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

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術－多元適應性雲形迥歸（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。
本研究經由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。

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 are 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 are 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.