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題名 台灣企業公司治理特性分析-以航空業為例
The analysis of corporate governance for Taiwan comany-the case of Airlines industry.作者 郭富樹
Kuo, Fu Shu貢獻者 林柏生
郭富樹
Kuo, Fu Shu關鍵詞 公司治理
代理問題
航空業
風險
永續經營
大股東
Corporate governance
Airlines industry
Risk
Continuing operation
Controlling shareholders日期 2011 上傳時間 30-Oct-2012 14:22:01 (UTC+8) 摘要 摘 要公司治理係指公司在所有權與經營權分離後，建立一個解決代理問題的機制，以監控其委託經營公司之專業經理人，避免其逾權及維護股東的權益。Berle與Means(1932)提出公司「經營權」與「所有權」之概念後，兩權分離已逐漸成為現代企業經營之特性。當公司之經營規模日漸擴大與專業化，公司所有者未必有時間與能力經營其所屬的企業，因而導致專業經理人的產生。惟當公司所有者與專業經理人之間存有資訊不對稱與目標不一致的情境下，即會產生「代理問題」。近年來，世界各國陸續爆發企業經營管理危機，為尋求有效解決之道，公司治理之觀念在全世界快速發展。各主要國際組織，無不大力倡導公司治理之重要性。世界各國政府對於公司治理的高度重視，亦使得改革公司治理的重要性逐漸提高，同時認為公司治理制度健全與否，是一個健全與維持成功金融市場的關鍵要素。公司治理促使公司資訊公開透明化，進而解決資訊不對稱的代理問題，讓投資者更有信心把資金投入市場，有助於健全金融市場。國際上知名的投資機構將推行公司治理列為選股之重點指標，各國政府紛紛鼓勵其國內企業積極推動公司治理以吸引國際投資者。依據2000年6月麥肯錫企管顧問公司(McKinsey & Company)對全球投資人所做的研究報告指出，有四分之一投資人認為一個有良好公司治理的公司可以為該公司的股票創造約20%以上之公司治理之超額溢價。2008年國際原油價格飆漲，航空業的營業成本遽增，加諸美國信貸危機，導致全球經濟不景氣，使航空業的生存面臨嚴峻挑戰。航空業為各國政府管制性的行業，競爭者要進入航空市場有其障礙。航空業所面臨的風險項目繁雜，每一項風險均可能對航空公司的營運造成嚴重衝擊，需要透過有效的管理制度才能將影響企業經營的損失程度降至最小，以期達成企業永續經營的目標。本研究之個案公司為台灣第一家上市的國籍航空公司，其大股東為財團法人，全體董事、監察人皆為同一法人代表，為一特殊案例，具有學術研究價值。本研究藉由探討個案公司實務上所面臨的公司治理問題，並與市場主要競爭者加以比較，以驗證文獻上之觀點。本研究結果與理論相符合，有助於解決個案公司之公司治理問題，及提供航空業界參考。關鍵詞：公司治理、代理問題、航空業、風險、永續經營、大股東。
After the impact of the Asia 1997 financial crisis ,almost the worldwide government requires the enterprises to emphasize corporate governance.Starting from the end of year 2001,the successive scandle of Enron,WorldCom,Tyco,Merck,and other USA companies leads to the material loss of investors.Because of the reason of careless corporate governance,USA government have passed the Sarbanes-Oxley Act in July 2002 to enhance the corporate governance of the enterprise and strengthen the capital market.According to one research by Mckinsey & Company in June 2000,there are about 25% of global investors who are willing to pay 20% premium money to buy those stocks belong to companies have better corporate governance.Owing to the peak price of oil and the dump of global ecomonic during the year 2008,the airlines must increases the cost of operation and faces the tough challenge of the market. Airlines industry is one of strict industries to the local government in the world, and the competitor have the obstacle to