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題名 金融海嘯期間公司治理與績效分析：台灣銀行業與壽險業探討
Corporate governance and performance analysis in financial crisis:taiwan banking and insurance company
作者 吳姿瑩
Wu, Tzu Ying
貢獻者 王儷玲
吳姿瑩
Wu, Tzu Ying
關鍵詞 公司治理
銀行經營績效
保險業經營績效
金融海嘯
Corporate Governance
Bank Performance
Life Insurance Company
Financial Crisis
日期 2010
上傳時間 9-May-2016 16:32:29 (UTC+8)
摘要 本文以2007 年至2008 年金融海嘯期間，台灣公開發行之銀行與壽險業為對
     象，研究公司治理與經營績效是否有顯著相關性，並進一步探討其與經營績效下跌程度是否有顯著相關，同時納入2004 年及2005 年檢測此現象是否僅於金融海嘯期間存在。本研究發現金融海嘯前與期間的公司治理變數顯著項目與經營績效不同，金融海嘯期間公司治理對其當年度經營績效有顯著影響，也與期間的受損程度有顯著影響，董監事報酬與經營機效呈現負相關；董事長兼任總經理呈現正相關，表示不論是在一般時期或是系統性風險下的事件發生時，金融業的公司治理機制會對企業經營表現具有攸關性。
Using data from publicly-traded Taiwan banks and life insurance companies before and during the financial crisis, this study analyze the relation between corporate governance and the performance of Taiwan banking and life insurance company. In addition, to research the relation between corporate governance and the performance change ratio of Taiwan banking and life insurance company. Obviously,performance decreases during the crisis. Furthermore, We find negative relation between performance and ownership structure and compensation of board of directors, but positive relation between performance and dual. Finally, we find there are different relations before and during the financial crisis.
參考文獻 1. 吳孟紋，2008，銀行經營績效 : 公司治理、資產規模與外資進入，國立政
     治大學金融硏究所博士論文。
     2. 吳美穎，2004，內在公司治理機制之探討 : 股東組成與股權集中度對公司
     治理績效之影響，輔仁大學管理硏究所碩士論文。
     3. 李馨蘋、黃啟倫，2009，股權結構、關係人交易與公司績效，中華管理評論
     國際學報，第13 卷2 期，1-30。
     4. 周本鄂，1993，台灣地區上市公司董事、關係人持股比例和公司Tobin`s Q 關
     係之實證研究，中原大學企業管理研究所碩士論文。
     5. 陳尚琦，2006，公司風險及公司績效之關連性研究─以我國電子業為例，銘
     傳大學會計研究所碩士論文。
     6. 陳迪，2003，董事會、監察人特性與公司績效關聯之再探討，國立政治大學
     會計硏究所碩士論文。
     7. 張明峰，1991，「股權結構對公司績效影響之研究」，國立政治大學企業管理
     研究所碩士論文。
     8. 劉連煜，2003，健全獨立董監事與公司治理之法制研究-公司自治、外部監
     控與政府規制之交錯，月旦法學雜誌，第94 期，135-136。
     9. Brick, I., Palmon, O., Wald, J., 2002. CEO compensation, director compensation,
     and firm performance: evidence of cronyism. Working Paper. Rutgers University,
     New Brunswick.
     10. Bacon, J., 1973, Corporate directorship practices: membership and committees of
     the board, New York: The Conference Board.
     11. Baek, J.S., Kang, J.K., Park, K.S., 2004,Corporate governance and firm value: evidence from the Korean financial crisis, Journal of Financial Economics 71,
     265-313
     12. Bhagat, S. and Black, B.S., 1996, Do independent directors matter? working
     paper. center for law and economic studies, Columbia University, New York, NY.
     13. Cornett, M.M., McNutt, .J.J., Tehranian, H., 2010,The financial crisis, internal
     corporate governance, and the performance of publicly-traded U.S. bank holding
     companies, Working paper
     14. Claessens, S., S. Djankov, J. Fan, and L. H. P. Lang. 2002. Disentangling the
     incentive and entrenchment effects of large shareholdings. Journal of Finance 57,
     2741-2771.
     15. Donaldson, L., Davis, J. H. 1991. Stewardship theory or agency theory: CEO
     governance and shareholder returns. Australian Journal of Management 16,
     49-64.
     16. Donaldson, L., Davis, J. H. 1994. Boards and company performance-research
     challenges the conventional wisdom. Corporate Governance: An International
     Review 2, 151-160.
     17. Fama, E.F., 1980, Agency problems and the theory of the firm, Journal of
     Political Economy 88, 288-307.
     18. Fama, E.F. and Jensen, M.C., 1983, Separation of ownership and control, Journal
     of Low and Economics 26, 301-326.
     19. Haldane, A.G.,2009, Rethinking the financial network, Bank of England
     20. Hill, C. W. L., & Snell, S. A. 1989. Effects of ownership structure and control on
     corporate productivity. Academy of Management Journal 32, 25-46.
     21. Jensen, M.C., 1993, The modern industrial revolution, exit and the failure of
     internal control systems, The Journal of Finance 48, 831-880.
