本研究以中國大陸2001至2007年於上海證券交易所之上市企業共98家，包括於2003年率先參與XBRL申報計畫之企業共49家，以及其他未採用XBRL申報財報之49家企業作為對照組進行實證分析，以探討中國大陸率先以XBRL格式申報財務資訊的企業群組，相較於非以XBRL格式申報之企業群組，是否企業對於採用XBRL之決策中會受到自身公司治理因素構成與表現影響，使率先採用之企業與非率先採用企業之公司治理因素有顯著之差異，並進一步探究各公司治理構面與採用XBRL之關連性。本研究於整理相關文獻後，根據國內外文獻之公司治理因素之評等架構，並將公司治理因素之變數分為董監事組成、股權結構、管理型態、與大股東介入股市等四個構面。 本研究之實證結果顯示，董監事組成、股權結構、管理型態與大股東介入股市構面皆對公司治理有整體或部份顯著的影響。以個別因素觀之，則發現監事規模、最大股東持股比、次大股東持股比、董事長與總經理是否兼任與大股東股權質押比具有顯著相關，代表監事規模越高，最大股東及次大股東持股比例越低，董事長與總經理兼任情形較高，或者股權質押比越低時，會增加企業率先採用XBRL申報財務資訊之可能性。 / This paper examines whether early and filers of financial information in XBRL format demonstrate superior corporate governance relative to their non-adopting peers. The corporate governance was composed of the composition of director and supervisor, ownership structure, administration style and pledge. Data of 98 listing companies from Shanghai Stock Exchange in China and nine corporate factors are used in our logistic regression model. The empirical analysis implies that board member structure, ownership structure, administration style and pledge -related factors have significant association with the adoption of XBRL in China.

本研究以力霸集團為個案研究對象，從決策及資源分配掌控者觀點定義該集團企業之最終控制者，首先分析力霸集團企業之董監結構及股權結構，並針對該集團之公司治理機制說明對內部控制議題及財務舞弊之影響。 研究結果顯示，力霸集團企業之最終控制者王又曾家族係透過交叉持股及掌握董事會席次控制權等控制途徑掌控集團企業，其集團內七家公開發行以上公司的平均直接持股率、股份控制權、盈餘分配權分別為7.72%、28.92%、6.81%，但平均席次控制權則高達95.33%，股份控制權（席次控制權）與盈餘分配權偏離差之平均值則達22.11%（88.52%）。力霸集團企業席次控制權與盈餘分配權嚴重偏離之個案研究發現，符合經營者之經營誘因不足，而財富侵佔動機較強之學術假設。此外，該集團企業亦嚴重違反內部控制制度中控制環境、風險評估、控制作業、資訊與溝通，以及監督機制等主要原則，造成投資人權益的重大損失。最後，本研究針對內部控制制度之有效性、公司治理機制、會計師責任，以及金融監理功能四層面，提出討論及建議。 / Using the Rebar Business Group as the case of this study, the present research first analyzes the ownership structures of the member firms from an ultimate controller perspective. Internal control related issues are then identified, followed by a discussion on the effect of corporate governance on internal control weakness and fraudulent reporting. The analysis indicates that cross-holding, pyramid structure and seat control over the board members are venues utilized by the Wang Family to actively control Rebar Business Group. An analysis on the measurement of voting right, cash flow right and board seat-control shows that direct shareholding, voting rights, cash flow rights are on average 7.72%, 28.92%, 6.81%, while the board seat-control ratio is 95.33%. The deviation between voting right (board seat-control) and cash flow rights is 22.11% (88.52%). To the extent that ownership and control is highly deviated, a weaker disciplinary effect and a stronger entrenchment effect can be expected. In addition, this research also finds that all principles buttressed in building a sound internal control system are violated. Finally, suggestions for improvements on internal control system and policies are provided.

隨著經濟自由主義時代來臨，面對全球性的競爭及各國市場逐漸開放，公營事業民營化已是各國政府的重要財經政策之一。過去有關民營化對企業經營績效影響之研究頗為豐富，其中國外文獻大多贊成民營化對企業經營績效有顯著提昇之影響，然而國內相關文獻之研究結果，則較為紛歧。本文以西元1989年我國正式推動民營化政策以來，採用釋股方式完成移轉民營之21家上市公司為研究對象，來探討民營化企業獲利能力及經營績效的影響因素。由實證結果得知，政府持股比率、專業機構投資人持股比率、經理人持股比率、獨立董事人數、員工股票分紅等因素，對公司經營績效呈顯著正相關；然而董監事持股比率、董事會規模等因素，則對公司經營績效呈顯著負相關。 / In the era of economic liberalization and globalization, privatization has become one of the most important economic policies around the world. During the past two decades, most studies have indicated that the performance of State-Owned Enterprises (SOEs) has improved after they were privatized. However, studies on SOEs of Taiwan have received controversial results. The purpose of this paper is to examine the effect of ownership structure and board composition on the performance of privatized firms in Taiwan that experienced full or partial privatization through public share offerings during the period 1989 to 2008. The results show that the ratio of government holdings, the ratio of institutional investors holdings, the ratio of managers holdings, the number of independent directors and share option schemes have significantly positive effects on firm performances. The results also suggest that the scale of board of directors and the ratio of directors holdings have significantly negative effects.

