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題名 公司治理─以玉山金控為例
A study on corporate governance – A case study of E.SUN financial holdings
作者 Lin, Chih Yuan
貢獻者 張逸民
Chang, Yegmin
林志遠
Lin, Chih Yuan
關鍵詞 公司治理
日期 2008
上傳時間 14-Sep-2009 09:47:23 (UTC+8)
摘要 公司治理─以玉山金控為例
Since the early 1970’s, the concept of corporate governance has been frequently discussed in order to deal with any lack of an efficient board, i.e. one that perform poorly. After almost three decades, more and more scandals and corruptions have emerged in Asia and caused severe Asian financial crises. Suddenly, companies started to realize the importance of corporate governance and how it affects financial performance. Attention to this was particularly arising after the troubles of Enron and Arthur & Anderson in US. Furthermore, many international research organizations have indicated that poor corporate governance has been one of the main causes for Asian financial crises.
     
     Although Taiwan’s economy is extremely stable comparing with South Korea or Thailand during the Asian financial crises, it is very important for Taiwan’s companies to understand that only through a better corporate governance system; their companies can gain more competitiveness against overseas competitors. Now, Taiwan’s securities regulator has tried to make public companies more transparent in order to protect investor’s rights. For newly listed companies, now it is required to have at least two independent board members and one independent supervisor on the board and financial data must be disclosed at certain times.
     
     Over the past few years, the financial sector of Taiwan have been weakening due to increasingly heavy competition and relatively high cost ratios compared with other markets. As Taiwan has become a full member of WTO, its financial market is now more accessible to foreign competitors. It is expected that as competition intensifies, companies need to find a new approach to enhance their competitive advantage and good corporate governance seems to offer such an opportunity. This thesis uses E.SUN Financial Holdings to illustrate the how implementation of an effective corporate governance system can enhance a company’s competitive advantage and improve its financial performance.
1 Introduction……………………………….…………………….…………………………1
     1.1 Research Background and Motivation of Research…….….……..…………………1
     1.1.1 Corporate Governance and Stock Price……………..….……...…….…………4
     1.1.2 Research Objectives…………………………………………………………….8
     1.2 Research Methodology…………………………...……………....…….……….…..9
     1.3 Preliminary Findings……………………………………………..…….……….….10
     1.4 Summary…………………………………………………………………………….12
     2 The Principles of Corporate Governance…….…………………………….…..….…….13
     2.1 OECD Principles……………………….………………………………...……......13
     2.1.1 Shareholder’s rights…………….…………………………………………...13
     2.1.2 The Equitable Treatment of Shareholders…………………….………….…15
     2.1.3 Transparency Requirements…………………………………….…………..16
     2.1.4 The Responsibilities of the Board……………………………….……….…17
     2.2 The Structure of Corporate Governance…………………………….……….…...19
     2.2.1 Internal Structure…………………………………………….……………...19
     2.2.2 External Structure…………………………………………….………….….19
     2.3 Summary…………………………………………………………………………….22
     3 Corporate Governance Rating System.…………………………………….…………...23
     3.1 The Importance of Credit Rating…………………………………….…………...23
     3.2 Corporate Governance Measurement…………………….………………………25
     3.2.1 Forming Corporate Governance Rating Committees..….………………….25
     3.2.2 Decide the Standard of Measurement of the Company……...….………………25
     3.2.3 Collection Company Information or Send Questionnaires.…………...…...…...25
     3.2.4 Analyze the Result of Corporate Governance Scores………………….…..25
     3.2.5 Send the Report to the Rated Company for Confirmation…………………25
     3.2.6 Finalize the Report and Disclose the Result of CG Scores………………...25
     3.3 The Rating Criteria of Credit Rating Agencies……………………………….…..26
     3.3.1 Corporate Rating Criteria of CLSA...……………………………………….26
     3.3.2 Corporate Rating Criteria of Standard & Poor’s………………………..….30
     3.3.3 Corporate Rating Criteria of Moody’s………………..………….……..…..31
     3.4 Summary…………………………………………………………………………….33
     4 Corporate Governance Related Regulations in Taiwan…………………………...…....35
     4.1 Taiwan’s Market Feature………..……………………………………………......35
     4.1.1 Disclosure of Corporate Governance Practices………………………..…...36
     4.2 Reform of Company Law and Good Corporate Governance…………………….37
     4.2.1 Information Disclosure and Transparency………………………….……...37
     4.2.2 Enhancing the Independence of Auditors…………………………….…….39
     4.2.3 Limitation of Director or Supervisors is abolished………………….…...39
     4.3 Summary…………………………………………………………………………….40
     5 Corporate Governance Rating at Government Level…………………………….……41
     5.1 Rating Principles………………………………………………………….…….41
     5.2 Results of Evaluation…………………………………………………….……..42
     5.3 Summary…………………………………………………………………………….46
     6 Case Study: E.SUN Holdings……………………………………………...…….…....47
     6.1 Taiwan’s Financial Sector’s History…………………………………………....47
     6.2 Introduction of E.SUN Holdings………………………………………………..48
     6.2.1 Capital Size……………………………………………………………......48
     6.2.2 Directors、Supervisors and Major Shareholders…………………...…...51
     6.2.3 Management Philosophy………………………………………………….52
     6.2.4 E.SUN’s Structure…………………………………………………………53
     6.2.5 Financial Analysis…………………………………………………………53
     6.2.6 Competitors Analysis…………………………………………………......54
     6.2.7 Company Strategies……………………………………………………….56
     6.2.8 Affiliates of E.SUN Financial Holdings…………………………………..60
     6.3 Summary…………………………………………………………………………….61
     7 An Analysis of E.SUN’s Corporate Governance Practice and Ratings……………….63
     7.1 The E.SUN Company Governance Principles………………………………….63
     7.2 Credit Rating of E.SUN Holdings…………………………………………........77
     7.2.1 Credit Rating of E.SUN Holdings………………………………………...77
     7.2.2 Corporate Governance Rating of E.SUN Holdings……………………….77
     7.2.3 Corporate Governance Rating of E.SUN by Moody’s……………….......79
     7.2.4 The Corporate Governance Rating of E.SUN in the Common-
     Wealth Magazine………………………………………………………….83
     7.2.5 The Corporate Governance Rating of E.SUN Financial Holdings in
     the Asset Magazine………………………………………………………..85
     7.2.6 Future Improvement for E.SUN…………………………………………..86
     7.3 Summary…………………………………………………………………………….88
     8 Recommendations for Proper Corporate Governance…………………………….......90
     Summary…………………………………………………………………………….93
     
