Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/78052
|
| Title: | 公司治理特性、經營策略與績效關係之研究
Corporation governance characteristic, Business strategy and Performance |
| Authors: | 洪士庭 |
| Contributors: | 許崇源
洪士庭 |
| Keywords: | 公司治理
經營策略
績效
差異化
corporation governance
business strategy
performance
differentiation |
| Date: | 2007 |
| Issue Date: | 2015-09-01 16:09:12 (UTC+8) |
| Abstract: | 過去有許多實證研究探討了公司治理特性對於公司經營績效的影響，特別是關於股權結構及管理階層薪酬方面，而在董事會特性對經營績效的影響上卻未獲致一致性的結論。近年來開始有研究探討董事會特性對於企業的經營策略，乃至於經營績效的關係。本研究參考Baysinger and Robert（1990）及He and Joseph（2006）等人提出之理論架構，針對國內上市公司的公司治理特性、經營策略選擇以及績效表現之關連性進行實證上之研究，研究之主要目的係在瞭解台灣上市公司的公司治理特性對於企業策略選擇之影響，並延伸過往研究，對公司治理特性、企業績效表現，以及不同的策略選擇三者間的關連性，提出實證研究上之證據。
本研究除印證過去文獻所指出董事會特性與股權結構對公司績效具有顯著影響及企業績效顯著受到策略行為影響外，並發現企業的差異化策略強度顯著受到公司治理特性影響。而將差異化策略強度依強弱程度作組別劃分時，差異化策略強度亦與公司治理特性同為影響企業績效的因素；另外，在不同差異化策略強度下，差異化策略強度為董事長雙元性、董事會持股、經理人持股影響企業績效的中介因子。本研究的結果支持Baysinger and Robert（1990）及He and Joseph（2006）等人所提出的理論架構，在探討公司治理特性影響企業績效時，或應將企業的策略行為納入考量。
Formerly, there were many researchs discussed how corporation governance, equity structure and managerial remuneration especially, effects business performance. But, there were not consistent conclution in how the board attributes effects performance. Recently, there were some researchs discussed the relationship among corporation governance, business strategies and performance. This research dicussed the relationship among corporation governance, business strategies and performance in listed company in Taiwan, and referred to the theoretical frameworks advanced by Baysinger and Robert（1990）and He and Joseph（2006）.
This research not only proved the performance effected by the board attributes equity structure and strategic behavior observably, but also discovered that the strength of difference strategy effected by corporation governance noteworthily. In the different degree of strength of difference strategy, the strength of difference strategy was the mediator to corporation governance and performance. This research argued that the strategic behavior should be considered when research how corporation governance effect performance. |
| Reference: | 中文部分
（專書）
吳思華，1996，策略九說，遠流出版社。
徐俊明，2002，財務管理，新陸書局。
財團法人證券暨期貨發展基金會，2006，台灣公司治理，財團法人證券暨期貨發展基金會。
陳定國，2003，現代企業管理，三民書局。
湯明哲，2003，策略精論：基礎篇，天下文化。
葉銀華、李存修與柯承恩，2002，公司治理與評等系統，商智文化。
賴英照，2006，股市遊戲規則－最新證券交易法解析，作者自版。
（碩士論文）
吳昆皇，1995，上市公司董事會組成與特性對企業經營績效之關聯性研究，國立台灣大學會計學研究所未出版碩士論文。
吳建頤，1999，董事會規模對公司價值的影響，國立中正大學財務金融研究所未出版碩士論文。
侍台誠，1993，董事會特性中家族因素與經營績效之實證研究-兼論法人董事的影響，台灣大學會計學研究所未出版之碩士論文。
周本鄂，1993，台灣地區上市公司董監事、關係人持股比例和公司Tobin’s Q關係之實證研究，私立中原大學企業管理學研究所未出版碩士論文。
林由雪，1997，由台灣高科技產業的研究發展、持股類型與經營績效之研究，國立中央大學財務管理研究所未出版碩士論文。
林淑芬，1994，董監事持股比例、多角化經營策略型態與財務績效關係之研究－上市公司實證分析，私立淡江大學管理科學研究所未出版碩士論文。
孫秀蘭，1996，董事會制度與經營績效之研究，國立台灣大學財務金融研究所未出版碩士論文。
翁銘鴻，1998，我國上市公司董事會特徵與經營績效之關聯性研究，國立政治大學會計學研究所未出版碩士論文。
張明峰，1991，股權結構對公司績效影響之研究，國立政治大學企業管理研究所，未出版碩士論文。
張峻萍，1999，公司監理與經營績效之關係，國立台灣大學會計學研究所未出版碩士論文。
張訓華，1991，股權結構、董事會組成與企業當年度財務績效－以77年度會計報酬率為準，私立東吳大學管理學研究所未出版碩士論文。
