本研究目的在於檢測公司治理機制對財務危機之影響，研究中以台灣經濟新報資料庫所定義之財務危機公司為失敗企業，採配對樣本方式，從同產業、資本市場與年度中，選取公司規模相近之企業為控制樣本。研究中採用主成分分析法，從18項公司治理指標中萃取出9項公司治理因素，作為研究之實驗變數。實證結果指出，董監與法人持股(H_D&S)、股權集中度(CON)、獨立董監事規模(SIZE_ID&S)、經理人控制權(CEOPOWER)、股權結構偏離度(DIFF_STOCK)等公司治理要素與企業失敗具有顯著之關聯性。
This study aims to examine the impact of corporate governance mechanisms on company failure. To address this issue, a matched-pair sample approach and control variables are used to control for other potential effects. Failed companies in this paper are identified with the TEJ database, which are matched with non-failed companies having the closest firm size in the same stock industry, stock exchange market and fiscal year. Based on eight governance factors extracted from 20 corporate governance indicators using the principal component analysis, this study demonstrates that monitoring incentives, consistency of ownership and management, and external monitoring degree are significantly related to company failure.