     
     
     
     
     Tables
     ‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧
     1.1 Investor Opinion Survey 5
     1.2 Stock Premiums for Better Corporate Governance...………………………….5
     1.3 TSE Director and Supervisor Shareholding Ratio 6
     1.4 Types of Investors and Trading Volume Ratio in Centralised Market 8
     5.1 Corporate Governance Rating by CLSA 42
     5.2 Corporate Governance Rating in Emerging Market………………………… 42
     5.3 Corporate Governance Rating in East Asia Countries 45
     5.3 Country Average Corporate Governance Scores in 2004 46
     6.1 Financial Holding Companies in Taiwan 48
     6.2 E.SUN Bank’s Non Performing Assets/Total Loans 50
     6.3 E.SUN Bank’s Loan Loss Reserve/Non-Performing Loans 50
     6.4 Financial Holding Structure 50
     6.5 E.SUN Board Members 51
     6.6 Major Institutional Shareholders 52
     6.7 E.SUN E.SUN’s Financial Status…………………………………………… 54
     6.8 The Competitor Analysis Table……………………………………………… 56
     6.9 2005 Top 10 Credit Card Issuer in Taiwan………………………………….. 58
     6.10 Affiliates of E.Sun Financial Holdings 61
     7.1 E.SUN’s Committees Structure………………………………………………63
     7.2 NPL Ratio Comparison 74
     7.3 E.SUN’s Corporate Governance Implementation 76
     7.4 E.SUN Holdings Credit Rating 77
     7.5 Financial Holdings Comparison 78
     7.6 Financial Institutions Effected Most by Mostgage-Backed Securities 81
     7.7 Financial Institutions Effected Most by Lehman Brothers… 81
     7.8 Profitability Ranking of Financial Holdings………………………………….82
     7.9 Top Corporate Citizens by CommonWealth 84
     7.10 Corporate Governance Rating………………………………………………86
     Reference………………………………………………………………….………95
     Attachment 1 Stock Pledge Ratio of Board Members……………………………97
     Attachment 2 Class-Action Cases Against Companies…………………………..98
     
