Introducing the Corporate Governance on the Effect of Operating Performance

[[abstract]]資本市場發展迄今，隨著時代的改變不管是中國大陸市場的崛起，亦或2008的環球金融危機迄今之歐債風暴，企業危機層出不窮，而這些危機事件常會對社會造成極大的衝擊，不僅只是企業員工會因失業而陷入生活窘境，進而投資人與債權人也遭受巨大損失，甚至於連上下游相關產業也會因此遭受波及，引發連鎖倒閉風潮，以至於付出相當大的社會成本，更有甚者進而肇生國家信用破產危機，而企業大多未能善盡自身的社會責任。進而發現我國發生財務危機或爆發地雷股之公司，常導因為財務資訊未透明、內部控制不嚴謹或未實施公司治理制度(Corporate Governance)，尤其以科技業為首的產業，也面臨債務惡化與信用瀕臨破產的危機。因此，企業是否重視公司治理與做好財務風險管理等問題，已顯得相當重要。 本研究以2006年至2011年肇生財務危機之公司，並利用台灣經濟新報（TEJ）之資料進行收集，以選取財務報表中的五大構面選取重要財務比率，並加入公司治理的四個變數作為自變數進行分析，進而探討公司治理對經營績效進而研究。 實證結果發現，財務比率等變數為非常態分配，另財務比率等變數呈現顯著差異以及發現償債能力、經營能力、獲利能力、公司治理指標可有效運用於財務危機預測。[[abstract]]Since the capital market development with the rise of China market the global financial crisis in 2008 and the European debt crisis now there have been many corporate crises These crises often cause a great deal of social impact no only to the employees but also to the investors and creditors More over these crises even influence the down stream industries and trigger a chain reaction of bankruptly Thus the country has to pay a lot of social cost which may threaten the country’s credit These crises can be traced back to irresposible corporates whose financial infrmation is not transparent internal control is not strict or the Corporate Governance of the company is not applied Especially the IT industry in Taiwan the companies face the problem of worsened debts and their credit are nearly bankrupted Therefore whether an enterprice emphasizes the corporate governance and financial risk management is very important This study focuses on companies that have financial crisis in 2006-2011 and uses the Taiwan Economic Journal (TEJ) as the information to choose the financial statements of the five dimensions and joined the corporate governance of the four variables analysis as independent variables And then to do further research on the corporate governance on operating performance The empirical results show that ： 1 The financial ratio variables displayed non-normal distribution 2 financial ratios and other variables showed significant differences 3 and the discovery of solvency operating capabilities profitability corporate governance indicators can be effectively applied to the financial crisis forecas