A Study on the Valuation Effect of Corporate Governance in Taiwan: Is There a Mediation Effect of Cash Dividend?

本文主要探討現金股利在公司治理的價值效應中是否具有中介效果。採用Panel Data的分析模型和Baron and Kenny (1986)對中介變數的檢驗方式，使用2009年至2013年之臺灣上市公司為研究樣本，以公司內部管理型態、外部監督機制和關係人交易資訊等三個構面，建立一套適用於本文的公司治理評等指標，藉以研究公司治理與公司價值之關聯性。在納入現金股利與融資限制條件後，檢驗在未考慮融資限制之全體樣本和兩類融資限制樣本下，現金股利在公司治理的價值效應中是否具有中介效果。研究結果顯示：(1) 本研究所建立的公司治理綜合得分在所有樣本中，皆與公司價值呈現顯著的正相關，代表公司治理越好，公司的價值越高。(2) 在兩類融資限制的樣本中，現金股利發放率與公司價值呈現顯著的正相關。其中，公司治理與現金股利發放率為正相關，支持La Porta et al.(2000)的結果模型。(3) 現金股利在公司治理的價值效應中具有中介效果，意即公司治理能透過現金股利影響公司的價值。此結果指出公司治理影響公司價值的路徑與過程，亦說明了良善的公司治理若搭配合適的現金股利政策，公司治理將更能發揮提升公司價值的效果。本文的發現可以使公司治理的理論更趨於完整與合理。This paper examines the mediation effect of cash dividend on the valuation effect of corporate governance by using panel data analysis and the test of mediator variable proposed by Baron and Kenny (1986). We construct a corporate governance index (“CG”) which includes managerial configurations, external monitoring mechanisms and information of related party transaction for Taiwan’s listed firms during the period of 2009 to 2013. We find a positive and significant relationship between CG and firm value in all samples. Furthermore, there is a positive relationship among dividend payout ratio, CG and firm value when firms face both agency problems and financial constraints. This evidence is consistent with the Outcome Model proposed by La Porta et al. (2000). Last but not least, we empirically demonstrate the mediation effect of cash dividend on the valuation effect of corporate governance. To the best of our knowledge, this effect has not been fully investigated