Effect of Internal Corporate Governance and Characters on Firm's Performance-A Study of Taiwan Food Industry

台灣的食品產業屬內需型產業，雖然對於國家整體經濟之重要性逐漸降低。但經營之良窳與人民之生活息息相關，凸顯其對於國內食品安全和消費者權益之重要性，而公司內部治理與經營特性則可能透過監督機制及管理運作影響經營績效。 本研究主要探討公司之股權結構、董事會組成及經營特性對台灣上市櫃食品公司之經營績效間之關係。本研究使用追蹤型迴歸分析法，以台灣1996年至2014年間28家食品相關產業之上市櫃公司為研究對象，並以資產報酬率(ROA)、股東權益報酬率(ROE)及托賓Q(Tobin's Q)為經營績效指標進行研究。 主要結果指出:董監事的持股比率與公司的三個經營績效指標均呈正相關，符合利益收斂假說。外國法人持股比例與公司之經營績效也呈正相關，而董監事股票的質押比例則與公司之經營績效均為負相關，董事會規模與ROA和ROE呈負相關，但與Tobin's Q無相關；董事長兼任總經理與ROA及Tobin's Q呈正相關但與ROE無相關。另外，公司所在的產業鏈位置越接近下游其ROA與Tobin's Q之績效越好，此可能與上游之廠商之銷售型態多屬B2B的形式，其與客戶之議價能力較差有關，而較下游之廠商多屬B2C的銷售型態且因長期經營品牌和通路其與客戶之議價能力較強有關。最後，在公司之控制型態方面，屬於共治模式的公司其Tobin's Q優於單一家族治理，顯示共治模式的公司其董事會權力運作較平衡，資訊相對透明，較易獲得投資市場的認同，因此會有較佳之價值表現。Food industry is part of Taiwan's domestically-oriented economy. Despite the ever-decreasing effect on the country's overall economy, how the business is operated is still immediately related to people's lives, highlighting its significant relationship to domestic food safety and customer rights. Furthermore, corporate governance and business characters are known to have impacts on the operating performances through the process of supervisory mechanism, management and operation. This study aimed to investigate how the ownership structure, board composition and business characters could affect operating performances. The approach of regression analysis was employed to track 28 publicly traded food-related companies from 1996 to 2014 as targets, with Return on Assets (ROA), Return on Equity (ROE), and Tobin's Q as the indices for the analysis of operating performances. The results indicated positive correlation between shareholding ratio of directors and supervisors and the above three operating performance indices, and between the shareholding ratio in foreign corporations and the operating performances. However, the outcome also showed negative correlation between the equity pledge ratio and operating performances. There was positive correlation between board size and ROA and ROE but no correlation between board size and Tobin's Q. There was positive correlation between the case where the chairman was also the general manager and ROA and Tobin's Q, but no correlation with ROE. On the other hand, firms at the downstream position in the industrial chain performed better in ROA and Tobin's Q. This could be explained by the fact that the upstream firms who ran the business in B2B sales model might have poorer ability in bargaining with the clients, while the downstream firms in B2C sales model might have developed stronger bargaining power as a result of their long-term brand management and marketing channel development. Lastly, in terms of corporate control pattern, firms governed by more than one families performed better in Tobin's Q than those governed by one single family, implying that co-governance was helpful in balancing the power structure of the board, contributive to information transparency and accountability, and making it easier to be approved by the investment market, all of which led to better performance values.第一章 緒論 1 第二節 研究背景與動機 1 第三節 研究目的 2 第四節 研究流程 3 第二章 文獻探討 4 第一節 台灣的食品產業現況與特性 4 第二節 台灣食品產業範圍 5 第三節 台灣食品產業的環境分析 7 第四節 公司治理 8 第五節 董事會組成與經營績效 16 第六節 股權結構與經營績效 19 第七節 公司特性與經營績效 23 第三章 研究方法 26 第一節 研究假設 26 第二節 衡量變數 27 第三節 研究樣本及資料來源 30 第四節 統計方法 30 第五節 研究架構 32 第四章 實證結果 33 第一節 敘述統計分析 33 第二節 迴歸分析 35 第五章 結論與建議 41 第一節 研究結論 41 第二節 研究建議 4