應用VIKOR為計分模式之公司治理評等系統

Applying VIKOR as the Scoring Model Establish to Corporate Governance Rating System

金融海嘯過後，無論對金融商品、產業、風險管理、監理制度及公司治理上都帶來前所未有的革命性改變，推動健全的公司治理制度及建立公司治理評等系統，已成為全球金融監理機關為重整金融市場秩序、穩定經濟的首要任務與目標。本研究有鑑於此，以多準則決策方法與現行評等方法進行比較，以找出最佳評等計分模式，研究結果發現VIKOR法可以有效解決現今評等法的缺點，且優於其他兩種多準則決策方法，故本研究以VIKOR為計分模式來建立公司治理評等系統，並以2007年台灣全體上市（櫃）公司為評等對象，探討公司治理與公司經營績效相關性，研究結果顯示公司治理和公司經營績效之間的關係R呈顯著正相關，當公司治理表現愈佳，不僅是公司當年度之公司經營績效表現良好，連同未來一年之公司經營績效皆表現良好。

After the financial tsunami, financial products, industry, risk management, the supervision system and corporate governance have brought revolutionary changes. Well-designed corporate governance mechanism and rating systems have become important issues to restructuring of the financial market order and stabilizing the economy situation by global financial supervisory authority. We compared both multi-criteria decision making methods and the current rating methods to identify the best scoring model of ratings. Our empirical results found MCDM’s VIKOR methodology can effectively resolve the shortcomings of the current rating method. This study used VIKOR method to establish a corporate governance rating system by adopting 2007’s listing company in Taiwan. Our study indicates a significant relation between the corporate governance rating and the operating performance. A better corporate governance mechanism not only affects the current operating performance but also affects the operating performance of companies in the future.