enter into the market. Due to get the target of continuing operation, airlines have to face and predict the miscellaneous risk for controlling and minimizing the loss.This paper probes into the problem of corporate governance for the case company. The author presents a case study of domestical airlines and addresses the importance of corporate governance. 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國立政治大學
經營管理碩士學程(EMBA)
95932227
100資料來源 http://thesis.lib.nccu.edu.tw/record/#G0095932227 資料類型 thesis dc.contributor.advisor 林柏生 zh_TW dc.contributor.author (Authors) 郭富樹 zh_TW dc.contributor.author (Authors) Kuo, Fu Shu en_US dc.creator (作者) 郭富樹 zh_TW dc.creator (作者) Kuo, Fu Shu en_US dc.date (日期) 2011 en_US dc.date.accessioned 30-Oct-2012 14:22:01 (UTC+8) - dc.date.available 30-Oct-2012 14:22:01 (UTC+8) - dc.date.issued (上傳時間) 30-Oct-2012 14:22:01 (UTC+8) - dc.identifier (Other Identifiers) G0095932227 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54917 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經營管理碩士學程(EMBA) zh_TW dc.description (描述) 95932227 zh_TW dc.description (描述) 100 zh_TW dc.description.abstract (摘要) 摘 要公司治理係指公司在所有權與經營權分離後，建立一個解決代理問題的機制，以監控其委託經營公司之專業經理人，避免其逾權及維護股東的權益。Berle與Means(1932)提出公司「經營權」與「所有權」之概念後，兩權分離已逐漸成為現代企業經營之特性。當公司之經營規模日漸擴大與專業化，公司所有者未必有時間與能力經營其所屬的企業，因而導致專業經理人的產生。惟當公司所有者與專業經理人之間存有資訊不對稱與目標不一致的情境下，即會產生「代理問題」。近年來，世界各國陸續爆發企業經營管理危機，為尋求有效解決之道，公司治理之觀念在全世界快速發展。各主要國際組織，無不大力倡導公司治理之重要性。世界各國政府對於公司治理的高度重視，亦使得改革公司治理的重要性逐漸提高，同時認為公司治理制度健全與否，是一個健全與維持成功金融市場的關鍵要素。公司治理促使公司資訊公開透明化，進而解決資訊不對稱的代理問題，讓投資者更有信心把資金投入市場，有助於健全金融市場。國際上知名的投資機構將推行公司治理列為選股之重點指標，各國政府紛紛鼓勵其國內企業積極推動公司治理以吸引國際投資者。依據2000年6月麥肯錫企管顧問公司(McKinsey & Company)對全球投資人所做的研究報告指出，有四分之一投資人認為一個有良好公司治理的公司可以為該公司的股票創造約20%以上之公司治理之超額溢價。2008年國際原油價格飆漲，航空業的營業成本遽增，加諸美國信貸危機，導致全球經濟不景氣，使航空業的生存面臨嚴峻挑戰。航空業為各國政府管制性的行業，競爭者要進入航空市場有其障礙。航空業所面臨的風險項目繁雜，每一項風險均可能對航空公司的營運造成嚴重衝擊，需要透過有效的管理制度才能將影響企業經營的損失程度降至最小，以期達成企業永續經營的目標。本研究之個案公司為台灣第一家上市的國籍航空公司，其大股東為財團法人，全體董事、監察人皆為同一法人代表，為一特殊案例，具有學術研究價值。本研究藉由探討個案公司實務上所面臨的公司治理問題，並與市場主要競爭者加以比較，以驗證文獻上之觀點。本研究結果與理論相符合，有助於解決個案公司之公司治理問題，及提供航空業界參考。關鍵詞：公司治理、代理問題、航空業、風險、永續經營、大股東。 