公司治理─以玉山金控為例 / Since the early 1970’s, the concept of corporate governance has been frequently discussed in order to deal with any lack of an efficient board, i.e. one that perform poorly. After almost three decades, more and more scandals and corruptions have emerged in Asia and caused severe Asian financial crises. Suddenly, companies started to realize the importance of corporate governance and how it affects financial performance. Attention to this was particularly arising after the troubles of Enron and Arthur & Anderson in US. Furthermore, many international research organizations have indicated that poor corporate governance has been one of the main causes for Asian financial crises. Although Taiwan’s economy is extremely stable comparing with South Korea or Thailand during the Asian financial crises, it is very important for Taiwan’s companies to understand that only through a better corporate governance system; their companies can gain more competitiveness against overseas competitors. Now, Taiwan’s securities regulator has tried to make public companies more transparent in order to protect investor’s rights. For newly listed companies, now it is required to have at least two independent board members and one independent supervisor on the board and financial data must be disclosed at certain times. Over the past few years, the financial sector of Taiwan have been weakening due to increasingly heavy competition and relatively high cost ratios compared with other markets. As Taiwan has become a full member of WTO, its financial market is now more accessible to foreign competitors. It is expected that as competition intensifies, companies need to find a new approach to enhance their competitive advantage and good corporate governance seems to offer such an opportunity. This thesis uses E.SUN Financial Holdings to illustrate the how implementation of an effective corporate governance system can enhance a company’s competitive advantage and improve its financial performance.

近幾年來，美國陸續發生Enron之破產案等等企業弊案，而台灣自從一九九○年代以來即發生不少企業內部之嚴重問題，一九九八年以來，台灣證券市場又陸續爆發國揚實業、國產汽車等等多家上市上櫃公司之一連串弊案，近期以來又爆發例如博達案，及其他地雷股等事件。 本論文即是希望能藉由國內外有關公司內部監控相關法規之研究，深入探討我國公司法現有之監察人制度以及有關董事等相關規定是否未盡完善之問題，以及獨立董事制度等等公司治理相關問題。 本論文將針對相關問題作詳細之討論，論文全篇之內容主要將以我國 以及美國為主，以歷年來和近期之法規制度等等為研究範圍。 另外，依照本院院系務會議之決議，對於本組同學修習學分以及撰寫論文之彈性選擇規定，本論文之寫作，將依照此院系務會議之決議完成，而與其他論文有些不同。

近年來， 國內、外證券市場的企業弊案頻傳， 企業的誠 信嚴重受損，廣大投資人遭受重大損失，對證券市場的信心 崩潰，其影響的層面甚而擴及到全球的經濟， 公司治理因而 受到重視， 世界各國開始對於相關議題進行廣泛討論，期以 建立一適合各國自己的制度及準則。 我國政府機關自1998年起， 對於公司治理的宣導、制度 的建立及法規的修訂皆不遺餘力，陸續修訂了公司法及證券 交易法，並發布上市上櫃公司治理實務守則， 使公開發行公 司得以有遵循的依據，公司治理的相關管控單位及人員也藉 此監控企業的營運。 雖然政府推動公司治理的相關措施不斷， 但弊案仍陸續 發生，是否現行的制度有盲點， 導致企業的管理階層得以舞 弊營私。本研究將針對現行的法規、規範及制度進行分析， 嘗試以資訊科技為工具， 提出加強公司治理管控方式的方 案， 使企業、與企業相關的單位及人員得以簡化流程、節省 成本， 並更有效率的完成相關的作業。 本研究經分析現行公司治理相關法規及規範後， 得知公 司治理相關管控單位及人員執行監控業務所取得的資訊大 都是落後資訊， 且均為企業單方面提供的資訊，並無法確認 真實性， 造成查核上的困難。 針對上述的問題， 本研究對公司治理管控業務提出的建 議有三項， 首先整合各主管機關的資訊需求， 縮短企業資訊 提供的時點，使企業面對單一窗口， 簡化企業的作業；第二 項是將企業及其關係人有關的金融資訊再加以整合，使企業 提供的資訊得以驗證其真實性；最後則是提供相關主管機關 預警機制， 預防企業弊端的發生。研究結果所提出的建議可 將現行企業弊案發生後主管機關再進行處理的模式，改成事 前防範， 並縮小企業弊案所造成的損害及範圍。 本研究希望藉此能拋磚引玉， 使相關議題有更多探討及 研究，同為政府推動公司治理盡一份心力， 進而維護大眾投 資人權益， 促進證券市場健全發展。 關鍵字： 公司治理

