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財務報表重編與董監獨立性/專業性之研究吳祥福, Wu, Shang-Fu Unknown Date (has links)
財務報表重編雖不若財務報表詐欺舞弊,但對於財務報表使用者而言,仍代表財務報表資訊品質不佳。因此公司應建立有效的監督治理機制,以防止財務報表重編情形發生,提高財務報表資訊品質。
本研究針對35家財務報表重編公司及35家財務報表未重編公司之董事會、監察人之獨立性、專業性進行研究,獲得以下結論:
一、發生財務報表重編的公司董事會中外部董事比率低於未發生財務報表
重編公司董事會外部董事比率
二、發生財務報表重編的公司董事會中獨立董事比率低於未發生財務報表
重編公司董事會獨立董事比率。
三、發生財務報表重編的公司董事會中法人董事席次比率高於未發生財務
報表重編公司法人董事席次比率。
四、發生財務報表重編的公司法人監察人席次比率高於未發生財務報表重
編公司法人監察人席次比率。
五、發生財務報表重編的公司董事會中關聯性法人董事比率高於未發生財
務報表重編公司關聯性法人董事比率。 / The restatement of financial statements does not equal to a financial statement fraud. However, it can reflect inferior quality of information disclosed in financial statements. Consequently, companies should establish an effective mechanism for supervision and governance in order to prevent the occurrence of financial statements restatements and to improve the quality of information disclosed in financial statement. The Organization for Economic Co-operation and Development(OECD) proposed five principles of corporate governance including strengthening the responsibility of the board of directors. It also required that the board of directors should function effectively. Independent and professional outside directors should be engaged to protect the interest of all shareholders.
The study was conducted to investigate the independence and professionalism of the board of directors and supervisors. The sample included 35 companies which restated their financial statements at the time. Another 35 companies of comparative sizes were selected as the comparison group. The following results were conducted.
1.Firms that restated financial statements had significantly
lower percentages of outside directors on the board than
those which did not restate their financial statements.
2.Firms that restated financial statements had significantly
lower percentages of independent directors on the board than
those which did not restate their financial statements.
3.Firms that restated financial statements had significantly
higher percentages of institutional directors on the board
than those which did not restate their financial statements.
4.Firms that restated financial statements had significantly
higher percentages of institutional supervisors than those
which did not restate their financial statements.
5.Firms that restated financial statements had significantly
higher percentages of affiliated institutional directors on
the board than those which did not restate their financial
statements.
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論我國股份有限公司內部監察制度之改造-以獨立董事為中心楊宜璋 Unknown Date (has links)
民國94年底,證券交易法修正通過後,正式引進獨立董事制度。近年來,只要談到公司治理,一定會提到獨立董事制度,其實在證券交易法修正通過前,台灣證券交易所與櫃檯買賣中心於民國91年起,就已經透過上市、上櫃契約之方式,要求新申請上市、上櫃之公開發行公司須設置二名獨立董事與一名獨立監察人。因此,雖然證券交易法有關獨立董事相關條文之施行日期為民國96年1月1日,然目前實務上已有獨立董事之存在。從目前政策走向可知,主管機關因我國監察人成效不彰,故欲引進由獨立董事所組成之審計委員會取代監察人。然而,獨立董事制度係起源於美國,美國之公司內部組織與我國不同,若欲採用審計委員會取代監察人,並非增加幾個條文即可達到預期之效果。本文著眼於此,第二章從美國獨立董事緣起之背景、運作方式、公司內部結構談起。第三章進一步探討我國股份有限公司內部監察機制所存在之問題。第四章係以美日獨立董事制度為基礎,擬從制度面之大方向來檢討證券交易法新修正條文是否完善,而能發揮預期監督機能。然後再個別針對證券交易法新修正條文,提出其可能未盡理想、或滯礙難行之處。第五章分析證券交易法修正通過後,我國現行之公司內部監察制度之態樣,並分別就公司法與證券交易法,提出本文認為適宜之改造方向。