     Figures
     ‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧
     1.1 Corporate Governance Diagram 2
     2.1 Corporate Governance Structure Provided by World Bank 20
     3.1 Normal Process of Credit Rating 26
     7.1 E.SUN`s Risk Management Organization 73
     7.2 Credit Risk Management Chart 74
參考文獻 1. Beaver, W.H. (1996). Financial Ratios as Predictors of Failure. Journal of Accounting Research, 4, 71-102.
2. Bhagat & Black. (1999). The Uncertain Relationship Between Board Composition and Firm Performance, Business Lawyer, 921-963.
3. Brickley, J. A. L. Coles, and R.L. Terry. (1994). Outside Directors and the Adoption of Poison Pills. Journal of Financial economics, 371-390.
4. Business Today Magazine Issue 440, http://www.businesstoday.com.tw/
5. Claessens, Stijn, Djankov, Simeon & Lang, Larry H.P. (2000). The Separation of Ownership and Control in East Asian Corporations. Journal of Financial Economics, 58, 81-112.
6. Credit Lyonnais Securities Asia. (2001). CG Watch: Corporate Governance in Emerging Markets.
7. DBS Holding Company. (2001). Annual Report.
8. Dodwell Marketing Consultant. (1982). Industrial Grouping in Japan.
9. E.SUN Financial Holding. (2006,2007). Annual Report.
10. Faccio, M., and L. H. P. Lang. (2002). The Separation of Ownership and Control: An Analysis of Ultimate Ownership in Western European Corporations. Journal of Financial Economics.
11. Hermalin, B.E., and M. Weisbach. (1991). The Effects of Board Composition and Direct Incentives of Firm Performance. Financial Management, 20, 101-112.
12. Kaplan, J.N.,and D. Reishus. (1990). Outside Directorships and Corporate Performance. Journal of Financial Economics, 27, 389-410.
13. McKinsey & Company. (2002). Investor Opinion Survey.
14. Organization for Economic Co-operation and Development. (1999). OECD Principles of Corporate Governance.
15. Peter Wallace and John Zinkin. (2005). Matering Business in Asia Corporate Governance. 2,60-86.
16. Rosentein, S., and J.G. Wyatt. (1997). Inside Directors, Board Effectiveness and Shareholder
Wealth. Journal of Financial Economics, 44, 229-250.
17. Standard & Poor’s Company. (2002). Standard & Poor’s Corporate Governance Scores: Criteria. Methodology and Definitions.
18. Standard & Poor’s Company. (2001). Standard & Poor’s Company Transparency & Disclosure Survey 2001. Asia-Pacific, 100.
19. Taiwan Semiconductor Manufacture Company. (2006,2007) Annual Report.
20. United Manufacture Company. (2006) Annual Report.
21. Wallace Stettinius and George W. Logan. (2003). Corporate Governance. 227-239.
22. Yang, Shu-Jung. (2003). The Study of the Financial Holding Company’s Corporate Strategy- A Case of Fubon Financial Co., LTD. 47-82.
23. Yeh Ying Hua and Kuo Cheng Eung. (2002). Corporate Governance and Rating System. 62-64,124-135.
24. Yeh, Ying Hua, T.S. Lee and T. Woidtke. (2001). Family Control and Corporate Governance: Evidence for Taiwan. 21-48.
25. Standard & Poor’s Website. http://standardpoor.com.
26. E.SUN Holdings Website. http://www.esunfhc.com.tw.
27. Financial Supervisory Commission Website. www.fscey.gov.tw
描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
93933009
97
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0093933009
資料類型 thesis
dc.contributor.advisor 張逸民zh_TW
dc.contributor.advisor Chang, Yegminen_US
dc.contributor.author (Authors) 林志遠zh_TW
dc.contributor.author (Authors) Lin, Chih Yuanen_US
dc.creator (作者) Lin, Chih Yuanen_US
dc.date (日期) 2008en_US
dc.date.accessioned 14-Sep-2009 09:47:23 (UTC+8)-
dc.date.available 14-Sep-2009 09:47:23 (UTC+8)-
dc.date.issued (上傳時間) 14-Sep-2009 09:47:23 (UTC+8)-
dc.identifier (Other Identifiers) G0093933009en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/31318-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營管理英語碩士學位學程(IMBA)zh_TW
dc.description (描述) 93933009zh_TW
dc.description (描述) 97zh_TW
dc.description.abstract (摘要) 公司治理─以玉山金控為例zh_TW
dc.description.abstract (摘要) Since the early 1970’s, the concept of corporate governance has been frequently discussed in order to deal with any lack of an efficient board, i.e. one that perform poorly. After almost three decades, more and more scandals and corruptions have emerged in Asia and caused severe Asian financial crises. Suddenly, companies started to realize the importance of corporate governance and how it affects financial performance. Attention to this was particularly arising after the troubles of Enron and Arthur & Anderson in US. Furthermore, many international research organizations have indicated that poor corporate governance has been one of the main causes for Asian financial crises.
     