民國87年省虛級化之後10年，我國地方政府再次經歷大幅度的層級調整，省虛級化時以取消「省」作為地方公共團體的方式，配合《地方制度法》之訂定，確定直轄市、縣(市)、鄉（鎮、市）為地方政府普遍的層級。《地方制度法》制定後地方政府的層級並未趨於穩定，而係呈現「縣（市）與直轄市同級化」、「直轄市化」、「去鄉（鎮、市）自治化」的發展趨勢，總結兩次大幅度的層級調整，其特徵為著重高層次的地方政府、由中央政府與地方政府、或地方政府之間的垂直整合、並以取消自治作為提升效率之手段。晚近的直轄市升格，更顯現出層級集中發展的傾向。 本文採取板橋區為個案研究，運用地方治理分析架構對於組織設計及地方輸入的描述及引導，探詢「去法人化」、「去自治」、「增加官僚層級」的一致化設計，或是多元中心的差異化設計，何者有助於治理績效之提升，側重在組織功能、公共服務、領導、基層政府型態四個面向上比較舊臺北縣板橋市與新北市板橋區之差異，首先利用地方法制的演變，爬梳整理自治的基本要素：自主財政、組織、立法、人事在直轄市與鄉（鎮、市）的歷史發展脈絡與特徵，並探討晚近兩個層級所遭受的挑戰及其轉變。其次採用訪談法，採訪經歷自治時期與非自治時期的行政首長、民選公職人員、公務員及自治監督機關的官員，試圖歸納出基層地方政府在地方治理曾發揮的功能、基層政府在升格過程中被忽略的價值，以建構直轄市差異治理的可能性及區自治政府的可行性。研究發現藉由重新設計原鄉（鎮、市）政府的民選職位、矯治過往地方治理上鄉（鎮、市）的負功能、考量各行政區的先天治理條件，差異化的區政府或可在直轄市內部獲得實踐。研究進而對基層地方治理提估實務的研究建議，無論針對現狀的六都、或未來可能的北北基合併，基層自治都有鑲入現存法制的可行性。

1648年三十年戰爭結束後所簽訂的西發里亞(Westphalia)條約，確立了往後三百多年世界互動的權力基礎。自此，「民族國家」成為世界互動中最重要的行為主體，「國家治理」成為世界互動的主要模式。 進入1990年代後，由國家主導的國家治理世界開始有了轉變。冷戰結束和全球化加速影響著國家治理下的世界互動和秩序；兩極體系瓦解、經貿全球化、全球性議題出現改變著世界發展的圖像。面對種種全球性的轉變，國際關係學界也嘗試在現實主義和自由主義典範以外尋找新的視角來觀察我們所處的世界，「全球治理」正是這樣的一種嘗試。 全球治理概念在國際關係學界已有十多年的討論，內容已經相當豐富，不過概念本身仍然處於發展的階段。本論文希望透過對全球治理相關論述的整理和分析，能對全球治理過去的發展和現況以及理論和實踐有更深入的認識，從而理解全球治理所面對的挑戰和未來的發展。 關鍵字：統治、治理、全球化、國際建制、全球治理