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論股份有限公司股東會決議之效力鐘協候, Chung, Hsieh-hou Unknown Date (has links)
由於股東會、董事會決議對於公司之意思和公司業務之執行有莫大的影響,且股份有限公司之董事會對於股東大會有提案權、召集權,故要明瞭股份有限公司之運作,需要經股東會之召集程序、決議方法、決議之效力及股東會之權限加以探討,進而討論其決議事項(亦即股東會之職權),如此方能探討其決議之瑕疵及其法律效果,故而基於上述研究動機,本研究試圖達到下列目的:
一、經由股東會於不同情形下之召集,以探討股東會決議之瑕疵。
二、經由股東會之決議方法以探討股份總數、表決權、絕對無表決權及相對無表決權之意義,進而探討普通決議、假決議及特別決議之效力。
三、經由股東會決議瑕疵之討論,以了解股東會決議之效力。
四、探討股東會之權限與功能,並由公司機關之權力分立,以探討股東會及董事會之權限,及章程得變更之權限。
五、針對一人股份有限公司之組織、董事會之利益迴避、及一人股份有限公司董事會決議之效力,加以探討。
六、最後嘗試提出解決之道,並引進外國立法例作為參考,同時由此問題透視我國現行公司法制度若干缺失,提出個人淺見,作為今後修法之參考,以導公司經營於正軌。
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董事會、監察人特性與公司績效關聯之再探討 / none陳迪, none Unknown Date (has links)
摘要
近來公司治理議題廣受注目。而所謂的公司治理泛指公司的管理與監控機制,其目標在於健全公司營運,追求公司最大的利益並使公司股東、員工、債權人等利益關係人,能得到合理、公平的對待。本研究以敘述性統計分析、迴歸分析,選取民國九十年台灣證券交易所上市的500家樣本公司,探討在我國公司治理機制下,董事、監察人特性與公司績效之關聯。
研究結果顯示
(一)董事會規模與公司績效有顯著的負向關係,而監察人規模與公司績效則大
致呈顯著的正向關係。
(二)獨立董事的比例除了與公司績效變數的每股經常利益外,其餘皆達到10%的正向顯著水準。而獨立監察人與公司績效雖呈現正向關係,卻未達顯著水準。不過,若將獨立監察人和獨立董事合併來看,實證結果是與公司績效的四個變數都呈現5%的顯著正相關。
(三)法人董事比例與公司績效各變數分別呈現5%與10%的顯著負相關,此結果可能和我國企業偏好的交叉持股有關,。法人監察人比例亦與公司績效呈現負向關係,然而卻未達統計上的顯著水準。但是如果將法人董事與法人監察人比例合併觀之,則其與公司績效的四個變數皆達1%的負相關。
(四)董、監持股比率與公司績效的四個變數至少皆達5%的顯著正向關係,證實
董、監持股比率越高,因其自身財富與公司財務牽連越深,監督管理者的動機越強進而使公司績效表現較佳。此外,本研究亦發現,董事長是否兼任高階經理人,與公司績效之間並無顯著的關係。 / Abstract
Corporate governance, which includes the management and monitoring of a firm, is one of an important issue in recent years. The goal of corporate governance attempt to achieve the maximum profit of a company, and to treat shareholders, employees, and debtors, etc. fairly and reasonably. This thesis tries to find if there are relations between the characteristics of the board, supervisors and firm performance under the related corporate governance practices of Taiwan. The 500 samples are selected from the public companies listed on the Taiwan Stock Exchange Corporation in 2001. Here are the main findings:
1. The scale of the board has a significantly negative relation with the firm’s performance. However, the number of supervisors seems to have a positive relation with it.
2. The ratio of independent directors may probably have a positive relation with the firm’s performance. The ratio of independent supervisors has a positive relation with the firm’s performance, but is not significantly.
3. There is significantly negative relationship between the ratio of institute directors and the firm’s performance, but the ratio of institute supervisors and the firm’s value do not have so strongly negative relationship.
4. The ratio of the stock held by the board and supervisors has significantly positive relationship with the firm’s value. Besides, whether the president serves as the general manager at the same time has no connection with the firm’s performance.