許智超，2004，公司治理與經營績效、企業價值之關聯性研究，國立台北大學企業管理研究所未出版碩士論文。
陳宏姿，2001，董監事結構與企業財務績效關聯之研究，國立政治大學會計研究所未出版碩士論文。
陳金玲，1997，台灣上市公司股權結構之分析，國立成功大學會計學研究所未出版碩士論文。
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證，國立成功大學高階管理碩士在職專班未出版碩士論文。
曾智揚，2002，董事會特性、經營策略與經營績效關係之研究－以台灣上市電子公司為例，台灣大學會計學研究所未出版碩士論文。
黃裕洲，2005，公司治理、競爭策略、環境與公司績效關連性之研究：台灣半導體產業之實證，成功大學高階管理碩士在職專班未出版碩士論文。
黃鈺光，1993，我國上市公司董事會特性與經營績效之研究，國立台灣大學會計學研究所未出版碩士論文。
楊俊中，1998，股權結構與經營績效相關性之研究，國立台灣大學會計學研究所未出版碩士論文。
楊淑華，1992，從代理理論觀點探究上市公司股權集中度與經營績效及市場評價的關係，私立淡江大學金融研究所未出版碩士論文。
楊蕉霙，1990，所有權結構與公司價值間關係之研究，國立中山大學企業管理學研究所未出版碩士論文。
鄭琇君，1997，上市公司董監事規模與股權集中度分析，國立中山大學企業管理學研究所未出版碩士論文。
謝淑娟，1994，以權益代理問題的觀點探討股權結構與公司經營績效之關係－以台灣上市公司實證，國立交通大學管理科學研究所未出版碩士論文。
（網路文章）
劉坤億、蔡淑美，2004，公司治理（http://www.ntpu.edu.tw/pa/news/93news/attachment/931105-5.pdf）
英文部分
（Book）
Bacon, J. 1973. Corporate directorship practice: Member and committees of the board, New York: The conference board.
Berle, A. A. and G. C. Means. 1932. The Modern Corporation and Private Property. New York: Macmillan Publishing Co.
Hofer C. W., and D. Schendel. 1978. Strategy Formulation: Analytical Concepts, St. Paul, Minnesota: West Publishing Co.
Porter, M. E. 1980. Competitive strategy, techniques for analyzing industries and competitors, New York: Free Press.
Williamson, O. E. 1985. The economic institutions of capitalism: Firms, markets, relational contracting. New York: Free Press.
Wright, P., Pringle C. D., and Kroll M. J. 1994. Strategic Management, Boston: Allyn and Bacon.
（Conference paper）
He J. and T. M. Joseph. 2006. Capability, corporate governance, and firm competitive Behavior：A Multidimensional Framework, Academy of Management Annual Meetings, Atlanta, GA.
Yeh, Y.H., T.S. Lee, and J.Y. Shy. 1998. Family control, board composition and corporate performance in Taiwan stock market. NFA/APFA First Joint International Conference, Asia-Pacific Finance Association and Nippon Finance Association. Tokyo, Japan.
（Working paper）
He J. and T. M. Joseph. 2006. Firm capability, corporate governance, and firm competitive behavior: a multi−theoretic framework.
（Journal paper）
Agrawal, A., and G. N. Mandelker. 1987. Managerial incentive and corporate Investment and financial decision. Journal of Finance 42:823-837.
Agrawal, P. H., and C. R. Knoeber. 1996. Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis 31(3):379-397.
Baysinger, B. D., R. D. Kosnik, and T. A. Turk. 1991. Effects of board and ownership structure on corporate R&D strategy. Academy of Management Journal 34(Mar) 1:205-214.
Baysinger, B. D., and E. H. Robert. 1990. The composition of Boards of directors and strategic control - effect on corporate strategy. The Academy of Management Review 15(1):72-87.
Castro, J. O., and J. J. Chrisman. 1995. Order of market entry, competitive strategy, and financial performance. Journal of Business Research 33:165-177.
Claessens, S., S. Djankov, J. Fan, and L. H. P. Lang. 2002. Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance 57: 2741-2771.