國家原係為鞏固人民生命、身體、財產安全而存在，後為防止行政權力過度擴張，避免侵害人民權益，故有權力分立考量。在權力分立下，良善調查權往往是有效節制行政濫權、防止行政弊端的主要設計，本文以為立法院與監察院的調查權，正好扮演制衡及防弊的角色。此外，本文由治理觀點出發，主張調查權應與時俱進，隨著經濟發展，人民著重高階需求，調查權的核心價值，亦應由傳統的管制力朝向市場力及自律力為主要目的。是以，國會應結合調查權與代替人民參與政治之角色，讓調查權發揮市場監督功效，並順應多數民意需要；監察院的調查權，更應轉為積極保障人權的角色，甚至轉型為人權保障機關，以發揮積極保障人民權益功能。 本文共計六章，第一章緒論說明研究動機、目的、範圍、研究方法與限制。第二章界定調查權的內涵，由國家的存在導引出調查權的起源與目的，並將調查權劃分為制衡型調查權及防弊型調查權兩種，比較分析此二種調查權及各國作法。第三章說明我國調查權的憲政設計，包括立法院及監察院調查權，同時由歷次相關大法官解釋，說明權力分立下外部調查權爭議。第四章介紹各種治理理論，並綜整三種治理機制。第五章結合調查權與治理機制，探究調查權應予轉型，以符合人民需求。第六章提出本文的結論與建議。 本文並不涉入長久以來之三權或五權之爭，而以客觀中立的學術探討，試圖由國家成立的源頭探究調查權存在的意義與內涵，經由理論探討及比較各國作法，強調如何讓立法院及監察院的調查權發揮應有功能，降低管制成本，並達到提升政府效能、保障人民權益之最終目的。 / The purpose of a country is to strengthen and secure people’s life, body and property. However, to prevent people from abuse of the government, most country divided the government power into different section. The investigation power is therefore designed for restricting abuse of power and avoiding malpractice of the government. This research proposed that the investigation powers of the Legislative Yuan and the Control Yuan may each achieve the goal of preventing abuse and malpractice. In addition, this research introduced governance mechanism and stressed that the position of the investigation power shall transform from ruled by order and regulation into ruled by market and self compliance. The Legislative Yuan shall act for the people to monitor the conduct of the Executive Yuan, and the Control Yuan shall take more aggressive role to protect human rights. There are six chapters in this dissertation. Chapter 1 included motivation, purpose, scope, methodology and restrictions of the research. Chapter 2 defined investigation power to the government and divided this power into check and balance power and anti-fraud power. Chapter 3 explained the investigation power to the government in our country and introduced the operation of this power in the Legislative Yuan and the Control Yuan. Chapter 4 illustrated the theory of governance and concluded three pillars of government governance: ruled by order and regulation, ruled by market and self compliance. Chapter 5 integrated investigation power and governance mechanism and discussed the transformation of the investigation power. Chapter 6 described the conclusion and suggestion of the research. Regardless the argument of three or five power, this research discussed the context of the investigation power from the point of the existence of the country. After analyzing related theory and practices in different countries, this research focused on the way to strengthen the function of investigation power in the Legislative Yuan and the Control Yuan and suggested the aim to enhance government’s effectiveness and protect human’s rights.

「治理理論」（Governance Theory）強調要 以｢由下而上｣的方式，去型塑出政策，而非以往 ｢由上而下 ｣去制訂政策、貫徹。這個理論的優點在於，它促使國家與社會之間的關係變得比較融洽；相對的，政策正當性與政策的執行率也都得以提高。本研究亦認為 ｢教育治理 ｣（educational governance educational）是治理理論及其理念在公共教育管領域的應用。據此，本研究以教育部兩期｢頂大計畫 ｣為主題，試圖以量化與質化並重的方式加以分析頂大計畫之成效，期對台灣教育治理能多加以討論。同樣地，建議未來研究可收集更多時間點的資料，針對角色間的關係做更深入的探討。

近幾年來公司治理已成為熱門的管理議題之一。尤其是安隆（Enron）案之後，市場投資人與債權人對公司管理當局之不信任日益加重，此時公司若能開誠佈公告知利害關係人其相關之資訊，非但能提升公司之資訊透明度，亦獲取投資人的重新認可，即為一種最有效解決代理問題之管道。然其中能完善建立此種管道即須透過公司治理的相關機制。而當有了健全的公司治理機制，企業才有可能在進一步順利地在資本市場上籌措資金，進而維持公司的長期競爭力，取得永續經營。 因此，本研究以國內電子業上市公司為樣本，民國91年為研究期間，嘗試對企業資訊透明度以綜合性的指標衡量，探討公司治理結構對資訊透明度的影響。此外，再從投資人之觀點來看，探究公司資訊透明度之高低，對投資人而言，其獲取之股價報酬之變異程度，是否會因資訊透明度之高低而有顯著之變動。 研究結果顯示： 1. 控制股東的盈餘分配權愈大，資訊透明度愈高；控制股東之控制權與現金流量權偏離程度愈大，資訊透明度愈高，不符合原先預期；控制股東掌控之監察人席次愈高則資訊透明度愈低。 2. 資訊透明度之高低對股票報酬變異性有顯著負相關影響。 3. 當加入公司治理結構後，公司治理之變數對股票報酬之變異性並無顯著之影響，亦即無增額之解釋能力。 / Recently, corporate governance has become one of the most popular managerial issues, especially after the case of Enron fraud. Since then, the relationship between the company management and market investors has aggravated increasingly due to lack of trust. It is believed that if the company management can frankly and earnestly publish related information to the stakeholders, the company’s transparency and thus the investors’ trust will be promoted. This approach may be the most effective one to solve the agency problem between the owners and the company management. However the success of this approach depends on good corporate governance. Sound corporate governance will make enterprises sustainable and competitive in the long-run. The research uses a sample of Taiwan electronic companies of 2002 to examine the effect of corporate governance factors on the transparency of the company. The corporate governance factors in the study include ownership structure, institutional investors, and independent directors and supervisors. In addition, the research also investigates the effect of transparency and corporate governance factors on the variation of stock return. The empirical results indicate follows: 1. Controlling shareholder’ cash flow rights and the deviation of voting rights and cash flow rights have significantly positive effect on company’s transparency; the proportion of audit committee members related to controlling shareholder has significantly negative effect on company’s transparency. 2. Company’s transparency has significantly negative effect on the variation of stock return. 3. There is no incremental information content of corporate governance factors on the variation of stock returns after controlling for the effect of information transparency.