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台灣上市櫃公司自願性設置獨立董監事因素之研究郭學平 Unknown Date (has links)
台灣證券交易所於2002年2月22日發佈規定,於發佈日後之申請上市公司,需聘任2席獨立董事與1席獨立監察人,櫃臺買賣中心亦於2002年2月25日發佈相同規定。對台灣上市櫃公司而言,獨立董監事制度之正面效益尚未明確,且可能使公司內部資訊流入外人手中,稀釋最終控制者之決策影響力。本研究從財務特性及最終控制者特性兩觀點,探討影響台灣上市櫃公司自願性設置獨立董監事之因素。另外,本研究認為獨立董監事應可發揮功能,增進公司營運效,故接著探討設置獨立董監事後,對公司後續營運績效是否有正面效益。
在影響台灣上市櫃公司自願性設置獨立董監事因素之分析,多變量迴歸實證結果發現,資訊電子業者、營運規模較小、獨立董監事設置年度前三年之平均股東權益報酬率較高及盈餘分配權與董監席次控制權偏離程度較小之公司,傾向於自願性設置獨立董監事之比例較高。
本研究以營業收益、淨利及持續性淨利衡量樣本公司之股東權益報酬率及資產報酬率,形成六種營運績效變數,探討獨立董監事對公司績效是否有正面效益。單變量實證結果發現獨立董監事對前期績效表現不佳之公司,並無明顯幫助。多變量迴歸分析結果則顯示,獨立董監事之設置與否或比例高低對公司績效,不一定具有關連性,因績效衡量變數方式不同,而有不同結果。本研究認為其可能原因有三,第一為融資決策之影響,第二為後期績效涵蓋期間太短,第三為獨立董監事並未具有足夠之獨立性或專業性。
本研究另測試獨立董監事對員工分紅與董監酬勞佔淨利程度之影響。多變量分析結果顯示,獨立董監事設置與否與所佔比例,與員工分紅與董監酬勞佔淨利之前後期變動程度無關。此結果之可能原因為,本研究所蒐集設置獨立董監事後之期間僅涵蓋2002年及2003年,即使公司有設置獨立董監事,短期間內亦難以改變公司存在已久之董監酬勞與員工分紅制度。
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董監事結構與企業經營績效關聯之研究陳宏姿 Unknown Date (has links)
東亞各國及我國在1997年中開始經歷金融危機,代理問題及公司監理(corporate governance)制度脆弱是危機發生之重要原因。世界銀行、經濟合作與發展組織(OECD)及太平洋經濟合作理事會(PECC)都重視此制度;世界銀行(1999)所提出之公司監理報告及OECD(1999)所發布之公司監理原則均指出,董事會為公司監理制度之核心。董事會之結構影響董事會之功能(Fama, 1980; Willamson, 1983),董事會之功能又影響企業之經營績效(Zehra & Pearce, 1989),但國內外之實證結果不一致,而國內以未發現有顯著關係或先正相關後負相關之非線性關係(董監事之持股比例)者居多;又國內外法制上之內部管理模式不同,國外之發現可能不適用於我國,故此問題值得研究。
本研究所探討之董監事結構,分為組織結構及股權結構二個層面。組織結構,包含規模(指董事會規模及監察人規模)、董事涉入執行業務之程度(指董事長是否兼任總經理),以及組成(指外部董事、外部監察人及機構投資人之席次比例),組成下之外部監察人席次比例,為首次探討之變數;股權結構,則包含董監事之持股比例及股票質押比例。企業經營績效的衡量,除國內過去研究所採用之會計指標外,增加財務指標近似Tobin’s Q值(Cuung & Pruitt, 1994)。
以八十八年底之所有上市公司,排除金融保險業及財務危機公司資料不全者,最後以406家公司為樣本,與國內過去研究,僅以發行公開說明書之公司為限者不同;資料分析方法為敘述統計、相關係數分析及多元迴歸分析。
實證結果發現,董監事之組織結構方面,董監事之規模與企業經營績效有關(董事會之規模與經營績效呈現負相關,監察人之規模則為正相關),董事涉入執行業務之程度(即董事長是否兼任總經理),以及組成(即外部董事、外部監察人及機構投資人之席次比例)與企業之經營績效皆未發現有顯著之關係;董監事之股權結構方面,董監事之持股比例與會計指標(ROA)呈現正相關,董監事之股票質押比例與財務指標(近似Tobin’s Q值)呈現負相關。
因董監事組織結構層面下,董事涉入執行業務之程度及組成,與企業之經營績效間皆未發現有顯著之關係,根據組織理論之管理支配理論(managerial hegemony theory)推論,我國上市公司之董監事未發揮法律所賦予之控制權及監督權,而由經理人支配,成為合作之附屬機構、另一個被管理支配之工具或橡皮圖章,在解決經理人與股東或各種利害關係人的代理問題上是無效的;還有,監察人之規模、外部董事席次比例及外部監察人席次比例的平均數,依台灣證券交易所有價證券上市審查準則補充規定第十七條,是無法獨立執行其職務的,此數據顯示,公司上市後遇董監事改選,其董監事結構又恢復上市前之情況。