     Although Taiwan’s economy is extremely stable comparing with South Korea or Thailand during the Asian financial crises, it is very important for Taiwan’s companies to understand that only through a better corporate governance system; their companies can gain more competitiveness against overseas competitors. Now, Taiwan’s securities regulator has tried to make public companies more transparent in order to protect investor’s rights. For newly listed companies, now it is required to have at least two independent board members and one independent supervisor on the board and financial data must be disclosed at certain times.
     
     Over the past few years, the financial sector of Taiwan have been weakening due to increasingly heavy competition and relatively high cost ratios compared with other markets. As Taiwan has become a full member of WTO, its financial market is now more accessible to foreign competitors. It is expected that as competition intensifies, companies need to find a new approach to enhance their competitive advantage and good corporate governance seems to offer such an opportunity. This thesis uses E.SUN Financial Holdings to illustrate the how implementation of an effective corporate governance system can enhance a company’s competitive advantage and improve its financial performance.		en_US
dc.description.abstract (摘要) 1 Introduction……………………………….…………………….…………………………1
     1.1 Research Background and Motivation of Research…….….……..…………………1
     1.1.1 Corporate Governance and Stock Price……………..….……...…….…………4
     1.1.2 Research Objectives…………………………………………………………….8
     1.2 Research Methodology…………………………...……………....…….……….…..9
     1.3 Preliminary Findings……………………………………………..…….……….….10
     1.4 Summary…………………………………………………………………………….12
     2 The Principles of Corporate Governance…….…………………………….…..….…….13
     2.1 OECD Principles……………………….………………………………...……......13
     2.1.1 Shareholder’s rights…………….…………………………………………...13
     2.1.2 The Equitable Treatment of Shareholders…………………….………….…15
     2.1.3 Transparency Requirements…………………………………….…………..16
     2.1.4 The Responsibilities of the Board……………………………….……….…17
     2.2 The Structure of Corporate Governance…………………………….……….…...19
     2.2.1 Internal Structure…………………………………………….……………...19
     2.2.2 External Structure…………………………………………….………….….19
     2.3 Summary…………………………………………………………………………….22
     3 Corporate Governance Rating System.…………………………………….…………...23
     3.1 The Importance of Credit Rating…………………………………….…………...23
     3.2 Corporate Governance Measurement…………………….………………………25
     3.2.1 Forming Corporate Governance Rating Committees..….………………….25
     3.2.2 Decide the Standard of Measurement of the Company……...….………………25
     3.2.3 Collection Company Information or Send Questionnaires.…………...…...…...25
     3.2.4 Analyze the Result of Corporate Governance Scores………………….…..25
     3.2.5 Send the Report to the Rated Company for Confirmation…………………25
     3.2.6 Finalize the Report and Disclose the Result of CG Scores………………...25
     3.3 The Rating Criteria of Credit Rating Agencies……………………………….…..26
     3.3.1 Corporate Rating Criteria of CLSA...……………………………………….26
     3.3.2 Corporate Rating Criteria of Standard & Poor’s………………………..….30
     3.3.3 Corporate Rating Criteria of Moody’s………………..………….……..…..31
     3.4 Summary…………………………………………………………………………….33
     4 Corporate Governance Related Regulations in Taiwan…………………………...…....35
     4.1 Taiwan’s Market Feature………..……………………………………………......35
     4.1.1 Disclosure of Corporate Governance Practices………………………..…...36
     4.2 Reform of Company Law and Good Corporate Governance…………………….37
     4.2.1 Information Disclosure and Transparency………………………….……...37
     4.2.2 Enhancing the Independence of Auditors…………………………….…….39
     4.2.3 Limitation of Director or Supervisors is abolished………………….…...39
     4.3 Summary…………………………………………………………………………….40
     5 Corporate Governance Rating at Government Level…………………………….……41
     5.1 Rating Principles………………………………………………………….…….41
     5.2 Results of Evaluation…………………………………………………….……..42
     5.3 Summary…………………………………………………………………………….46
     6 Case Study: E.SUN Holdings……………………………………………...…….…....47
     6.1 Taiwan’s Financial Sector’s History…………………………………………....47
     6.2 Introduction of E.SUN Holdings………………………………………………..48
     6.2.1 Capital Size……………………………………………………………......48
     6.2.2 Directors、Supervisors and Major Shareholders…………………...…...51
     6.2.3 Management Philosophy………………………………………………….52
     6.2.4 E.SUN’s Structure…………………………………………………………53
     6.2.5 Financial Analysis…………………………………………………………53
     6.2.6 Competitors Analysis…………………………………………………......54
     6.2.7 Company Strategies……………………………………………………….56
     6.2.8 Affiliates of E.SUN Financial Holdings…………………………………..60
     6.3 Summary…………………………………………………………………………….61
     7 An Analysis of E.SUN’s Corporate Governance Practice and Ratings……………….63
     7.1 The E.SUN Company Governance Principles………………………………….63
     7.2 Credit Rating of E.SUN Holdings…………………………………………........77
     7.2.1 Credit Rating of E.SUN Holdings………………………………………...77
     7.2.2 Corporate Governance Rating of E.SUN Holdings……………………….77
     7.2.3 Corporate Governance Rating of E.SUN by Moody’s……………….......79
     7.2.4 The Corporate Governance Rating of E.SUN in the Common-
     Wealth Magazine………………………………………………………….83
     7.2.5 The Corporate Governance Rating of E.SUN Financial Holdings in
     the Asset Magazine………………………………………………………..85
     7.2.6 Future Improvement for E.SUN…………………………………………..86
     7.3 Summary…………………………………………………………………………….88
     8 Recommendations for Proper Corporate Governance…………………………….......90
     Summary…………………………………………………………………………….93
     
