公司治理于财务困难公司效果之研究

美国Enron案发生后,为维护资本市场安定与保护投资大众,各国均致力提倡公司治理,如强化董监结构、股权结构与提升透明度等。然而,在主管机关与公司管理当局均认为企业公司治理机制已有显著的强化后,台湾企业诸如博达、讯碟等公司仍然持续爆发弊案。因此,治理政策是否确实落实执行于各企业,值得深入探讨。因此,本研究拟以财务危机公司的公司治理机制及其影响为探讨重点。首先了解公司爆发财务危机前的公司治理运作情形,进而讨论在发生财务危机后,采用各项公司治理机制是否对提升公司财务状况有所帮助,提供主管机关及投资人决策之分析。实证结果显示,董监事持股,控制股东担任董事监察人、专业经理人担任董事席位数、董事会规模这三项皆可做为投资人投资公司的参考,及财务危机公司是否能转危为安的判断依据。

A Study of Corporate Governance on Financial Distress Company

After the Enron scandal, to protect the investors as well as the capital market, governments were devoted to advocate corpo- rate governance, including the strengthen of the structure of board of directors, the share hold structures and transparency. Although governments put much effort in corporate governance affairs, there were still accounting sandals happened continuously. The effects of governments and related parties efforts on corporate governance were being doubted. This study put attention on the effect of corporate governance on financial crisis companies. This study would like to explore when a company faced financial crisis, what kind of corpo- rate governance can relieve the company from bad financial situation. The results indicate that the shareholding of board, size of board, control shareholder to be the board member, and professional man- ager to be the board member will help the financial crisis company depart from bad financial situation.