議主管機關應強制初次申請上市公司提高其股權分散標準;另因企業財務健全度愈高,愈能強化公司治理對企業價值之影響,因此主管機關似可比照資訊透明度之評鑑制度,委託民間機構,就公司之財務健全度進行分級評比,並公開評比結果,期能發揮外部監督功能,進而提升公司治理,增加企業價值。


References