zh_TW dc.description.abstract (摘要) After the impact of the Asia 1997 financial crisis ,almost the worldwide government requires the enterprises to emphasize corporate governance.Starting from the end of year 2001,the successive scandle of Enron,WorldCom,Tyco,Merck,and other USA companies leads to the material loss of investors.Because of the reason of careless corporate governance,USA government have passed the Sarbanes-Oxley Act in July 2002 to enhance the corporate governance of the enterprise and strengthen the capital market.According to one research by Mckinsey & Company in June 2000,there are about 25% of global investors who are willing to pay 20% premium money to buy those stocks belong to companies have better corporate governance.Owing to the peak price of oil and the dump of global ecomonic during the year 2008,the airlines must increases the cost of operation and faces the tough challenge of the market. Airlines industry is one of strict industries to the local government in the world, and the competitor have the obstacle to enter into the market. Due to get the target of continuing operation, airlines have to face and predict the miscellaneous risk for controlling and minimizing the loss.This paper probes into the problem of corporate governance for the case company. The author presents a case study of domestical airlines and addresses the importance of corporate governance. The results could provide insigts and helpful suggestions to the promotion of the corporate governance for the case company and Taiwan airlines industry.Key Words：Corporate governance, Airlines industry, Risk, Continuing operation, Controlling shareholders. en_US dc.description.tableofcontents 第一章 緒論……………………………………………………………… 1壹、研究背景與動機………………………………………………… 2貳、研究目的………………………………………………………… 2參、研究架構………………………………………………………… 3第二章 文獻探討………………………………………………………… 5壹、公司治理………………………………………………………… 5貳、代理理論………………………………………………………… 14參、公司治理原則之發展…………………………………………… 20肆、公司治理機制…………………………………………………… 25伍、內部控制與內部稽核…………………………………………… 28第三章 我國公司治理概況……………………………………………… 34壹、我國公司治理之特性…………………………………………… 34貳、我國公司治理之執行現況……………………………………… 37參、我國公司治理主要措施………………………………………… 54肆、公司治理制度評量……………………………………………… 64伍、資訊揭露………………………………………………………… 68第四章 航空業產業分析………………………………………………… 73壹、航空業特性……………………………………………………… 73貳、航空業之發展趨勢……………………………………………… 78參、航空業未來之挑戰……………………………………………… 81肆、台灣航空市場分析……………………………………………… 82第五章 個案分析………………………………………………………… 94壹、個案公司概況…………………………………………………… 94貳、個案公司之公司治理…………………………………………… 100參、個案公司與市場主要競爭者比較分析………………………… 109肆、個案分析結果…………………………………………………… 118第六章 結論與建議……………………………………………………… 