| Summary: | 碩士 === 東海大學 === 會計學系 === 100 === In this paper, the China Credit Database is employed to screen the unbalance panel data of business groups during 2005 and 2009. First, using principal component analysis to create the corporate governance indices of P1~P8, P1 is the director and supervisor; P2 is the control shareholding and seats; P3 is the outside shareholding and seats; P4 is the shareholding and control rights deviation; P5 is the ownership structure; P6 is the information transparency; P7 is the equitable treatment of shareholders; P8 is the stability of organization and personnel. Then, cluster analysis classifies the sample to five clusters. ANOVA and unbalance panel model are constructed to test whether the heterogeneity exists between business group’s corporate governance and operating performance. Finally, this paper examines the diverse impacts of corporate governance on operating performance(ROA, ROE, Tobin’s Q and technical efficiency). Major findings indicate that: (1) Big and medium sized business groups, after cluster analysis, show a significant difference between corporate governance and operating performance among groups. (2) P3, P4 and P7 have a positive relationship. (3) P1, P2, P5, P6 and P8 have a negative relationship. (4) In performance, corporate governance changes from not significant to significant or on the contrary, and the relationship will be weakened, disappear, or appear. (5) In technical efficiency, medium sized business groups are easy to show in different directions. (6) With sample heterogeneity, the impact of the group's corporate governance on operating performance is not as expected, which means that the group's operating performance not only comes down to corporate governance, but also having other influential factors.
|
|---|