研究顯示，家族企業之數量與經濟影響力在全球企業環境中迅速成長並占有一席之地，成為具競爭力的存在，本研究以我國2001至2008年的上市（櫃）公司為樣本，探討財務分析師針對家族與非家族企業在預測行為上之差異，本研究之迴歸模型以分析師預測誤差、追蹤意願及預測離散程度三種特性分析財務分析師的預測行為，研究顯示相較於非家族企業，分析師對家族企業之預測意願較低，追蹤數量明顯較少，在預測結果上，家族企業會使分析師的預測產生較大的誤差，且各分析師間預測結果的差異程度也較大，本研究藉此結果推論家族企業中控制股東與其他股東代理問題的存在，及家族成員擔任管理者或董事等重要職位導致董事會喪失監督職能，在資訊揭露的數量與品質上表現較差。 / Prior research shows that family firms have grown rapidly and played an important role in the global corporate environment. This study examines the relation between family firms and financial analysts’ earnings forecast behaviors in Taiwan from year 2001 to 2008. I use several analysts forecast attributes: forecasts error, number of analysts following, and forecast dispersion. The results indicate that family firms generally have less analysts following, greater analysts’ forecast errors and greater forecast dispersion. These findings support the argument that the existence of conflict between majority and minority shareholders and that family members serving as managers or members of the board may weaken the disclosure of the quantity and quality of firm-specific information.

本研究欲探討兩岸傳統產業公司治理與經營績效之關聯性，運用資料包絡分析法及Cummins, Weiss和Zi (1999)之交叉效率前緣評估比較2005至2009年兩岸公司之經營績效差異。並進一步採用縱橫資料迴歸模型分析兩岸傳統產業之公司治理機制與經營績效之關聯。 根據本研究實證結果顯示：首先，兩岸傳統產業分屬不同效率前緣，且大陸傳統產業之技術效率優於台灣傳統產業之技術效率。說明台灣傳統產業雖較中國傳統產業發展的時間點為早，不過由於台灣之傳統產業屬於早期赴中國投資的先驅，當時已將核心技術帶入中國，近年來中國傳統產業因內需龐大加上國家支持而發展迅速，無論在規模或產值上都遠遠超過台灣。而在公司治理機制中，大陸傳統產業公司國內機構法人持股率及國有股比例與其經營績效呈顯著顯著負向關係，和其他研究結果一致，而經理人持股率、國外機構法人持股率與獨立董事比例則與經營績效無顯著關聯；台灣傳統產業公司經理人持股率、國內機構法人持股率、國外機構法人持股率、董事淨持股率及獨立董事比例與公司之經營皆無顯著關聯。敏感性分析顯示與上述結果類似。 / The purpose of this paper is to examine and compare the relationship between corporate governance and efficiency performance of traditional industry(TI) in Taiwan and China. We apply data envelopment analysis and cross frointer analysis to measure and compare the performance difference between Taiwan and China. The research constructs a panel data regression model to examine the association between cooperate governance and efficiency performance for Taiwan and China, respectively. The empirical results are summarized as follow. First, the efficiency frontier of Taiwan and China are indeed different, and the cross frontier analysis reveals that the efficiency performance of Mainland China is better than that of Taiwan. The TI of Taiwan developed earlier than China and the early core competence development of Chians’s TI was transferred from Taiwan. However, due to the huge domestic demand and government’s strong support of China’s TI, today not only the size but also the value-added of TI, China is much larger than Taiwan. Second, the domestic institutional investor’s and the state-owned shareholdings are significantly correlated with the performance of companies in China. The management, foreign institutional investor’s shareholdings and the percentage of independent directors do not associate with the performance of China’s TI. Finally, the cooprate government variable are not associate with the performance of Taiwan’s TI.

