公司治理與財務危機關聯性之探討

• Main Authors: Xiang-He Zheng, 鄭祥和
• Other Authors: Chun-Mei Ma
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/86149452698374493797

碩士 === 東吳大學 === 會計學系 === 95 === Following Asia financial crisis and many events on accounting scandals, such as Enron case in USA and Procomp Informatics case in Taiwan, many government regulators of Asia countries are enforced to adopt the related mechanisms of corporate governance to enhance the monitoring level over the listed companies of their capital markets. This study presumes that if some indicators of corporate governance are valid, then they are related to the incidence of financial distress. That means the companies with poor corporate governance have high incidence to be financial distress but the companies with good corporate governance are less likely to be financial distress. This study, therefore, selects 188 companies listed in Taiwan Stock Exchange Corporation (TSEC) and GreTai Securities Market (GTSM), which had been financially-distressed companies during 1992 to 2005, as the original sample to examine the research question. Each company in the original sample is then matched with a healthy company to form a research sample with a total of 376 companies. The binary logistic regression model is used to test the relation between the incidence of financial distress and indicators of corporate governance. The empirical result supports the research hypothesis of this study and shows that most indicators of corporate governance are statistically significantly related to the incidence of financial distress. This evidence implies that good corporate governance mechanism guarantees Taiwan listed companies to be less incidence of financial distress.