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監察人制度之研究何信慶, HE,XING-QING Unknown Date (has links)
論文提要內容:我國公司法自立法公布以來,對股份有限公司即設有監察人制度,以
司監察公司之業務及財務狀況。然而,在監察人功能不彰之情形下,監察人制度是否
有存在之必要,則應如何令其發揮實效性?此二點是本文之重心。本文凡六章,玆摘
述各章內容如下:
第一章 緒言:說明本文之研究動機、目的、方法以及撰寫方式與研究範圍。
第二章 監察制度:論述股份有限公司之機關構造及權限分配;其次從比較法的觀點
,研究各國股份有限公司之監察制度,來論證我國監宗人制度存在的必要性。
第三章 監察人之監察:現代企業不僅龐大,而且越趨專門化、複雜化,故必須另設
其他監察制度,以補監察人之不足。本章從監察人之監察與其他監察制度之關係及如
何調整之觀點,加以說明。
第四章 監察人之地位:闡明監察人具有獨立地位之重要性,並探討如何建立、維護
監察人之獨立地位。
第五章 監察人之責任及義務;敘明監察人之責任及義務,以促使監察人能克盡職守
,發揮其功能。
第六章 結論:最後本文提出幾點充實監察人制度之建議,作為本文之結論。期使我
國監察人制度,不要淪為形式。
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公司內部監控制度之研究 / A Study on Inside Supervision System of the Company陳新旗, Hsin Chi,Chen Unknown Date (has links)
公司內部監控機制是影響公司營運成果的重要因素,我國公司內部監控設計包括股東會、監察人、董事會及經理階層等權責運作機制,其中,內部監控以往主要的模式係採監察人制度為主。監察人主要功能在於監督董事會等經營階層,並降低經營階層之代理成本問題。監察人應監督公司業務之執行,並得隨時調查公司業務及財務狀況,查核簿冊文件,並得請求董事會或經理人提出報告。因此,監察人功能發揮之良窳,往往對公司健全運作有深遠影響。
近年來,一些上市公司經營者的利益輸送、背信案件層出不窮,董事會濫權,監察功能不彰厥為主要原因。這些內部監控問題的產生,促使學界及實務界亟思提出改善之道,針對內部監控效能不彰,究其主要原因在於,監督者缺乏獨立性,監督者專業能力不足,大股東操弄董事會等問題無法有效解決。獨立董事制度,主要針對這些問題提出解決,在獨立董事制度引進且法制化之後,我國並未完全捨棄監察人制度,監察人制度及獨立董事,在公司法制上同時並存。獨立董事制度設置目的,在於制衡董事會中,代表控制股東利益之內部董事,發揮應有的監督功能,但是獨立董事及相關配套措施,在理論及實務上仍有許多問題存在,及不易克服之盲點。本文亦針對美、日、德等不同國家之公司內部監控模式提出比較研究,同時,對我國內部監控制度之改造,提出看法及建議。 / Internal corporate governance is an important factor affecting a company’s performance. The internal administrative structure in a company should be a system including the right restraint and the setting up of obligation among Shareholders' Meeting, Supervisors, Board of Directors and managers in Taiwan. The system of Supervisors is an important part of the corporation’s administrative structure, as well as a choice for corporation’s functional department to restrain the Board of Directors and to cut down the cost of agency. Supervisors shall supervise the execution of business operations of the company, and may at any time or from time to time investigate the business and financial conditions of the company, examine the accounting books and documents, and request the Board of Directors or managerial personnel to make reports thereon. The supervisory function will strongly affect the healthy development of the company.