     22. Jensen, M.C., Meckling, W. H. 1976. Theory of the firm: managerial behavior,agency costs, and ownership structure, Journal of Financial Economics 3,
     305-360.
     23. Jensen, M.C. and Ruback, R.S., 1983, The market for corporate control: the
     scientific evidence, Journal of Financial Economics 11，5-50.
     24. Lemmon, M.L., Lins, K.V., 2003, Ownership structure, corporate governance,
     and firm value: evidence from the east Asian financial crisis, Journal of Finance
     4, 1445-1468
     25. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., 1999, Corporate ownership
     around the world, Journal of Finance 54, 471-518.
     26. Martin, J.D.,2009, A primer on the role of securitization in the credit market
     crisis of 2007, Baylor University.
     27. Rajan, G.R., 2006, Has finance made the world riskier?, European Financial
     Management 12, 499-533.
     28. Singh, M., Wallace N. Davidson III, 2003, Agency costs, ownership structure and
     corporate governance mechanisms, Journal of Banking and Finance 27, 793-816.
     29. Thomsen, S., Pedersen, T. and Kvist, H., 2006, Blockholder ownership: effects
     on firm value in market and control based governance systems, Journal of
     Corporate Finance 12, 246–269.
     30. Zahra, S. A. and Pearce, J. A. (1989). Boards of directors and corporate financial
     performance: A review and integrative model. Journal of Management 15,
     291-334.
描述 碩士
國立政治大學
風險管理與保險研究所
97358005
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0097358005
資料類型 thesis
dc.contributor.advisor 王儷玲zh_TW
dc.contributor.author (Authors) 吳姿瑩zh_TW
dc.contributor.author (Authors) Wu, Tzu Yingen_US
dc.creator (作者) 吳姿瑩zh_TW
dc.creator (作者) Wu, Tzu Yingen_US
dc.date (日期) 2010en_US
dc.date.accessioned 9-May-2016 16:32:29 (UTC+8)-
dc.date.available 9-May-2016 16:32:29 (UTC+8)-
dc.date.issued (上傳時間) 9-May-2016 16:32:29 (UTC+8)-
dc.identifier (Other Identifiers) G0097358005en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/95567-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 風險管理與保險研究所zh_TW
dc.description (描述) 97358005zh_TW
dc.description.abstract (摘要) 本文以2007 年至2008 年金融海嘯期間，台灣公開發行之銀行與壽險業為對
     象，研究公司治理與經營績效是否有顯著相關性，並進一步探討其與經營績效下跌程度是否有顯著相關，同時納入2004 年及2005 年檢測此現象是否僅於金融海嘯期間存在。本研究發現金融海嘯前與期間的公司治理變數顯著項目與經營績效不同，金融海嘯期間公司治理對其當年度經營績效有顯著影響，也與期間的受損程度有顯著影響，董監事報酬與經營機效呈現負相關；董事長兼任總經理呈現正相關，表示不論是在一般時期或是系統性風險下的事件發生時，金融業的公司治理機制會對企業經營表現具有攸關性。		zh_TW
dc.description.abstract (摘要) Using data from publicly-traded Taiwan banks and life insurance companies before and during the financial crisis, this study analyze the relation between corporate governance and the performance of Taiwan banking and life insurance company. In addition, to research the relation between corporate governance and the performance change ratio of Taiwan banking and life insurance company. Obviously,performance decreases during the crisis. Furthermore, We find negative relation between performance and ownership structure and compensation of board of directors, but positive relation between performance and dual. Finally, we find there are different relations before and during the financial crisis.en_US
dc.description.tableofcontents 第一章 緒論 .............................................. 6
     第一節 研究動機 ........................................... 6
     第二節 研究架構 ........................................... 7
     第二章 文獻回顧 .......................................... 10
     第一節 公司治理 .......................................... 10
     第二節 金融海嘯 .......................................... 13
     第三章 銀行業與保險業績效狀況 ............................. 15
     第一節 家數統計 ......................................... 15
     第二節 績效概況 ......................................... 16
     第四章 研究方法 ......................................... 19
     第一節 研究樣本與資料來源 ................................ 19
     第二節 建立研究假說 ..................................... 20
     第三節 研究變數定義 ..................................... 21
     第四節 實證模型 ......................................... 26
     第五章 實證結果與分析 .................................... 29
     第一節 敘述統計量 ........................................ 29
     第二節 T 檢定 ........................................... 33
     第三節 實證結果 .......................................... 34
     第六章 結論與建議 ........................................ 44
     第一節 研究結論 .......................................... 44
     第二節 研究限制與建議 .................................... 45
     參考文獻 ................................................ 46		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0097358005en_US
