Corporate Governance, Market Liquidity and Ownership Concentration: Evidence from Taiwan 50 Index Material Constituent

碩士論文[[abstract]]過去關於公司治理方面的文獻，較多是探討公司治理對於其他變數的影響，但是對於影響企業加強公司治理的因素，幾乎沒有文獻加以討論，所以本文的目的在於分析企業實施公司治理的影響因子，提供未來制定推廣公司治理政策的參考。首先，本文以「上市上櫃公司治理實務守則」作為台灣公司治理實施績效的評鑑依據，採用檢核表方法，搭配權數相等的模式，針對2005年五月份台灣五十指數成分股企業予以評鑑，簡單加總後將績效分數依其大小區分為「0：待改善」、「1：普通」及「2：良好」三類，作為企業公司治理實施績效水準值；其次，本文採用順序多重分類模型 (Ordered Probit Model) 分析公司治理實施績效的影響因素，了解實務守則發布前的企業股票流動性、股權集中度、營運資訊取得成本、介入控管利益及董事會規模是否會影響實務守則發布後公司治理的實施績效，並透過邊際效果分析了解其影響方向與程度。 本文發現幾項重要的結論：(一) 實務守則發布前企業股票流動性較好，公司治理實施績效也較好；(二) 實務守則發布前企業股權集中度較高，公司治理實施績效也較好；(三) 實務守則發布前企業營運資訊取得成本較低，公司治理實施績效也較好；(四) 實務守則發布前預期介入控管利益的多寡對於公司治理實施績效的影響較不明確；(五) 發布前董事會規模對於公司治理實施績效的影響不顯著。因此，本研究建議未來應將推廣公司治理重心放在股票流動性較差、股權集中度較低、營運資訊取得成本較高的企業，相信將可以使企業間公司治理水準的差異縮小，而提升整體市場公司治理水準。[[abstract]]The main purpose of this paper is to examine the determinants of corporate governance in Taiwan 50 Index Material Constituent. First, this paper establishes a 56 items checklist based on Taiwan “Corporate Governance Best-practice Principles for Listed Companies” released on 2002. Then, the paper applies an equal-weighted method in calculating the score which it separates into three levels : the “Bad,” the “Fair,” and the “Good” and the three corporate governance levels are coded as 0, 1, and 2 respectively. Finally, an ordered probit model is used to analyze significance of possible factors affecting the corporate governance level. The paper empirically reveals that a company’s characteristics before the release might have significant influences on the probability of its choice on realizing corporate governance after the release. The result includes : (1) stock liquidity has a positive correlation with corporate governance level, (2) ownership concentration also has a positive correlation with corporate governance level, (3) investors’ information cost has a negative correlation with corporate governance level, (4) investors’ expected profit from future intervention has an uncertain effect on corporate governance level, and (5) the coefficient of board size in regression doesn’t significantly differ from zero. In the end, the paper suggests that Taiwan government should focus its prior attention on listed companies which have lower stock liquidity, lower ownership concentration, and higher information cost when promoting corporate governance in the future