本研究旨在探討台灣上市、上櫃及公開發行及其他類型公司在不同治理單位架構下，內部稽核單位的角色是否會有所差異。本研究深入分析前項差異，藉以瞭解我國公司內部稽核之功能及其影響因素。本研究發現： 1.內部稽核協助「內部控制」、「風險管理」及「公司治理」之功能並未因公司治理單位架構的改變而有顯著差異。內部稽核功能已受到企業一定程度之重視，即使公司治理架構正處於轉型過程，內部稽核單位仍可發揮其功能。 2.設置審計委員會之公司提供較多預算及人力，有助於年度稽核計畫與業務的執行，顯示公司治理單位架構的改變，會影響稽核預算及人力配置。 3.公司設置審計委員會，有助於提升「內稽單位給予的建議更容易被採納」、「內稽單位與治理單位互動增加」、「內稽主管更多機會參與策略制定」、「內稽單位查核工作之執行更為順利」、「內稽單位獨立性增加」、「內部稽核預算增加」及「內稽單位更能協助企業進行風險管理」等七項內部稽核功能。 / This purpose of this research is to investigate the effect of a public company’s corporate governance structure on its internal audit activity’s role in Taiwan. This research analyzes the above effect to understand the functions of public companies’ internal audit activities and the factors affecting these functions. The main results of this study are as follows. 1.The internal audit’s functions of assuring "internal control", "risk management" and "corporate governance" do not show significant differences with changes in corporate governance structure. The internal audit functions are well recognized. Even if the corporate governance structure in Taiwan is in a transformation process, the internal audit activity can still fulfill its functions. 2.The company with an audit committee provides more budget and manpower to facilitate the performance of annual audit plan and related activities. That is, the changes in corporate governance structure do have an effect on the internal audit activity’s budget and staffing. 3.For the companies with audit committees, they have the following characteristics, i.e., ”internal audit activity’s recommendations are more likely to be accepted”, ”increased interaction between the internal audit activity and corporate governance members”, ”the chief internal auditor has more opportunities to participate in strategy formation”, ”the internal audit activity perform their works more smoothly”, ”higher independence for the internal audit activity”, ”higher budget for the internal audit activity”, and ”the internal audit activity can further assist the company in managing risks”.

本研究以2004至2010年國內之上市公司為研究樣本，探討內部控制缺失對公司經營績效之影響。對於內部控制缺失之判斷，不同於以往，僅限以公司自行揭露或遭主管機關裁罰之資訊為對象，本研究廣泛蒐集公司負面新聞，將內部控制缺失依事件發生原因分類，並依照COSO報告架構將內部控制缺失依五大要素及五大目標予以分類。 實證研究結果顯示，內部控制缺失與企業經營績效間呈顯著負相關，重大之內部控制缺失對經營績效影響之程度較大。依發生原因分類內部控制缺失之分析結果顯示，違反金管會規定、管理階層操守與價值觀有偏差及發生會計錯誤而重編財報之公司，其經營績效較差。至於內部控制缺失涉及內部控制要素及控制目標者，分析顯示，各項缺失要素及目標皆與經營績效呈顯著負向關係，且缺失要素及缺失目標較多之公司，其經營績效較差。其中，控制環境、風險評估與監督三項控制要素缺失，以及財務報導目標缺失對經營績效有較顯著之負向影響。 / Based on a sample of 724 Taiwanese companies listed in Taiwan Securities Exchange over the period of 2004-2010, this research investigates the impact of internal control weaknesses on firm performance. Different from prior studies that identified internal control weaknesses only from voluntary disclosures made by the firm and releases regarding firm’s violation of regulations issued by the Finanical Supervisory Commission, Executive Yuan, ROC (FSC). This study extensively collects news related to events resulting from internal control weaknesses as an additional data source. A further classification of internal control weaknesses is performed based on the nature of the events and the internal control framework proposed in the COSO report. The empirical results indicate that firms with internal control weaknesses are significantly underperformed. It is also found that material weaknesses have greater impact on firm performance. The results show that firms associated with FSC regulation violation releases, the integrity and ethical values of management is biased, and had restated financial statements accounting errors have significantly lower performance. The internal control weaknesses classified by the elements and objectives of internal control based on the COSO framework, are found to be significantly and negatively related to the firm performance respectively and collectively. In specific, the weaknesses associated with control environment, risk assessment, monitoring, and financial reporting objective have greater impact on firm performance.