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) 銀行經營績效zh_TW
dc.subject (關鍵詞) 保險業經營績效zh_TW
dc.subject (關鍵詞) 金融海嘯zh_TW
dc.subject (關鍵詞) Corporate Governanceen_US
dc.subject (關鍵詞) Bank Performanceen_US
dc.subject (關鍵詞) Life Insurance Companyen_US
dc.subject (關鍵詞) Financial Crisisen_US
dc.title (題名) 金融海嘯期間公司治理與績效分析：台灣銀行業與壽險業探討zh_TW
dc.title (題名) Corporate governance and performance analysis in financial crisis:taiwan banking and insurance companyen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 1. 吳孟紋，2008，銀行經營績效 : 公司治理、資產規模與外資進入，國立政
     治大學金融硏究所博士論文。
     2. 吳美穎，2004，內在公司治理機制之探討 : 股東組成與股權集中度對公司
     治理績效之影響，輔仁大學管理硏究所碩士論文。
     3. 李馨蘋、黃啟倫，2009，股權結構、關係人交易與公司績效，中華管理評論
     國際學報，第13 卷2 期，1-30。
     4. 周本鄂，1993，台灣地區上市公司董事、關係人持股比例和公司Tobin`s Q 關
     係之實證研究，中原大學企業管理研究所碩士論文。
     5. 陳尚琦，2006，公司風險及公司績效之關連性研究─以我國電子業為例，銘
     傳大學會計研究所碩士論文。
     6. 陳迪，2003，董事會、監察人特性與公司績效關聯之再探討，國立政治大學
     會計硏究所碩士論文。
     7. 張明峰，1991，「股權結構對公司績效影響之研究」，國立政治大學企業管理
     研究所碩士論文。
     8. 劉連煜，2003，健全獨立董監事與公司治理之法制研究-公司自治、外部監
     控與政府規制之交錯，月旦法學雜誌，第94 期，135-136。
     9. Brick, I., Palmon, O., Wald, J., 2002. CEO compensation, director compensation,
     and firm performance: evidence of cronyism. Working Paper. Rutgers University,
     New Brunswick.
     10. Bacon, J., 1973, Corporate directorship practices: membership and committees of
     the board, New York: The Conference Board.
     11. Baek, J.S., Kang, J.K., Park, K.S., 2004,Corporate governance and firm value: evidence from the Korean financial crisis, Journal of Financial Economics 71,
     265-313
     12. Bhagat, S. and Black, B.S., 1996, Do independent directors matter? working
     paper. center for law and economic studies, Columbia University, New York, NY.
     13. Cornett, M.M., McNutt, .J.J., Tehranian, H., 2010,The financial crisis, internal
     corporate governance, and the performance of publicly-traded U.S. bank holding
     companies, Working paper
     14. Claessens, S., S. Djankov, J. Fan, and L. H. P. Lang. 2002. Disentangling the
     incentive and entrenchment effects of large shareholdings. Journal of Finance 57,
     2741-2771.
     15. Donaldson, L., Davis, J. H. 1991. Stewardship theory or agency theory: CEO
     governance and shareholder returns. Australian Journal of Management 16,
     49-64.
     16. Donaldson, L., Davis, J. H. 1994. Boards and company performance-research
     challenges the conventional wisdom. Corporate Governance: An International
     Review 2, 151-160.
     17. Fama, E.F., 1980, Agency problems and the theory of the firm, Journal of
     Political Economy 88, 288-307.
     18. Fama, E.F. and Jensen, M.C., 1983, Separation of ownership and control, Journal
     of Low and Economics 26, 301-326.
     19. Haldane, A.G.,2009, Rethinking the financial network, Bank of England
     20. Hill, C. W. L., & Snell, S. A. 1989. Effects of ownership structure and control on
     corporate productivity. Academy of Management Journal 32, 25-46.
     21. Jensen, M.C., 1993, The modern industrial revolution, exit and the failure of
     internal control systems, The Journal of Finance 48, 831-880.
     22. Jensen, M.C., Meckling, W. H. 1976. Theory of the firm: managerial behavior,agency costs, and ownership structure, Journal of Financial Economics 3,
     305-360.
     23. Jensen, M.C. and Ruback, R.S., 1983, The market for corporate control: the
     scientific evidence, Journal of Financial Economics 11，5-50.
     24. Lemmon, M.L., Lins, K.V., 2003, Ownership structure, corporate governance,
     and firm value: evidence from the east Asian financial crisis, Journal of Finance
     4, 1445-1468
     25. La Porta, R., Lopez-de-Silanes, F., Shleifer, A., 1999, Corporate ownership
     around the world, Journal of Finance 54, 471-518.
     26. Martin, J.D.,2009, A primer on the role of securitization in the credit market
     crisis of 2007, Baylor University.
     27. Rajan, G.R., 2006, Has finance made the world riskier?, European Financial
     Management 12, 499-533.
     28. Singh, M., Wallace N. Davidson III, 2003, Agency costs, ownership structure and
     corporate governance mechanisms, Journal of Banking and Finance 27, 793-816.
     29. Thomsen, S., Pedersen, T. and Kvist, H., 2006, Blockholder ownership: effects
     on firm value in market and control based governance systems, Journal of
     Corporate Finance 12, 246–269.
     30. Zahra, S. A. and Pearce, J. A. (1989). Boards of directors and corporate financial
     performance: A review and integrative model. Journal of Management 15,
     291-334.		zh_TW