摘要 中國大陸與台灣雖然是屬於同文同種，但由於其處在共產體制下，有特殊的政經環境，目前已有研究探討台灣的公司治理與負債資金成本之關係，而本研究探討中國大陸公司治理與負債資金成本之關係，分析哪些公司治理的機制會影響到負債資金成本之高低，並將實證結果與台灣的情形作比較。 本研究樣本之選取期間為1999 年至2006 年間，共8 個年度，包含1610 個觀察值。使用多元迴歸分析，對各項變數進行分析，以了解公司治理之特性與負債資金成本的關聯性。 實證結果發現，機構法人持股比與負債資金成本呈顯著負相關，董事會規模則是與負債資金成本呈顯著正相關，與本研究預期方向相符。 關鍵詞：公司治理、負債資金成本 / Abstract Although Mainland China and Taiwan are homogeneous, Mainland China is under communist system and has particular political and economic environment. Some researches have conducted to evaluate the relationship between the quality of corporate governance and the cost of debt in Taiwan, and the thesis is to study the relationship between corporate governance and the cost of debt in Mainland China and to analyze whether corporate governance affects the cost of debt. The thesis also compares the result in Mainland China with what in Taiwan. Sample firms are selected from companies having interest expenses during 1999 to 2006, with a total of 1601 observations. The multiple regression is employed to carry out the analysis and to study the relationship between corporate governance and the cost of debt. The results indicate that the institutional investor’s shareholding and the size of board are significantly correlated with the cost of debt at anticipated direction, which support the hypothesis. Key words：corporate governance, the cost of debt.

