The Study on the Management of State-Owned Enterprises from the Perspective of Corporate Governance

• Main Authors: Hsieh-Lung Yeh, 葉協隆
• Other Authors: 劉啟群
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/aru8wq

碩士 === 國立臺灣大學 === 會計與管理決策組 === 105 === Since 1989, the Executive Yuan has been actively promoting the privatization of public enterprises. Under the condition of incomplete stock release, the government still remained the major shareholder in those enterprises with tremendous assets. For a long time, the government’s role has not been well-defined in state-owned enterprises (SOEs) which resulted in many management problems. If we take a deeper look into the SOE-related disputes, it can be observed that the causes of the disputes are closely related to the implementation of corporate governance. Therefore, this study discussed literatures in corporate governance of SOEs to collect the important topics, conducted 7 in-depth interviews with experts from three fields including corporate governance experts, heads of SOEs and government administrations’ supervisors for different perspectives. In addition, the study also collected and analyzed the data of corporate governance evaluation of the 19 listed SOEs supervised by the Ministry of Finance(MOF), Ministry of Economic Affairs(MOEA), Ministry of Communications and Transportation(MOTC) and Veterans Affairs Council(VAC) to realize their actual corporate governance performance. By analyzing and summarizing the interviews and research on corporate governance performance, the study further provided suggestions for the government agencies. According to the in-depth interview with experts, the study found that there are eight problems of corporate governance of SOEs in Taiwan, the major one is "The board of directors elected by the government as legal representatives to the SOEs, cannot act for the purpose of the company''s best interest, neither comply loyal obligations. They can’t think or act independently due to the concern of political responsibility ". The problems can be categorized into aspects of ownership policy, the composition and operation of the board, SOEs’ autonomy, and ownership entities management effectiveness. According to the analyses of corporate governance evaluation data, the overall performance of SOEs is significantly better than non-public sector. The SOEs’ of MOF have the best overall performance, followed by the MOTC, the MOEA, and the VAC. There are five indicators the SOE’s cannot score, such as "more than one-third of the board of directors are assigned by the government", and there are several indicators score less than 40% which should be improved. The “Corporate Social Responsibility “is the relative aspect needed to be improved for the MOTC,MOEA and the VAC, while the “Protection of Stakeholder Interests” is aspect needed to be improved for the MOF. Based on the perspectives from experts being interviewed, along with the " Guidelines on Corporate Governance of State-Owned Enterprises " revised in 2015 by Organization for Economic Co-operation and Development (OECD), the study proposed some suggestions and solutions from the policy, organizational, managerial perspectives, the improvement of SOE’s effectiveness and the procedures and strategies for implement. Finally, the study suggested that the Executive Yuan take the fundamental and constructional problems of SOEs’ corporate governance into serious consideration, and form the cross-sectoral team consisting of diversify experts to take the short-term and long-term actions in order to improve the governance effectiveness of the SOEs radically.