     
     
     
     
     Tables
     ‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧
     1.1 Investor Opinion Survey 5
     1.2 Stock Premiums for Better Corporate Governance...………………………….5
     1.3 TSE Director and Supervisor Shareholding Ratio 6
     1.4 Types of Investors and Trading Volume Ratio in Centralised Market 8
     5.1 Corporate Governance Rating by CLSA 42
     5.2 Corporate Governance Rating in Emerging Market………………………… 42
     5.3 Corporate Governance Rating in East Asia Countries 45
     5.3 Country Average Corporate Governance Scores in 2004 46
     6.1 Financial Holding Companies in Taiwan 48
     6.2 E.SUN Bank’s Non Performing Assets/Total Loans 50
     6.3 E.SUN Bank’s Loan Loss Reserve/Non-Performing Loans 50
     6.4 Financial Holding Structure 50
     6.5 E.SUN Board Members 51
     6.6 Major Institutional Shareholders 52
     6.7 E.SUN E.SUN’s Financial Status…………………………………………… 54
     6.8 The Competitor Analysis Table……………………………………………… 56
     6.9 2005 Top 10 Credit Card Issuer in Taiwan………………………………….. 58
     6.10 Affiliates of E.Sun Financial Holdings 61
     7.1 E.SUN’s Committees Structure………………………………………………63
     7.2 NPL Ratio Comparison 74
     7.3 E.SUN’s Corporate Governance Implementation 76
     7.4 E.SUN Holdings Credit Rating 77
     7.5 Financial Holdings Comparison 78
     7.6 Financial Institutions Effected Most by Mostgage-Backed Securities 81
     7.7 Financial Institutions Effected Most by Lehman Brothers… 81
     7.8 Profitability Ranking of Financial Holdings………………………………….82
     7.9 Top Corporate Citizens by CommonWealth 84
     7.10 Corporate Governance Rating………………………………………………86
     Reference………………………………………………………………….………95
     Attachment 1 Stock Pledge Ratio of Board Members……………………………97
     Attachment 2 Class-Action Cases Against Companies…………………………..98
     
