銀行公司治理與經營績效關聯性之研究-以東南亞新興市場為例

Abstract

公司治理是一種指導和管理公司的方法，它影響公司目標的設立與績效的精進等，公司治理透過公司內部、外部等各方參與者之間的互動，確保公司平衡、可持續性的發展，近年來新興市場對公司治理有相當大的關注，然而在新興市場發展公司治理上面臨一些與已開發國家不同的挑戰，例如在國家層面，受到執法機制不完善、經濟全球化之影響，而在公司層面，受到如營運活動不透明、股權結構高度集中等特性，因此在研究新興市場公司治理時須特別留意，才能找出影響新興市場銀行公司治理的真正因素。因此本文首先研究代理問題理論與利害關係人理論等，此後更加入交易成本經濟學討論，試圖建構一個公司治理的完整架構，且此架構側重於東南亞國家等新興市場，東南亞新興市場主要選擇越南、泰國這兩個最具有活力的國家，研究有關上市銀行的董事會組成、所有權結構等對經營績效的影響，實證研究發現，兩國對交易成本經濟學、代理問題理論、利害關係人理論皆有顯著影響在不同細項，此發現有助於管理者與監管機構促成更好的公司治理，更可讓外部投資者當作參考，從而使他們在新興市場的投資組合更加多樣化。Corporate governance is a method of guiding and managing a company, which affects the establishment of company goals and the improvement of performance. In recent years, emerging markets have paid considerable attention to corporate governance. However, the development of corporate governance in emerging markets faces some challenges that are different from those in developed countries. For example, at the national level, it is affected by imperfect law enforcement mechanisms and economic globalization, while at the company level, it is affected by opaque operating activities and a high concentration of ownership structures, so special attention must be paid when studying corporate governance in emerging markets in order to find out the real factors that affect the corporate governance of emerging market banks.Therefore, this paper first examines the agency theory and stakeholder theory, and then adds transaction cost economics to the discussion in an attempt to construct a complete framework for corporate governance, with an emphasis on emerging markets such as Southeast Asian countries, where Vietnam and Thailand are the two most dynamic countries. Research on the influence of the board composition and ownership structure of listed banks on business performance, empirical research finds that the two countries have significant influence on transaction cost economics, agency problem theory, and stakeholder theory in different items. The study will help managers and regulators to promote better corporate governance, and will serve as a reference for external investors to diversify their investment portfolios in emerging markets.