隨著多元化社會的來臨，政府不僅面臨日趨繁複的公共問題，而且亦須面對日趨高漲的社會力之挑戰，以政治力為主導的領導體系正遭遇著前所未有的困境，社會的多元衝突再再顯示出當前政府的統治機制已經出現鬆動的徵兆，特別是市場力似乎已經主導政府的走向，如不加以強化，極易發生不可治理性(Ungovernability)的危機。 西方國家為因應技術變遷、全球化和國際競爭力的挑戰，無不在公部門進行重要的改革。近年來，對傳統公共行政進行大規模的典範變遷(paradigm shift)，而形成了「新公共管理」或「管理主義」。本文企圖深入評估新公共管理的理論和原則，並與傳統公共行政交相比較，以了解新公共管理在各國行政革新中所被應用的管理策略與傳統公共行政不同之處，藉此分析各個管理策略的困境，其中以使用經濟理論和私有管理的原則最為人批評，而容易忽略非經濟變數，因為並非所有的妥釵都係品經濟性貿，再者容易只走著重在經濟性謗因，而忽略了非經濟誘因，變成只是重視效率、效能和經濟等標準而忽略了公道和正義等倫理道德面向。 新公共管理(New public Management, NPM)大約出現於八○與九○年代，有的學者稱之為市場基礎的公共行政(market-based public administration)、企業型政府(entrepreneurial governmnent)、管理主義(managerialism)、新管理主義(new managerialism)。它的出現主要是改正傳統的公共行政模式過分強調官僚體系的缺點。 本研究主要是以新公共管理學派的理論架構，佛理、艾伯能、費絹農和培笛果(Ferlie、Ashburner、Fitzgerald and Pettigrew)四人認為新公共管理的理想型系統，至少有四個面向可從傳統公共行政中焠煉出來，它們都包合了不同且重要的特徵，它們都有不同的擁護者和詮釋，而這四個面向在新公共管理這領域中，所能達到的成就，也許會隨著時間增強或減弱；而這四個面向所型塑的理想型系統，亦是本文研究的重心焦點。本質上，這四種面向表現出試圖建構一個『新公共管理的理想型』。以下即論述這四個面向：面向一：效率導向(the efficiency drive)；面向二：削減和分權(downsizing and decentralization)；面向三：追求卓越(in search of excellence)；面向四：公共服務導向(public service orientation)；分析新公共管理中四個不同的面向，均是企圖採用私部門的觀點（例如，全面品質管理；組織學習），以應用於公部門的系絡中。易言之，該理想型系統對內強調專業化且嚴守法規，對外強調顧客並因應市場的要求，並且強調品質，藉此型塑優良的組織文化，以追求卓越。然而當在選擇何者是可以跨越公私界限，何者又不可的問題上，吾人認為是鮮少做明確的界定，或許是因為大部分在本質上係屬『規範的』。如將四個面向與實務相互看待，吾人可以發現目前公部門只限於前三個面向（效率導向、削減和分權、追求卓越），仍未達到第四個面向（公共服務取向），而公共服務取向是否亦是代表著新左派思想的崛起，抑或是新公共管理(NPM)與新公共行政(NPA)之間的共同語言，末來新公共管理是否會超越新右派的管理哲學或日新泰勒主義，而走向社區營造、社群主義和公私合產等社會力的研究途徑，如此的省思亦牽動吾人對新公共管理的限制與困境的思考與建議。 本文為著新公共管理的理想型系統所從事之比較分析計有以下數點： (一) 釐清新公共管理的理想型系統是否與公共管理理論的三研究途徑（企業、政策、社會力）相呼應，亦或只是企業研究途徑中的一部分。 (二) 企圖聯結理論與實務。分析各國（美國、英國和紐西蘭）行政革新中的管理策略。再者，探討我國行政革新的背景、內容以及所使用的管理策略。 (三) 經由效率與公道、顧客與公民、市場與政府三項對比，來對新公共管理的理想型系統做宏觀批判，進而再對其困境做微觀批判。 最後本研究以當代公共管理的新典範－－『非線性動態』，試圖結合中國固有文化智書中既有的智慧，來營造公共管理新世界觀。職此之故，混沌行政將帶來混沌中的新秩序，增進自我創生組織的信心，並且釋放了預測和控制的枷鎖。量子力學行政的焦點不只是著重在實際的組織，亦重視能量而非事件，強調合適性而非要求存在，強調策劃而非因果關係以及著重在建構實相而非被動的被決定。再者，非線性動態著重在變革、複雜和過程的焦點，可以被當成二十一世紀政府管理在學習和行動的指南。藉著釐清批判新公共管理學派管理策略的困境並予以重建，期望能對我國行改革新的定位有所助益，並期以落實新政府運動和提昇國家競爭力。 / For the coming of plural society, government not only has to confront with more complex public problems, but face the greater challenges of the society power. The market power that have its leadership worse and governing mechanism destructured dominates the government's directions. If we didn't consolidate our government, it would be easy to result in ungovernability. The public sectors of Western countries are undergoing major changes as governments try to response the challenges of technological change, globalization and international competitiveness. Recent years have been wider-ranging reforms than any other period of the twentieth century representing a paradigm shift from the traditional model of public administration, dominant for most of the century, to "managerialism" or new public management. What is more, there is common intellectual backing for these changes particularly in economic theory and the principles of private management. By the beginning of the 1990's, a new model of public sector management was emerging in most advanced countries. The new model has several incarnations, including: "new public management"; "market-based public administration"; "entrepreneurial government"; "managerialism"; "new managerialism". It's used to replaced of traditional bureaucracy. ForFerlie、Ashbumer、Fitzgerald and Pettigrew(1996), at least four new public management models can be discerned and while each of them represents a move away from traditional public administration models, they also contain important differences and distinctive features. A contests for interpretation is apparent between propo-nents of these four models, and the degree of influence they achieve in the field may wax or wane over time. In essence, these four models represent our initial attempt to build a typology of new public management ideal types, model 1: the efficiency drive; model 2: downsizing and decentralization; model 3: in search of excellence; model 4: public service orientation. Returning to the variants of the new public management outlined in chapter 2, this analysis suggests that Models 1-3 , all of which are essentially derived from private sector management practice, are by themselves in-adequate and require adaptation to public sector context. NPM Model 4's advantage("public service orientation") lies in its sensitivity to the distinctive public sector context. However, An implication of my analysis is that the value systems of public sector managers may well continue to differ in important ways from those of private sector managers. Do these intersectoral differences in value systems really exist ? Is there a more variegated pattern evident within the public sector (e.g. differences between provider and purchaser organizations ?) These are questions which are amenable to empirical study. Nonlinear dynamics also satisfies what students of public organization, administration, and management have labeled a practical theory. A practical theory clarifies the "possibilities for action" for managers while illuminating the nature of the manager's existing actions. Moreover, the focus of nonlinear dynamics on changes, complexity, and process can serve as a guide for government management learning and action, now and in the twenty-first century. This thesis explores the main impacts on administrative refrom, especially on the USA, UK, New Zealand, and Taiwan, of the managerial strategies that have been applied across the public sector in the past decade. In sum, I argue to have a more mature form of public management in Taiwan context.