119壹、研究結論………………………………………………………… 119貳、研究建議………………………………………………………… 120參、研究限制及後續研究建議……………………………………… 123參考文獻………………………………………………………………… 124 表 目 錄表3-1 集中交易市場成交金額投資人類別比例表………………… 36表4-1 主要航空公司客運人數……………………………………… 75表4-2 主要航空公司客運延人公里………………………………… 76表4-3 主要航空公司貨運延噸公里………………………………… 76表4-4 主要機場飛機起降架次……………………………………… 77表4-5 主要機場進出旅客人數……………………………………… 77表4-6 主要機場進出貨物噸數……………………………………… 78表4-7 世界三大航空聯盟…………………………………………… 80表4-8 民用航空運輸業基本資料統計表…………………………… 83表4-9 普通航空業基本資料統計表……………………………… 84表4-10 台灣航空公司家數…………………………………………… 86表4-11 2011年底國籍航空公司機隊機齡…………………………… 87表4-12 2011年度臺閩地區國內航線班機載客率及市場占有率－按航線分………………………………………………………… 91表5-1 營業比重統計表……………………………………………… 95表5-2 生產量值表…………………………………………………… 95表5-3 個案公司營運結果統計表…………………………………… 96表5-4 台灣地區2011年國際航線客貨運量統計………………… 96表5-5 IATA 2010年全球客貨運排名 …………………………… 97表5-6 台灣地區航空公司客貨運市場佔有率……………………… 98表5-7 個案公司獲利能力…………………………………………… 100表5-8 個案公司股權分散表………………………………………… 102表5-9 個案公司股東結構…………………………………………… 103表5-10 個案公司持股比例占前十名股東名單……………………… 104表5-11 最近五年度簽證會計師及查核意見………………………… 105表5-12 最近二年度董事及監察人實際出席率……………………… 105表5-13 最近五年度從業員工資料…………………………………… 106表5-14 最近三年度支付酬金總額占稅後純益比…………………… 106表5-15 公司治理運作情形…………………………………………… 106表5-16 公司治理表現紀錄…………………………………………… 109表5-17 長榮航空最近五年度營業結果統計表……………………… 110表5-18 長榮航空最近五年度獲利能力……………………………… 111表5-19 長榮航空股權分散表………………………………………… 114表5-20 長榮航空持股比例占前十名股東名單……………………… 115表5-21 長榮航空股東結構…………………………………………… 115表5-22 長榮航空最近二年度董事及監察人實際出席率…………… 116表5-23 長榮航空最近三年度酬金總額占稅後純益比……………… 116表5-24 長榮航空最近五年度從業員工資料………………………… 117表5-25 個案分析結果彙總表………………………………………… 118表6-1 研究建議彙總表……………………………………………… 121 圖 目 錄圖1-1 研究架構………………………………………………………… 4圖2-1 公司治理基本架構……………………………………………… 6圖3-1 公司治理制度評量六大構面…………………………………… 66圖3-2 評量評分結構示意圖…………………………………………… 67圖3-3 評量實施階段示意圖…………………………………………… 68圖4-1 全球航空業淨利變化趨勢圖…………………………………… 82圖4-2 國籍航空公司國際及兩岸航線載客人數百分比……………… 89圖4-3 國籍航空公司國內航線載客人數百分比 …………………… 89圖4-4 國內航線載客人數及載客率變化趨勢………………………… 92圖5-1 個案公司最近五年度財務結構趨勢圖………………………… 99圖5-2 個案公司最近五年度償債能力趨勢圖………………………… 99圖5-3 個案公司組織系統……………………………………………… 101圖5-4 個案公司最近十年度之股權變化……………………………… 103圖5-5 長榮航空最近五年度財務結構趨勢圖………………………… 112圖5-6 長榮航空最近五年度流動比率及速動比率變化趨勢圖……… 113 zh_TW dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0095932227 en_US dc.subject (關鍵詞) 公司治理 zh_TW dc.subject (關鍵詞) 代理問題 zh_TW dc.subject (關鍵詞) 航空業 zh_TW dc.subject (關鍵詞) 風險 zh_TW dc.subject (關鍵詞) 永續經營 zh_TW dc.subject (關鍵詞) 大股東 zh_TW dc.subject (關鍵詞) Corporate governance en_US dc.subject (關鍵詞) Airlines industry en_US dc.subject (關鍵詞) Risk en_US dc.subject (關鍵詞) Continuing operation en_US dc.subject (關鍵詞) Controlling shareholders en_US dc.title (題名) 台灣企業公司治理特性分析-以航空業為例 zh_TW dc.title (題名) The analysis of corporate governance for Taiwan comany-the case of Airlines industry. en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 一、 中文部份1.