In recent years, several major problems have come into being in some of the public listed company, such as a director or managerial officer acting contrary to his duties or misappropriating company assets. These problems may result from abusing the power by Board of Directors or the director, and functionless Supervisors. A series of problems in corporation supervision urge us to try our best to resolve them, such as the lack of independent of Supervisors, lacking of supervisory ability, the main Shareholder’s controlling of Board of Directors etc. There are two Supervision system, the one-tire system and the two-tire system, in western stock company. After the Independent Director’s system has been introduced and legislated, the situation that two kind of supervision coexist has appeared in the structure of the company in Taiwan. It aims at using the independent status of the Independent Director to restrict inner directors who are for the holding shareholder’s benefits in Board of Directors. But the system of Independent Director still has many problems both in the theory and practice. This study also has comparative research on the corporation’s administrative structure in America, Japan and Germany. Meanwhile suggestions of how to improve the system of internal corporate governance are offered.
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監察人制度對私立學校財務透明程度影響之研究蔡蕙婷 Unknown Date (has links)
近年來,私立學校(以下簡稱私校)不斷爆發財務問題,不僅影響教育目標之達成,亦引起社會大眾對私校的不信任。教育部認為,治本之道,在強化私校的內部控制,於是,修正私立學校法,並強制私校設置監察人(見民國九十年九月公布的修正草案),惟其後教育部的立場已由強制設置改為鼓勵設置。草案公布後,私校董事的反對聲浪不斷,但其他人則可能有不同的看法。本研究探討對監察人制度是否可降低私校發生財務問題的看法,以及不同人對上述問題的看法是否不同。
財務透明,是組織避免發生財務問題的一個方法,因此,本研究藉監察人制度是否影響私校財務透明的程度,而回答上述第一個問題。不同特色的監察人制度,功能亦不同,本研究從三個層面探討監察人制度的特色,包括:監察人的獨立性、其專業能力與監察人的規模;財務透明程度則著眼於資訊的可接近性,並從資訊揭露的管道、頻率及資訊的種類三個層面來衡量財務資訊的可接近性。
本研究根據監察人制度與私立學校財務資訊可接近性的關係,發展三個假說,探討私立學校監察人制度之建立,是否與財務資訊揭露的管道能公平對待每一位欲取得資訊之人有關、是否與財務資訊揭露之頻率有關,以及是否與所揭露財務資訊之種類有關。為瞭解不同人對監察人制度與私校財務透明程度間之關係的看法是否不同,本研究又探討與私校有關的人士是否因身份之不同而對上述關係有不同的看法。本研究係以問卷蒐集資料,在設計問卷前,本研究訪談北部某私立技術學院之校長,辨認與監察人制度各層面有關的十個問題。本研究共發出問卷811份,回收份數130份,有效問卷109份。
根據實證分析,本研究所獲致的結論,為:一、當監察人的獨立性及專業性程度較高,且規模較大時,私校財務透明的程度即較高;而監察人制度對揭露資訊的種類,影響不大,僅監察人之專業,性與「租賃或買賣校地」資訊之揭露有關。二、對上述關係的看法,董事長與校務行政人員及老師未有顯著不同,但校務行政中的校長及會計主任,則顯著不同。三、對監察人的獨立性,受試者的信心較不足,但對其專業能力,則未顯現信心或缺,由於對後者的重視程度較高,整體而言,對監察人制度仍持較正面的看法。綜上所述,設立監察人制度與私校財務透明程度的增加間呈正相關,應可成立。因此,私立學校應以更開放的心胸,去看待監察人制度,雖然它並不是解決私校問題的唯一方法,但它不失為一個值得嘗試的方法。 / Financial irregularities of privately-fimded schools emerged one by one recently.These occurrences not only impact adversely on the achievement of educational goals but also lead to doubt on the worthiness of their existence. One way to solve such problem is to strengthen the effectiveness of internal controls. The Ministry of Education tries to amend the Private School Law and mandates the privately-funded schools to install an audit committee on the top of their board of directors in the bill in September, 2001. The attitude regarding the audit committee of the Ministry, however, has switched, from mandating to optional but encouraging.
