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系統識別號 U0002-1002201023105800
中文論文名稱 民營公用事業公司治理與經營績效關聯性-以天然氣產業為例
英文論文名稱 The Relevance of Company Administration and Managerial Efficiency in the Private Public Utility An Example in Natural Gas Industry
校院名稱 淡江大學
系所名稱(中) 會計學系碩士在職專班
系所名稱(英) Department of Accounting
學年度 98
學期 1
出版年 99
研究生中文姓名 張莉莉
研究生英文姓名 Li-Li Chang
學號 795600393
學位類別 碩士
語文別 中文
口試日期 2010-01-13
論文頁數 79頁
口試委員 指導教授-林谷峻
委員-羅雁紅
委員-黃曼琴
中文關鍵字 公用事業  天然氣  經營績效  公司治理 
英文關鍵字 public utility  natural gas  managerial efficiency  company administration 
學科別分類 學科別社會科學商學
中文摘要 公用事業與人民日常生活密不可分,且公用事業費率影響民眾權益深遠,但公用事業之公司治理是否完善,使其在提供大眾服務之餘,也能對投資人負責,是一重要課題。本研究主要目的是以公用事業中之天然氣產業為例,探討民營公用事業之特性、重要公司治理因素與經營績效之關連性。

本研究將以國際經濟合作暨開發組織(OECD)於1999年五月發布的「OECD公司治理原則」公司治理五重點為精神核心來探討公用事業公司之董事會持股比率、董事會規模、法人機構持股比率、資訊揭露透明度在不同天然氣公司(公用事業)中,對經營績效影響程度。

研究架構中以董事會持股比例、董事會規模、法人機構持股比例、資訊揭露透明度、公司規模、用戶戶數為自變數,來測試對民營公用事業中之天然氣公司績效影響之關聯性。本研究以我國由南至北共25家天然氣產業中,抽樣10家瓦斯公司在民國92年至96年資料,進行多元迴歸分析。

研究結果發現,以規模較大、用戶戶數較眾多、董事會持股比例高、法人機構持股比例高、公司資訊透明度之質較高公司,對公司績效有顯著的正向影響。

本研究建議,在政府保障既有利潤之下經營本業,應實施注重公司治理中,法人機構持股、董事會持股、公司資訊透明度的因素可以保障利潤,維持安全有效率之管理,並同時兼顧內外股東權益、創造股東與公司最大利益。
英文摘要 The correlation of the public utility and people is very important in our daily life basis and the price of the utilities will significantly affect people’s life quality. Not only is the public utility responsible in providing quality management and performance, but also offering quality service which includes being responsible for satisfying investors. The main purpose of this research is using an example of private public utility in natural gas industry to investigate the correlations of characteristic of public utility, the important factor of company administration and managerial efficiency.
The research, based on the Organization for Economic Cooperation and Development (OEDC) “Company control principle” released in May, 1999, is to approach spiritual Core Elements of the OEDC Principles for percentage of shares possession for Board of Directors, scale of Board of Directors, percentage of shares possession for legal representatives, and degree of impact for managerial efficiency due to the disclosure and transparency of information to public natural gas companies.
This research main frame are utilizing the controlling variables of the percentage of shares possession for Board of Directors, scale of Board of Directors, percentage of shares possession for legal representatives, disclosure and transparency of information, scale of company, and total customers to perform using pluralism way to analyze the sampling 10 out of 25 natural gas companies in which the data were based in years of 2003 to 2007 to investigate the relevance to the managerial efficiency of the private public utility in natural gas company.
The study has indicated that it has positive and significantly impact the company managerial efficiency, especially for those larger companies which have more customers, and higher share holding of Bord of Directors, institution investors, and information transparency.
According to the research the public utility should to practice company administration under government protection to obtain reasonable profit, maintain managerial efficiency in safety way, secure the rights of investor; furthermore, it is also to create the maximum profit for the company.
論文目次 目 錄

第壹章 緒論……………………………………………………1
第一節 研究背景與動機..................................................................1
第二節 研究目的與範圍..................................................................3
第三節 研究流程..............................................................................4
第貳章 文獻探討………………………………………………6
第一節 公用事業之背景與特性.......................................................6
第二節 公司治理之背景與意義.......................................................8
第三節 經營績效.............................................................................11
第四節 董事會.................................................................................12
第五節 資訊揭露及其他.................................................................21
第六節 研究之架構圖............................................................... .....26
第叁章 研究方法…………………………………………… 27
第一節 各變數構面研究................................................................27
第二節 研究方法............................................................................29
第三節 資料來源............................................................................30
第四節 變數定義與衡量................................................................30
第五節 實證模型............................................................................36
第肆章 資料分析與實證結果……………………………… 37
第一節 敍述性統計........................................................................37
第二節 廻歸結論與實證結果........................................................39
第伍章 結論與建議………………………………………… 46
第一節 研究結論............................................................................46
第二節 研究限制............................................................................48
第三節 研究貢獻與後續研究建議................................................48
參考文獻…………………………………………………………………………49
附錄…………………………………………………………………………………54




表目錄

表2-1 瓦斯事業現況………………………………………………………… 7
表2-2 董事會持股與公司經營績效之相關文獻彙總………………………14
表2-3 董事規模與公司經營績效之相關文獻彙總…………………………17
表2-4 法人董事持股與公司經營績效之相關文獻彙總……………………19
表2-5 資訊揭露與公司經營績效之相關文獻彙…………………………….23
表4-1 敍述統計……………………………………………………………….38
表4-2 公用事業天然氣公司之每股盈餘(EPS)廻歸結果……………….… 41
表4-3 公用事業天然氣公司之每股營業利益率(GROWTH)廻歸結果…….. 42
表4-4 公用事業天然氣公司之總資產報酬率(ROA)廻歸結果……………. 43
表 4-5 公用事業天然氣公司之淨值報酬率(ROE)廻歸結果………………. 45
表5-1 民營公用事業天然氣公司績效與公司治理構面之實證結果……… 46















圖目錄
圖1-1 研究流程圖……………………………………...…………………….5
圖2-1 研究架構圖…………………………………………………………..26
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