| Summary: | 碩士 === 朝陽科技大學 === 營建工程系碩士班 === 98 === As corporate governance has gradually become the common trend in every country in the world, it has also been 10 years since our country’s government began to implement the initiative and promotion of corporate governance mechanism in listed/OTC companies. In the construction industry, owing to its industrial property of high agency risk, theoretically, it should have stronger motivation to carry out corporate governance mechanism. Nevertheless, in the primary observations about the promotion of corporate governance system in the listed/OTC companies within our country, the construction industry does not seem to have the tendency to be more active or have better performance in acquiring certification. Regarding such a phenomenon, the study intended to discover and explore the issue: Whether there are other industrial property factors, company’s individual factors, or system factors of corporate governance that cause the aforementioned phenomenon of inconsistency between theories and reality.
In this study, first of all, in order to confirm whether the construction industry’s performance in corporate governance is significantly different from other industries, the “Corporate Governance and Rating System” developed by Corporate Governance Association, which is more indicatory in our country at present, was adopted to serve as the rating standard for implementation degree of corporate governance system. Under the situation in which the existing assessment scores and results are not available, the collections and ratings were undertaken in this study, aimed at the research subjects’ information which can be disclosed. As for the selection of the research subjects, 41 companies (in the construction industry) were selected in this study, to serve as the survey group representing “the construction industry”. Also, according to the 2009 Top 1000 Companies in the manufacture industry, the service industry and the financial industry announced by Common Wealth Magazine, the 41 “leading enterprises” were selected from these industries, to serve as the control group vs. the construction industry.
After the surveys and appraisals of implementation degree of corporate governance were performed aimed at the foregoing two groups, statistics and test methods were mainly utilized in this study to explore the issues in two aspects. One was to test whether the difference in implementation degree of corporate governance existed between the construction industry and the leading enterprises. The other was to test the correlation between the implementation degree of corporate governance and the various kinds of factors including company scale, profitability, the motivation for promoting corporate governance, and so on. The test results indicated:
1.In terms of implementation degree of entire corporate governance, a significant difference existed between the construction industry and the leading enterprises. Also, the leading enterprises had better entire performance than the construction industry did.
2.In the two sub-items “Function reinforcement of the Board of Directors” and “Respect for stakeholders’ right”, a significant difference in the implementation degree existed between the leading enterprises and the construction industry. Also, the leading enterprises had better performance.
3.If no division of construction industry or leading enterprise was made, the implementation degree of company scale in all the sample enterprises had significant correlation with the three factors “total revenue”, “capital amount” and “number of employees” that represent company scale, but it had no significant correlation with various kinds of factors in the aspects such as profitability and the motivation for promoting corporate governance. According to the results mentioned above, this study had the primary conclusion: With greater enterprise scale, ex. greater scale of company capital or more abundant manpower, a company will be more capable for taking on the cost necessary for corporate governance, and thus it will have higher implementation degree of corporate governance.
4.If seen from the construction industry alone, significance existed between the implementation degree of corporate governance and the factors “number of employees” and “directors’ and supervisors’ share proportion”, while the leading enterprises’ implementation degree of corporate governance had no significant correlation with all the assumption factors.
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