台灣企業公司治理與公司下市櫃之關聯性分析

The Relationship between Corporate Governance and Firms' Delisting of Taiwanese Firms

本研究運用存活參數模式（parametric models of duration）針對會計師簽發繼續經營假設有疑慮意見的台灣上市櫃公司，探討機構投資人持股比率、董監事股權質押比率、董事長兼任總經理參與管理、公司獨立董監事的設立等和公司下市櫃風險之關聯性。實證結果發現董監持股質押比率愈高，公司下市櫃風險也愈高，而是否設立獨立董監事也是影響下市櫃的顯著因素。此外，公司上市櫃的時間長短，權益市價對總負債比率，銷貨收入對總資產比率，皆是影響公司下市櫃的顯著因素；尤其，本研究發現自會計師簽發繼續經營假設有疑慮的意見後，樣本公司下市櫃機率會先持續上升，在第28季達到最高點後，則緩緩往下降，表示台灣公司產生繼續經營疑慮之訊息公布後前7年是公司下市櫃的危險期。

This study employs Taiwanese firms that received ”going-concern” opinions from auditors between January 1, 1980 and December 31, 2008 as our sample, and applies parametric models of duration to investigate the impact of corporate governance on the delisting of firms. Also, we examine whether the probability of delisting a firm is related to institutional investor ownership, pledge ratios of directors and supervisors, management participation, and board seats of the independent supervisors. The empirical results show a higher delisting risk for firms with greater pledge ratios of directors and supervisors. In addition, the listing period or equity to debt ratio of a firm is significantly associated with its delisting risk. In particular, the probability of delisting increases to its highest point 28 quarters after auditors issue a ”going-concern” opinion. Afterwards, the probability of delisting decreases slowly. These findings imply that the riskiest period for delisting is the seven years after auditors issue a ”going-concern” opinion.