內部治理與外部監督機制對公司價值之影響

The Effect of Internal Governance and External Monitoring Mechanism on Firm Value

金管會於2018年再度發布3年期新版公司治理藍圖，盼透過完備法制、企業自省及市場監督三者之共同力量，增加投資市場的信心、提升整體經營環境與競爭力，再次顯示公司治理議題之重要性。本研究以2014年到2018年之國內上市櫃公司為樣本，排除金融保險業及國營事業，探討內部治理與外部監督機制對公司價值之影響，以迴歸分析四種模型為研究方法，實證結果顯示，在董事會規模、獨立董事比率、董事會持股、機構法人持股與前四大會計師事務所簽證等機制對公司價值皆呈現顯著正向影響；而董事長兼任總經理，容易產生代理問題，對公司價值有顯著負向影響，但是在外部監督機制的調節作用之下，讓董事長兼任總經理對公司價值之影響由負轉正，充分呼應國內證券交易所發布之機構投資人盡職治理守則，盼能運用市場機制，持續提升我國公司治理品質，維護利害關係人之權益。

In 2018, the Financial Supervisory Commission (FSC) of Taiwan announced a further 3-year company governance roadmap. Through legal regulations, corporate self-governance and market supervision, the FSC aims to boost investor confidence, improve the overall operating environment as well as enhance market competitiveness, once again emphasizing the importance of company governance. This study takes companies listed in Taiwan from 2014 to 2018 as research samples, with the exception of finance and insurance companies and government-owned enterprises, in order to explore the effects of internal governance and external supervisory mechanisms on company value. Using four regression models, results show that the scale of the board of directors, the proportion of independent directors, the percentage of shares held by directors and institutional investors and the agreements entered into with the Big Four all have a significant positive impact on company value. Furthermore, boards with chairman holding the position of the general manager are susceptible to agency problems, representing a significant negative impact on company value. However, external supervisory mechanisms can help mediate and turn the negative impact of boards with chairman holding the position of the general manager on company value into a positive one, thereby adequately improving the quality of company governance.