| 摘要: | 本研究旨在探討台灣電子產業以經濟附加價值表達的企業真實價值，並透過電子產業的董事會股權結構、組成與特性和公司股權結構等構面以瞭解電子產業公司治理的實施情況與企業價值間的關聯性。本研究使用每股經濟附加價值作為企業價值指標衡量變數，並探討電子產業中15項董事會股權結構、組成與特性和公司股權結構等變數與公司每股EVA間的關聯性。研究期間為2001年至2004年，刪除資料不足的樣本後，共取得1,076各樣本值。
本研究透過簡單迴歸分析及多元迴歸分析，進行15項假說檢定，並萃取出可用來衡量電子產業每股經濟附加價值的一組模型，其解釋力達到18%，研究結果發現監察人規模、董監持股比率、本國信託基金持股比率、本國公司法人持股比率、大股東持股比率和股權集中係數與每股經濟附加價值呈正相關；法人董事比率、法人監察比率和董監質押比率與每股經濟附加價值呈負相關；而董事會規模、董事長是否兼任總經理、政府機構持股率、本國金融機構持股比率、外資合計持股比率、經理人持股比率則與每股經濟附加價值無顯著相關性。
This study focuses on the one hand to confer the companies’ real value of the elec-tronics industry in Taiwan by the EVA, and using the structure, composition and char-acteristics of direction and stockholder’s structure of the companies to penetrate the cor-porate governance of electronics industry. This study uses the EVA-per-share to measure the companies’ real value, and by using 15 variables about structure, composition and characteristics of direction and stockholder’s structure to demonstrate the relationship between these variables and corporate performance. The researching samples are collected from 2001 to 2004, after deleting incomplete samples, we got 1,076 cases number to proceeding this study.
This study set 15 hypotheses and simple-regression was used to test these hy-potheses, and use multi-regression to extract an assessable model to measure the EVA-per-share, the explanation capability of this model is 18%. The study conclusions exhibit that supervisor attendance, the director and supervisor holding-rate, mutual fund holding-rate, company holding-rate, primary stockholder’s holding-rate and share own-ership concentration are positive correlated with EVA-per-share. The rate of institute director and supervisor in the board of directors and the executive mortgage-rate are negative correlated with EVA-per-share. And we can’t find a significant correlation be-tween the board of director’s size, the factor of chairman of the board pluralistically serving as a manager, government holding-rate, finance-institutional holding-rate, for-eign institutional investors holding-rate, manager holding-rate and EVA-per-share. |