專書邱慈觀，2007，公司治理-企業健全與營利成長的關鍵，台北，臺灣培生。林柄滄，2002，內部稽核理論與實務，台北，眾信聯合會計師事務所。林宜隆，2003，電腦稽核實務導覽，台北，中華民國電腦稽核協會。葉銀華，2008，實踐公司治理，台北，聯經出版社。張坤厚，1986，航空營運論叢，台北，三民書局。劉紹梁，2002，從莊子到安隆：A+公司治理，台北，天下雜誌。劉坤億、蔡淑美，2004，公司治理。2.期刊及論文丁秀儀，2004，上市公司公司治理、經營績效與機構投資人投資行為關聯性之研究，國立政治大學企業管理學系博士論文。王國華，1994，台灣企業內部稽核現況之探討與影響設立因素之研究，國立政治大學會計研究所碩士論文。任維廉、鄭永安、林俊宏，2004，民航駕駛員工作壓力之研究-以國內A航空公司為例，交通部民用航空局，第六卷第三期，民航季刊(9月)，頁1-42。杜榮瑞，2002，企業盈餘操縱：企業經理人、會計準則與審計，會計研究月刊，第205期，頁14-16。邱毅，1996，產業民主適合國內環境，經濟前瞻，五月號，頁110-112。吳幸蓉，2003，公司治理與企業短視行為關係之研究，逢甲大學會計與財稅研究所碩士論文。沈宜鈴，2002，我國與德國勞工董事制度之比較研究，國立中正大學勞工研究所碩士論文。何里仁，2003，公司治理之資訊透明度與績效評核關聯性之研究，逢甲大學會計與財稅研究所碩士論文。吳學良、吳明翰，2004，勞工董事對勞資關係與董事會決策型態之影響，國立成功大學企業管理研究所受行政院經濟建設委員會委託研究報告。李樺溶，2008，健全公司治理-以法律規範、資訊揭露、企業倫理為核心，逢甲大學經營管理碩士在職專班碩士學位論文。林振裕，1998，勞工參與制度與勞資關係，勞工行政，第172期，頁10-15。林明謙，2000，股權結構、董事會組成對大股東介入股市行為影響之研究，輔仁大學金融研究所碩士論文。林秀玉，2003，如何促成公司治理制度在台灣建立，中華民國內部稽核協會，第41期季期刊(1月)，頁10-16。柯承恩，2000，我國公司治理體系之問題與改進建議，會計研究月刊，第173期，頁75-81。洪雲萍，2003，獨立董事聘任制度探討─以賽局論分析，國立台灣大學財務金融學研究所碩士論文。翁淑育，1999，台灣上市公司股權結構、核心代理問題及公司價值之研究，輔仁大學金融研究所碩士論文。馬秀如，2005，企業風險管理：整合架構，會計研究發展基金會。高蘭芬，2002，董監事股權質押之代理問題對會計資訊與公司績效之影響，國立成功大學會計學系博士論文。黃彥儒，2002，上市公司監理機制與財務預測可靠性之研究，中國文化大學國際企業管理研究所碩士論文。康嫻莉，2007，公司治理與財務危機-以舞弊事件之上市櫃公司為例，國立政治大學會計學系碩士論文。葉銀華，1998，家族控股、董事會組成與經營績效-台灣家族企業管制機制之研究，台北，行政院國家科學委員會專題研究計劃報告。葉銀華，2002，透過實踐股東行動主義健全公司治理機制，會計研究月刊，第205期，頁14-16。張烱滄，2005，中華航空公司資本結構影響因素之探討，國立政治大學經營管理碩士學程碩士論文。楊明峰，2002，國營事業實施勞工董事制度對勞資關係氣氛之影響—以台電公司產業工會幹部為例，國立交通大學經營管理研究所碩士論文。張緒中，2003，中華電信工會產業民主實踐之研究，國立中山大學公共事務管理研究所碩士在職專班碩士論文。陳彬弘，2005，內部稽核與企業風險管理之關聯性研究，國立政治大學會計研究所碩士論文。陳獻曜，2006，從公司治理探討內部稽核人員角色之定位，國立台北大學企業管理研究所碩士論文。連煥明，2003，論公司治理下內部控制與內部稽核之實現與變革-以金融機構為例，國立政治大學經營管理碩士學程碩士論文。彭筱倩，2003，盈餘管理與公司治理關聯性之研究-以我國財務危機公司為例，國立政治大學會計學系碩士論文。廖文鳳，2004，公司治理與財務資訊品質之研究，逢甲大學會計與財稅研究所碩士論文。劉綠萍，2004，董監事股權質押的代理問題與公司價值關聯性之研究，國立台北大學企業管理學系博士論文。蔡鴻賢，1985，我國企業實施內部稽核制度之研究，東吳大學會計研究所碩士論文。鍾家華，2006，企業風險管理對內部稽核機制影響之研究，國立台北大學企業管理研究所碩士論文。蕭黎明，1993，台灣上市公司最高主管之報償、持股比例與公司績效之關係研究。國立台灣大學財務金融學研究所碩士論文。 二、 英文部份Agrawal, & Knoeber, C. 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