| dc.description.abstract | Now, the complicated global capital structure needs more and more honest, transparent transactions and financial system, so it can cohere the investment confidence and maintain the economic prosperity. The global capital resources are limited, and every nation actively improves the corporate governance for the international investment and industry policy. According to CLSA and S&P, the scores of listed companies in Taiwan are significantly lower than other nations in East Asia, and these improvements mostly need to depend on the revise and enforcement of the laws and regulations.
The revises of the laws and regulations about the corporate governance in Taiwan are actually slower than other nations in Asia, and the government had continually tried and carried out some relative laws and regulations, but are they actually effective for the improvement of the corporate governance?
The outputs and demands of PCB industry grew largely for years running in Taiwan from 1997, and achieved the high peak in 2000. Because of the effects of the global depression and the terror of 911 in 2001, the growth of outputs and demands became gliding, but what does the fluctuation of the industrial prosperity affect the performance of the corporate governance? When the prosperity is good, even if the performance of corporate governance is not good, the problem will not easily appear; besides, when the prosperity is not good, the competition of the industrial structure becomes keener, so we can easily find out whether the performance of the corporate governance is good or not.
So the main purposes of this study are to confer:
1. Can the laws and regulations of Taiwan government improve effectively the system of the corporate governance? 2. Can the industrial prosperity affect the efficiency of the corporate governance?
This study takes 39 listed PCB companies of Taiwan as the objects of the study, and the period of the study is from 2000 to 2002. According to the case study and the industrial empirical analysis, this study gets the analysis results. The results of the study show:
1. The laws and regulations of Taiwan government, especially about the site of independent directors and monitors, the requisition of directors and monitors in play their proper role and the noteworthy duty do significantly affect the corporate governance, and the form of directors and monitors is actually the critical factor of corporate governance in Taiwan.
2. When the industrial prosperity is not good, the effect of the performance degree of the corporate governance is more obvious. When the industrial prosperity is not good, the form of directors and monitors, the relational transaction, the intervention of the stock market of major shareholders, and the equity structure are positive relative to the operating performance of the next year and the performance of the stock price of the same year. | en_US |