Since the deliberation is first publicized, the board of directors who are under the supervision of several privately-funded schools oppose strongly, but others keeping silence may hold the opposite views. Therefore, this study investigates the general perceptions whether the installment of audit committee reduces the occurrences of financial irregularities and whether different people hold different views on the said question. Financial transparency is one way to avoid the financial difficulties. This study investigates if the new system affects the degree of financial transparency in privately-funded schools in responding the general perception question. Because function of audit committees is dependent on the members’independence and competence and size of the committee, this study investigates whether these features affect the degree of financial transparency. The financial transparency discussed focuses on the accessibility of financial information, and the measurement of accessibility, which are dependent in turn on the channel, the frequency, and the types of information disclosed.
This study develops three hypotheses based on the accessibility of financial information in privately-funded schools, and investigates whether the installment of such a system is correlated with the free access to, the frequency of the access of financial information, and types of information disclosed. Besides, this study also investigates whether people in different position (principals, accounting managers, chairman of the board, student's parents, teachers, administrators of the Ministry of Education or external auditors) hold different views on the above relation.
This study uses questionnaires to collect perceptions of different people. This study identifies ten questions for various aspects of audit committee in privately-funded schools before the questionnaire is finalized by interviewing a principal responses one privately-funded college. This study sends 811 questionnaires and receives 130; 109 are usable and analyses are based on these responses.
The conclusions of this study are:
1. The more independent and more professional of the committee member and the larger of a committee is, the higher financial transparency a privately-funded school can achieve, but the committee influences little on types information disclosed, only the information of "leasing and trading land" impaction the committee member's competence.
2. The views of the chairman of the board regarding the relation between the installment of audit committee and the degree of financial transparency are not different significantly with those of the administrative personnel and teachers in privately-funded schools, but principals and accounting managers held views different significantly.
3. The subjects lack confidence in audit committee member's independence, but trust their competence. Because they weigh the competence heavier than the independence, they think positively on the system as a whole.
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我國監察人內部化之決定因素及其影響 / The determinants of the internalization of supervisors and its impacts鄧皓天 Unknown Date (has links)
本研究針對2007年至2011年的非金融產業之上市櫃公司,分析股權結構、公司特性是否為公司內部監察人設置比率及是否設置外部監察人之影響因素,並進一步探討公司監察人內部化比率與外部監察人之存在對公司之經營績效、盈餘品質及財務報導強制重編次數的影響。
實證結果顯示,若公司型態為電子公司、家族企業或集團企業、公司之企業規模、內部人持股比率越大,則該公司內部監察人席次比率越高,且不傾向設置外部監察人。而就公司監察人內部化對公司之經營績效及財務報導品質的影響,實證結果顯示,監察人內部化比率越高之公司,其公司經營績效越差,且被要求強制重編財務報表的次數也較多。但只要存在一位外部監察人,即有助於改善公司之經營績效並降低公司被要求強制重編財務報表的可能性。惟本研究並未發現監察人內部化比率或外部監察人之存在與公司盈餘品質間存在顯著關係。
整體而言,本研究之實證結果顯示公司監察人內部化將使法制上監察人制度所應有之公司治理機能無法發揮,無法提升公司經營績效及財務報導品質。故為讓公司監察人能發揮其制度上應有之功能,公司之監察人,宜由外部人擔任。 / Based on a sample of listed non-financial companies over the period of 2007 to 2011 in Taiwan, this study first investigates the impact of ownership structure and firm characteristics on the internalization of supervisors. A step further, this study examines the effect of internalization of supervisors on firm performance, earnings quality and the frequency of restatement of financial reports.
The empirical evidence shows that firms operate in electronic industries, or belong to business groups or owned by families, or with greater shares held by insiders or with larger firm size, are significantly and positively (negatively) associated with the internalization of supervisors (the presence of outside supervisors). The study also finds that firms with higher degree of internalization of supervisors are associated with poorer performance and higher frequency of restating their financial reports. On contrary, we find that firms with at least one outside supervisor are associated with better performance and lower frequency of restating financial reports. However, this study fails to report any association between the internalization of supervisors (or the presence of outside supervisors) and earnings quality measured by accruals.
Based on the findings, this study therefore suggests that firms should appoint outsiders to be supervisors in order to better serve the function of the institution of supervisors.
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