公司治理之增額除弊效果

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Title:	公司治理之增額除弊效果
Other Titles:	Incremental Information Content of Corporate Governance
Authors:	劉泰麟 Liu, Tai-Lin,
Contributors:	沈維民 William W. Sheng, Ph.D 東海大學會計學系
Keywords:	公司治理;盈餘管理;財務預測誤差 Corporate Governance;Earning Management;Financial Forecast Error
Date:	2004
Issue Date:	2011-05-19T07:28:32Z (UTC)
Abstract:	「公司治理」於1997年亞洲金融風暴後，逐漸受到我國財經主管機構注意，而在安隆（Enron）、世界通訊（WorldCom）等弊案爆發後，更加確立公司治理之重要性。台灣自2001年底修改公司法相關規定開始，陸續建立相關制度，而從制度建立到目前才短短幾年，公司治理是否在台灣發揮其功能，值得存疑。根據經濟合作暨發展組織（OECD）及世界銀行建立之公司治理概念及架構，其功能可略分為「興利」與「除弊」兩個構面。就興利而言，國內外之文獻呈一致之結論，認為公司治理較佳可提高公司價值及績效，證明儘管台灣公司治理近幾年才真正確立其重要性，但在從前就已發揮其功能，僅是未在公司治理架構下進行。除弊方面，因「弊」包含許多面向，如決策失當、無效率及盈餘管理等，其中許多難以量化，因此本研究將除弊集中在較能量化之盈餘管理上，而在文獻中針對公司治理是否能夠抑制管理者盈餘管理有不一致之結論，可能是因文獻大多探討公司治理中之一環節，各環節並無一致之結論，無法呈現公司治理整體的效果，因此本文希望使用公司治理綜合指標，以探討公司治理之除弊效果。影響盈餘管理的因素很多，如債務契約、財務預測等，公司治理可能也是眾多因素之一，但在台灣重視時間還尚短的情況下，公司治理可能無法成為一項獨立影響盈餘管理的因素，能夠顯著抑制管理者之行為，因此本研究除直接測試公司治理與盈餘管理之關係外，並將公司治理依附於公司上半年財務預測誤差，來間接測試整體公司治理是否具備除弊效果。實證結果如下： 1．在直接測試中，證實公司治理整體表現無顯著除弊效果。以台灣的時空背景而言，公司治理尚無法成為直接顯著影響盈餘管理之因素。 2．在間接測試中，本文將公司治理依附於財務預測誤差後，證實公司治理整體表現擁有增額除弊效果，且接近年底，除弊效果更為顯著。 3．機構投資人持股比率與公司治理相同，在台灣尚未成為一項獨立影響盈餘管理的因素，但具備增額資訊內涵，可抑制公司第四季為達成財測所進行的盈餘管理程度。 Since The Asian Financial Crisis arose in 1997, the government body of financial has noticed the issue of “Corporate Governance”, and after the scandal of Enron and WorldCom erupted, the importance of Corporate Governance has been more confirmed. From the end of 2001, Taiwan has begun to amend The Corporate Law and built some relevant system. Because the system was just established, it was still in doubt whether the Corporate Governance might work. According to conception and structure built by OECD and World Bank, the function of Corporate Governance could be divided into two scopes: “to promote what is beneficial” and “to abolish what is harmful”. As far as the former is concerned, domestic and foreign literature had the same conclusion that effective corporate governance can enhance the value and performance of the corporations. The function stood out although Corporate Governance has just been put into practice. As far as the latter is concerned, it includes inappropriate policy, inefficiency and earning management, and etc. Because they are not easily quantified, this paper is focus on earning management which could be quantified. In the literature whether Corporate Governance could inhibit earning management had different conclusion and the reason is that one segment of Corporate Governance was discussed but each had inconsistent conclusion. It could not show the overall effect of Corporate Governance; therefore, this paper is used to test “what is harmful” by Corporate Governance Integrative Index. Many elements can affect earning management, such as debt contract, financial forecast and so on. Corporate management is perhaps one of those. In Taiwan, Corporate Governance has not become a significant element to inhibit earning management yet; accordingly, not only was the relationship between Corporate Governance and earning management researched but Corporate Governance was attached to financial forecast of corporations in thee first half year to indirectly test the incremental effect. The conclusions are as follows: (1)In the direct test, there is not remarkable effect in ”what is harmful”. It proves under the circumstances of Taiwan, Corporate Governance is not a significant factor to affect earning management. (2)In the indirect test, the variable of Corporate Governance attached to financial forecast error, the result showing that better Corporate Governance has incremental effect which can inhibit earning management of financial forecast in the second half year and the 4th quarter. (3)The indirect test shows that institutional shareholdings have incremental effect in 4th quarter significantly. The outcome is similar with foreign literature, and in Taiwan its effect is especially in 4th quarter.
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