| 摘要: | 台灣近年來許多公司陸續發生企業弊案，對金融市場造成重大衝擊。這些事件大多出自於公司董事會監督不周、 管理階層自利行為、操縱損益、審計，喪失獨立性等公司治理問題，諸多經營行為，處處可見人謀不臧之痕跡，使得公司治理的議題更加受到重視。
本研究針對台灣著名的上市公司大同（Tatung）進行個案研究，主要探討公司治理與董事會職能之間的關係以及董事會所扮演的角色。結果顯示：董事會組成的多樣性、專業性與獨立性決定了董事會的運作方式。因此，加強董事會職能是公司治理的關鍵，公司必須實現監督、諮詢、強化策略和資源獲取功能。從大同公司治理結果來看，公司專注短期發展與自身利益，同時擁有所有權與經營權，董事會與CEO角色混淆，甚至一人身兼數十家關係企業董事長，這些都將為公司帶來經營風險與財務危機，減損公司價值，甚至被市場淘汰；反之，具有良好治理的公司落實行使董事會職能，增強董事會獨立性，多元性與專業性，並聘任專業經理人經營業務，通過資訊的充分揭露使公司保持透明，塑造公司文化的完整性，並致力於企業社會責任，而不僅僅是追求股東財富最大化。;In recent years, many companies in Taiwan have suffered from corporate fraud, which has caused a major impact on the financial market. Most of these incidents stem from corporate governance issues such as inadequate supervision by the company’s board of directors, self-interested management, earnings management, auditing, and loss of independence. Business misconduct is pervasive and corporate governance issues are therefore caught highly attention.
This study examines the relationship between corporate governance and the function of the board of directors as well as the role the board plays, based on Tatung, a well-known listed firm in Taiwan which is struggling for survival nowadays. The results show that the diversity, professionalism, and independence of the board of directors determine the way the board operates. Strengthening the function of the board of directors is therefore a key to corporate governance. In other words, firms have to implement monitoring, advisory, and resource acquisition functions. The implications of this study for management practice are that focusing on short-term and self-interested goals, CEO duality, and even busy chair-people, all these would undermine firm value and even lead to financial distress. Conversely, companies with good governance implement the functions of the board of directors, enhance board independence, diversity and professionalism and hire professional management to run the business. They keep firms transparent by the full disclosure of information and shape the integrity of corporate culture as well as commit to corporate social responsibility rather than only maximize shareholder wealth. |
