以投入觀點解析公司治理價值性

Analyzing the Advantage to Corporate Governance on an Input View

在投入公司治理、加強監督機制的同時，可能伴隨著相對應的代價，故文獻對於許多公司治理措施的效益，抱持正反兩面的評論。因此，究竟投入高度公司治理能否導引管理當局達到極大化股東財富的目標？尚待進一步確認。本研究以投入觀點提出「消極公司治理指標(PCG-index)」，其在控制公司當前價值規模條件後，評估出孰為投入愈低程度公司治理的樣本。實證結果顯示，與投入公司治理態度偏向消極的樣本組合相比，投入態度偏向積極者產生顯著較佳的長期績效；即使切割實證期間，或是變更操作PCI-index 的因素，仍有相同結論。值得注意的是，就整體期間而言，本研究觀測到最理想情況指向投入適當程度者，亦即PCI-index 介於樣本中間區域，此即是在公司治理效益與成本之間取得平衡。

Providing input in corporate governance and enhancing supervisory mechanisms may incur relevant costs. Thus, previous studies on corporate governance measures have promoted both supporting and opposing opinions regarding benefit. Whether substantial input in corporate governance enables management authorities to maximize shareholder profits has yet to be confirmed. From the perspective of input, this study proposes using the PCG-index for assessing samples at a low level of corporate governance input after controlling the conditions of extant firm value. The empirical results show that, the samples of corporate governance input exhibiting a positive attitude yield significantly superior long-term performance to that exhibiting a passive attitude. These results remain constant regardless of whether the sampling period is shortened or the operational factors of the PCG-index are altered. During the overall sampling period, this study observed optimal conditions at an appropriate level of input. When the PCG-index is within the middle range of the samples, the benefits and costs of corporate governance are balanced.