     Figures
     ‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧‧
     1.1 Corporate Governance Diagram 2
     2.1 Corporate Governance Structure Provided by World Bank 20
     3.1 Normal Process of Credit Rating 26
     7.1 E.SUN`s Risk Management Organization 73
     7.2 Credit Risk Management Chart 74		-
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0093933009en_US
dc.subject (關鍵詞) 公司治理zh_TW
dc.title (題名) 公司治理─以玉山金控為例zh_TW
dc.title (題名) A study on corporate governance – A case study of E.SUN financial holdingsen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 1. Beaver, W.H. (1996). Financial Ratios as Predictors of Failure. Journal of Accounting Research, 4, 71-102.zh_TW
dc.relation.reference (參考文獻) 2. Bhagat & Black. (1999). The Uncertain Relationship Between Board Composition and Firm Performance, Business Lawyer, 921-963.zh_TW
dc.relation.reference (參考文獻) 3. Brickley, J. A. L. Coles, and R.L. Terry. (1994). Outside Directors and the Adoption of Poison Pills. Journal of Financial economics, 371-390.zh_TW
dc.relation.reference (參考文獻) 4. Business Today Magazine Issue 440, http://www.businesstoday.com.tw/zh_TW
dc.relation.reference (參考文獻) 5. Claessens, Stijn, Djankov, Simeon & Lang, Larry H.P. (2000). The Separation of Ownership and Control in East Asian Corporations. Journal of Financial Economics, 58, 81-112.zh_TW
dc.relation.reference (參考文獻) 6. Credit Lyonnais Securities Asia. (2001). CG Watch: Corporate Governance in Emerging Markets.zh_TW
dc.relation.reference (參考文獻) 7. DBS Holding Company. (2001). Annual Report.zh_TW
dc.relation.reference (參考文獻) 8. Dodwell Marketing Consultant. (1982). Industrial Grouping in Japan.zh_TW
dc.relation.reference (參考文獻) 9. E.SUN Financial Holding. (2006,2007). Annual Report.zh_TW
dc.relation.reference (參考文獻) 10. Faccio, M., and L. H. P. Lang. (2002). The Separation of Ownership and Control: An Analysis of Ultimate Ownership in Western European Corporations. Journal of Financial Economics.zh_TW
dc.relation.reference (參考文獻) 11. Hermalin, B.E., and M. Weisbach. (1991). The Effects of Board Composition and Direct Incentives of Firm Performance. Financial Management, 20, 101-112.zh_TW
dc.relation.reference (參考文獻) 12. Kaplan, J.N.,and D. Reishus. (1990). Outside Directorships and Corporate Performance. Journal of Financial Economics, 27, 389-410.zh_TW
dc.relation.reference (參考文獻) 13. McKinsey & Company. (2002). Investor Opinion Survey.zh_TW
dc.relation.reference (參考文獻) 14. Organization for Economic Co-operation and Development. (1999). OECD Principles of Corporate Governance.zh_TW
dc.relation.reference (參考文獻) 15. Peter Wallace and John Zinkin. (2005). Matering Business in Asia Corporate Governance. 2,60-86.zh_TW
dc.relation.reference (參考文獻) 16. Rosentein, S., and J.G. Wyatt. (1997). Inside Directors, Board Effectiveness and Shareholderzh_TW
dc.relation.reference (參考文獻) Wealth. Journal of Financial Economics, 44, 229-250.zh_TW
dc.relation.reference (參考文獻) 17. Standard & Poor’s Company. (2002). Standard & Poor’s Corporate Governance Scores: Criteria. Methodology and Definitions.zh_TW
dc.relation.reference (參考文獻) 18. Standard & Poor’s Company. (2001). Standard & Poor’s Company Transparency & Disclosure Survey 2001. Asia-Pacific, 100.zh_TW
dc.relation.reference (參考文獻) 19. Taiwan Semiconductor Manufacture Company. (2006,2007) Annual Report.zh_TW
dc.relation.reference (參考文獻) 20. United Manufacture Company. (2006) Annual Report.zh_TW
dc.relation.reference (參考文獻) 21. Wallace Stettinius and George W. Logan. (2003). Corporate Governance. 227-239.zh_TW
dc.relation.reference (參考文獻) 22. Yang, Shu-Jung. (2003). The Study of the Financial Holding Company’s Corporate Strategy- A Case of Fubon Financial Co., LTD. 47-82.zh_TW
dc.relation.reference (參考文獻) 23. Yeh Ying Hua and Kuo Cheng Eung. (2002). Corporate Governance and Rating System. 62-64,124-135.zh_TW
dc.relation.reference (參考文獻) 24. Yeh, Ying Hua, T.S. Lee and T. Woidtke. (2001). Family Control and Corporate Governance: Evidence for Taiwan. 21-48.zh_TW
dc.relation.reference (參考文獻) 25. Standard & Poor’s Website. http://standardpoor.com.zh_TW
dc.relation.reference (參考文獻) 26. E.SUN Holdings Website. http://www.esunfhc.com.tw.zh_TW
dc.relation.reference (參考文獻) 27. Financial Supervisory Commission Website. www.fscey.gov.twzh_TW