公司治理对财务绩效之影响研究分析——以台湾ETF指数股票型基金成分股为研究对象-《武汉职业技术学院学报》

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摘要:: 检视过去多起发生财务危机的公司,不难发现这些公司的共通点都与"公司治理"有着密不可分的关系。良好及有效的公司治理是制约和平衡的机制,不仅可以顾及到股东的利益,也不会过度限制管理阶层的权力。而公司治理的最终目标是将公司的长期价值发挥到极致,保障投资者(即股东)的权益,让他们获得因承担风险所应得的报酬。经检验,公司治理的程度与财务的绩效存有因果的关系。是否设立独立董事会影响公司的财务绩效;董事规模与财务绩效呈现负向显著相关;董事持股比例与财务绩效为正向显著相关;监察人持股比例与财务绩效为负向显著相关。

Abstract:: A study on financial crises occurring in Taiwai companies over the past decades points to the corporate governance failures as an important factor behind the financial collapse. A sound and efficient corporate governance mechanism should be able to attend to shareholders' interests but not over-restrain the power of managerial level. Its ultimate goal should be to maximize the long-term value of the company and ensure interest and benefits that the shareholders deserve to get for taking the investment risks. In this research, a cause-effect relationship is found be— tween the rating of corporate governance and the financial performance. Meanwhile, it is found that the presence of in— dependent board of directors can affect the financial performance. The size of board and the financial performance are negatively and significantly related. The proportion of shares held by directors is positively and significantly correlated to financial performance. The proportion of shares held by supervisors is also negatively correlated with financial perfor— mance.