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|其他題名: ||The association between corporate governance and risk of privatization of state-owned enterprises and their impact on performance in Taiwan|
|作者: ||張耀中;Chang, Yao-chung|
|關鍵詞: ||公司治理;風險;績效;corporate governance;risk;Performance|
|上傳時間: ||2010-01-11 04:18:08 (UTC+8)|
Several publicly-owned enterprises in Taiwan had suffered from a bad reputation since the privatization realized. People questioned the corporation governance and risk of the privatized state-owned business including Sinofert Holdings Limited, China Petrochemical Development Corporation, Taiwan Fertilizer Co., Ltd., and TDTC. The listed companies in Taiwan from 2002 to 2006 are sampled for this study to explore the association between corporate governance and risk of the privatized state-owned enterprises and the impact on their performance.
The empirical results show that (1) There is not a significant positive relation between corporate governance and risk in Taiwan’s privatized companies. This indicates that in pursuit of return, privatized companies often overlook the risk of their own. (2) There is a positive relation between corporation governance and performance of the privatized state-owned enterprises. The privatized company with better corporation governance is with better EPS comparing to EBIT or ROE. (3) If privatized company fails to control the opportunities resulted from high risk, there is a negative relation between risk and performance; therefore, the remains room for improvement in risk management. (4) If privatized company fails to manage the opportunities effectively, the positive influence of corporation governance on performance could be affected negatively.
While considering corporation governance and risk and applying the interaction of corporation governance and risk the results show: There is a positive relation between corporation governance and performance; however, there is a negative relation between corporation governance and risk; moreover, there is negative relation between corporation governance and the interaction of risk and performance. The company with better corporation governance is with better performance; moreover, the company and investors faces less risk; however, the “high risk to high return” effect will not surface. Therefore, privatized company is suggested to reinforce corporation governance while in the pursuit of performance, especially, the company must manage the opportunities resulted from taking the risk in order to realize the “high risk to high return” investment management principles.