摘要 一九九七年東亞金融風暴起因之一即為公司治理不佳，其影響所及至數年後仍餘波蕩漾，而根據2000年6月麥肯錫顧問公司所做的全球投資人意見調查發現，有高達80％的美國投資人願意多付18％的價格來買良好公司治理企業的股票；自2001年底以來，美國「恩隆」（Enron）與「世界通訊」（WorldCom）等弊案又陸續爆發，其中所暴露的公司治理問題，讓世人驚覺這已是全球企業刻不容緩的議題，並亟思未來如何防止類似事件之發生。 公司治理經緯萬端，但都與如何確保資金提供者的投資能夠獲得應有的報酬有關。據此，公司治理的重要議題之一即為如何使小股東的權益不受內部人（即大股東與管理者）的侵犯；尤其在當今大企業紛紛進行事業轉投資之際，大股東常身兼轉投資事業之經營者，如何確保外在投資人（小股東與債權人）應得的報酬，並兼顧其他利害關係人的利益，為公司治理中實際且有趣之課題。我國大股東往往基於營運效率、自身利益與控制權的考量，會做出許多便宜行事卻不利公司治理的行為，如轉投資事業與母公司之間的透明度不足、大股東交叉持股或持有間接股權、所有權與經營權不分、母公司與轉投資事業之間可能的利益衝突、乃至於大股東個人風格等，這些大股東在轉投資事業中的角色定位與公司治理間的相互關係是本論文論述之重點。同時，為了加強研究的深度與實證性，作者特別藉由個案公司的實際案例來驗證文獻上的觀點，結論所得與研究相符合，並更能增添對企業經營之變化多端與不易控制之親身體驗。 本文最後並討論世界銀行、OECD及我國所規範之公司治理架構，希望公司治理能實際有助於我國企業之轉投資行為。因為制度的設計與執行若能加強公司治理與監督管理者的行為，當能強化公司競爭力，此乃公司治理積極面的貢獻。 / Abstract One of the reasons for the East Asia 1997 financial crisis is because of the careless corporate governance. The impact of this financial crisis actually has had deep and board affection even afterward. According to one investigation by Mckinsey & Company in June 2000, there are about 80% of global investors who are willing to pay 18% extra money to buy those stocks belong to companies have better corporate governance. On the other hand, starting from the end of year 2001, the successive collapse of Enron, WorldCom, and other USA companies has exposed the serious and urgency about corporate governance. It makes people in worldwide enterprises realize how significant the corporate governance is and try to avoid similar events occurred. Although corporate governance has many aspects, it all related to how to secure the deserved return of the capital providers. Accordingly, one of the important topics of corporate governance is to protect the minority shareholder rights from being invaded by the insiders (controlling shareholders and top executives). This topic become even more important especially when controlling shareholders are also top executives of the equity-invested companies. Thus, how to secure the investors’ (minority shareholders and creditors) rights is an interesting and practical issue of corporate governance. Controlling shareholders in Taiwan are used to manage firms based on their own convenience such as the efficiency of operation, interest of themselves, and control rights, instead of considering corporate governance. This attitude, however, will easily result in some negative behaviors such as the lack of transparency between mother company and her equity investment, cross holding or private holding of controlling shareholders, indifferences between ownership and management, the potential interest impact between mother company and equity investment, and even the affection of firms’ performance by the characteristics of controlling shareholders. This thesis emphasize in the above correlation between corporate governance and equity investment. We also examine a real firm’s case to enhance its conviction. This thesis also discusses the corporate governance structure of World Bank, OECD, and Taiwan. It is the author’s hope that corporate governance can be practically useful for a firm’s performance as its aggressive contribution.

隨著企業經營規模日趨複雜、專業化，股東因人數眾多、股東意見不一，在面臨公司所有與經營分離所產生的代理成本控制上，實有困難。一般小股東因持股過低，對於公司經營事務只能消極以待，若對公司經營成果不滿意，只能選擇華爾街準則(Wall Street Walk or Vote with Feet)，而賣掉股票，甚難對管理階層進行更進一步的影響。相較之下，機構投資人基於其人力及資源優勢，能深入參與公司治理、監督管理階層，進而提昇公司經營績效，增進股東投資價值，此即為機構投資人積極主義。 本篇論文探討機構投資人行使股東權以促進公司治理發展。首先討論機構投資人積極主義之兩大基礎支柱－其一，良好公司治理確能對公司績效表現有所助益，其二機構投資人促進公司治理乃其善盡受託義務之體現。 由於美國機構投資人主義高度成熟發展，而國內機構投資人積極主義仍屬起步階段，本篇論文即以比較研究法，探討美國機構投資人行使股東權如股東提案、委託書投票、直接與管理階層溝通、發布黑名單、團體訴訟與股東提名董事草案等，及分析說明我國公司治理相關條文與機構投資人行使表決權時所會遭逢之困境。 此外，本論文經由案例研究，深入蒐集資料並訪談兩個在促進公司治理領域夙負盛名的退休基金-美國威斯康辛州投資委員會與加拿大安大略省教師退休計畫，從而細膩地觀察美國及加拿大機構投資人積極主義之發展、瓶頸與挑戰。 最後，本論文提出促進機構投資人提出公司治理及表決權行使政策、鼓勵機構投資人於股東提案權與表決權等議案進行合作及建置對機構投資人餐與公司治理友善之法規環境等建議，期能對於我國機構投資人積極主義之發展有所助益。 / The increase in institutional funds has been extraordinarily rapid. Comparing with the minority shareholders, the institutional shareholders’ size and expertise can minimize the collective choice problem and agency costs. Their resources enable them to investigate and monitor management in corporate governance field. This is the “Institutional Shareholder Activism“. This article discusses the institutional shareholder’s enhancement of corporate governance. It explores from the two backbones of the Institutional Shareholder Activism: Firstly, the correlation between corporate governance and corporate performance, and secondly, fiduciary duties of the Institutional Shareholder. It makes two conclusions: Good corporate governance certainly helps protect shareholder interests, and contributes to superior long-term economic performance, and institutional shareholders can comply with fiduciary duties by enhancing corporate governance. Furthermore, due to America institutional shareholder activism is highly developed, while Taiwan institutional shareholder activism is not developed. This paper compares America institutional shareholder activism with Taiwan’s. It discusses America institutional shareholder activism in many aspects, such as shareholder proposal, proxy solicitation, vote, direct negotiation with the corporate management, focus list, class action, security holder director nominations bill etc. Then, it analyses some of Taiwan’s corporate governance related articles such as shareholder proposal and security holder director nominations, and some difficulties which the pension fund and the security investment trust fund face when they vote as shareholders. Moreover, through case study, this paper analyses two prestigious pension funds: State of Wisconsin Investment Board (SWIB) and The Ontario Teachers’ Pension Plan (OTPP), and investigates their stages of development and current operation and future challenges in the corporate governance field. At last, this paper provides some suggestions and inspirits the institutional shareholder activism in our country.