我國為改善公司治理制度，於2005年12月20日立法院三讀通過大幅修正證券交易法，引進審計委員會制度。審計委員會較獨立董事更專注於財務面之監督，故本研究之研究期間為1998年至2010年，以設置審計委員會之企業為樣本，進行配對，以探討審計委員會與企業財務報表品質之關聯性。 研究結果顯示，假說一：設置審計委員會或準審計委員會之企業財務報表品質優於未設置者；及假說二：設置審計委員會或準審計委員會後之企業財務報表品質優於設置前，二者皆不成立。 設置審計委員會目前已是公司治理發展的趨勢，我國既已立法引進審計委員會制度，主管機關應評估企業設置審計委員會後實際之運作情形，是否達到預期之效果，並做必要之修改或配套措施，以使審計委員會之設置不流於形式。 / In Taiwan, for the purpose of improving the corporate governance and introducing regulation of the audit committee, the Securities and Exchange Act was revised and passed by the Legislative Yuan for the Third Reading on 20 December, 2005. This study takes companies had established the audit committee between 1998 and 2010 as a sample so as to discuss the relation between the audit committee and the quality of financial reporting. The result of our research revealed that, the first hypothesis: “the quality of the financial reporting of the company with the audit committee is superior” and the second hypothesis: ” the quality of the financial reporting of the company after establishing the audit committee is superior” were both not sustained. Establishing the audit committee has become the trend in the development of corporate governance. Besides the regulations enacted, it’s of greater importance to evaluate the substantive effectiveness than the surficial form of the audit committee in companies.

過去文獻對於私募股權增資主要有三種論點，分別是資訊不對稱假說、監督效果假說以及管理者自我鞏固假說，過去研究基本上對於私募股權具有可以減輕資訊不對稱問題的效果有一致的結論，然而對於監督效果與管理者自我鞏固效果仍沒有一致的定論。因此本文控制了資訊不對稱、增資前的營運績效、公司股價表現以及發行規模等因素的影響後，從公司治理的角度去探討究竟國內的私募股權增資是符合監督效果假說，還是管理者自我鞏固假說。 實證結果顯示，董事會獨立性愈高、機構法人持股比率愈高時，愈傾向使用私募股權增資，隱含私募股權增資的確有提升對企業經理人之監督進而有助於公司價值之提升，符合(Wruck,1989)提出的監督效果假說。此外與過去研究發現一致，本研究的實證結果亦顯示，資訊不對稱愈高的公司使用私募股權增資的機率愈高，顯示企業可以透過私募股權增資來減輕資訊不對稱之問題。同時，若公司的股價在增資前異常攀升時，企業會傾向選擇公開募集增資，顯示出相較於私募股權增資，公募股權增資比較會有擇時之考量。當公司於增資前營運績效表現較差時會傾向選擇使用私募股權增資。而發行規模較小時，為了降低直接發行成本，企業會傾向選擇以私募的方式辦理增資。

過去相關文獻從公司治理的角度、股權結構的角度、所有權與經營權分離及代理問題的角度等等來探討董監事持股對公司經營績效的關係，而與其他研究不同者，本研究係從董監持股成數差異數的角度，分析董監持股與公司經營績效的關係。 本研究以2005年到2011年在台灣證券交易所上市之一般產業公司為研究樣本，在控制公司治理與公司特性相關變數，以資產報酬率、股東權益報酬率、每股盈餘EPS衡量公司績效，探討董監持股與規定持股成數之差異數對公司績效之影響。實證結果發現，董監事持股成數超過規定持股成數之公司，其公司經營績效較佳。分析結果可能表示，董監持股比例高，因為其自身的財富與公司財務運作之結果關係密切，監督管理者的動機會較強，而使得公司表現較佳，支持董監事持股比例高於公開發行成數規定之公司，其經營績效較佳之研究假說。換言之，本研究發現符合立法者期望透過較多之董監持股，增強其對公司努力經營及監督管理之動機，以達到提升公司經營績效之目的。 / Most previous studies focus on the effect of ownership structure on firm performance. Different from studies from other countries, the institutional setting in Taiwan concerning minimal board members shareholdings required by the “Rules and Review Procedures for Director and Supervisor Share Ownership Ratios at Public Companies (the Rules henceforth)” provides a unique research opportunity to examine the effect of the Rules on firm performance. Based on a sample of general industry firms listed in Taiwan Stocks Exchange over the period of 2005 to 2011, this study investigates whether companies with board members holdings more shares than required shareholdings by the Rules have better firm performance. This study employs return on assets, return on common stockholders’ equity and earnings per share as measures for firm performance, and difference in shareholdings over the required shareholdings as the primary explanatory variable. After controlling for governance related and firm characteristic related variables, the empirical results indicate that firms with positive differences in board ownership from the required shareholdings by the Rules have better performance. This empirical evidence implies that the legislative purpose of the Rules—enhance firm performance through the alignment of ownership interest— is supported.