Daily, C. M., and D. R. Dalton. 1994. Bankruptcy and corporate governance：the impact of board composition and structure. Academy of Management Journal 37: 1603-1617.
Dalton, D. R., C.M. Daily, A. E. Ellstrand, and J. L. Jonson. 1998. Meta-analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal 19:269-290.
Dalton, D. R., C. M. Daily, J. L. Johnson, and A. E. Ellstrand. 1999. Number of directors and financial performance：A meta-analysis. Academy of Management Journa 42(6):674-686.
Davis, G. F. 1991. Agents without principles? The spread of the poison pill through the intercorporate network. Administrative Science Quarterly 36:583-613.
Davis, J. H, F. D. Schoorman, and L. Donaldson. 1997. Toward a stewardship theory of management. The Academy of Management Review 22(1):20-47.
Dayton, K. 1984. Corporate governance: the other side of the coin, Harvard Business Review 62:34-37.
Dess, G. G., and Davis P. S. 1984. Porter`s(1980) generic strategies as determinants of strategic group membership and organizational performance. Academy of Management Journal 27(Sep):467-488.
Eisenberg, T., S. Sundgren, and M. T. Wells. 1998. Larger board size and decreasing firm value in small firms. Journal of Financial Economics 48:35-54.
Fama, E. F. and M. C. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 26(2):301-326.
Flynn, E. J. and P. S. Chan. 1992. Configurations of board of director composition and strategic attributes, and business performance. Journal of Applied Business Research 3:24-37.
Hamman, T., and E. Mavinga. 1980. Expense preference behavior and managerial control：the case of the banking firm. Bell Journal of Economics 11:25-48.
Helmer, H.W. 1996. A director’s role in strategy. Directors & Boards 20(3):22-25.
Henke, J. J. 1983. Involving the board of directors in strategic planning. The Journal of Business Strategy 7:87-95.
Heracleous L. 2001. What is the impact of corporate governance on organizational performance? Corporate Governace 9(3):165-173.
Jensen, M., and W. Meckling. 1976. Theory of the firm: managerial behavior, agency costs, and capital structure. Journal of Financial Economics 33:305-360.
Jensen, M. C. 1993. The modern industrial revolution, exit and the failure of internal control system. Journal of Finance 148:831-880.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. W. Vishny. 2002. Investor protection and corporate valuation. Journal of Finance 57:1147-1170.
La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54:471-517.
Marilyn M. H., C. Dibrell, and P. Wright. 1997. Competitive strategies and business performance–evidence from the adhesives and sealants industry. Management Decision 35(9):689-703
Ussem M. 2006. How well-run boards make decisions. Harvard Business Review Nov.
Morck, R., A. Shleifer, and R. W. Vishny. 1988. Management ownership and market valuation：an empirical analysis. Journal of Financial Economics 20:293-315.
Myers, S. 1977. Determinants of corporate borrowing. Journal of Financial Economics 5:147-223.
Rechner, P. L. 1989. Corporate governance：Fact or fiction? Business Horizons 4:11-15.
Rhoades, D. L., P. L. Rechner, and C. Sundaremurthy. 2000. Board composition and financial performance：a meta-analysis of the influence of outside directors. Journal of Management Issues 1(12):76-79.
Shleifer, A., and Vishny, R. W. 1997. A survey of corporate governance. The Journal of Finance 52(2):737-783.
Shleifer, A., and Vishny, R. W. 1989. Management entrenchment：The case of manager specific investments. Journal of Financial Economic 25(1):123–140.
Treichler, C.M. 1995. Diversity of board members and organizational performance：an integrative perspective. Corporate Governance 3:189-200.
Williamson, O. E. 1983. Organization form, residual claimants and corporate control. Journal of Law and Economics 26:351-366.
Yeh, Y.H. 2005. Do the Controlling Shareholder Enhance Corporate Value? Corporate Governance: An International Review 13(2):313-325.
Yermack, D. 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40:185-212.
Zahra, S. A., and Pearce, J. A. 1989. Boards of directors and corporate financial performance：a review and integrative model. Journal of Management 15:291-334.
Zahra, S. A., and Pearce, J. A. 1992. Board composition from a strategic contingency perspective. Journal of Management Studies July:411-438. |
| Description: | 碩士
國立政治大學
會計研究所
94353042 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0943530421 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
There are no files associated with this item.
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
