本文旨在探討我國上市上櫃公司的治理機制對企業風險之影響，企業風險為債信風險、公司系統風險、非系統風險以及權益風險，公司治理則包括三大構面：所有權結構、董事會結構與以及財務透明度及資訊揭露。藉由2005年至2006年之調查，運用迴歸模型與因素分析，檢測公司治理與企業風險之關聯性，再以債權人、投資人、握有經營權之股東以及企業之多面向觀點，分析公司治理對各風險的影響。
實證結果發現：(一)機構投資人與內部人士持股比率與債信風險、公司系統風險、非系統風險以及權益風險呈顯著負相關，大股東持股比率與系統風險呈顯著負相關，與債信風險、非系統風險呈顯著正相關。(二)獨立董監事席次與債信風險以及權益風險顯著負相關，而董監事持股比率與債信風險呈顯著正相關。(三)財務報導品質與債信風險、公司系統風險、非系統風險以及權益風險呈顯著負相關，財務報導適時性則與債信風險、非系統風險以及權益風險呈顯著負相關。(四)若以國內資訊揭露等級替代財務報導品質與財務報導適時性做為透明度及資訊揭露的代理變數，對債信風險、非系統風險以及權益風險有顯著的影響。依據本研究實證資料顯示，良好的公司治理機制確實可以降低債權人、股東、企業以及其他利害關係人之風險。

This paper investigates the relationship between governance attributes and credit ratings, firm systematic risk, firm-specific risk, and ROE risk. We find that firms with a greater proportion of their shares held by activist institutions and officers have lower risk of credit ratings, and lower firm systematic risk, firm-specific risk and ROE risk. And firms with a greater proportion of their shares held by blockholders have higher risk of credit ratings, lower firm systematic risk and higher firm-specific risk. Higher place of independent directors and inspectors result in lower risk of credit ratings and lower ROE risk, and greater proportion of their shares held by directors and inspectors have higher risk of credit ratings. We also find that firms reporting with higher quality have lower risk of credit ratings and lower firm systematic risk, firm-specific risk, and ROE risk, and firms reporting with higher timeliness have lower risk of credit ratings, lower firm-specific risk and ROE risk. Our results show that a firm with better governance could decrease the risk of bondholders, stockholders, enterprise and other stakeholders.

目錄
第一章 緒論	1
第一節 研究背景	1
第二節 研究動機	2
第三節 研究目的	4
第四節 論文架構	5
第二章 文獻探討	7
第一節 企業風險管理相關文獻探討	7
第二節 企業風險與公司治理相關文獻探討	13
第三章 研究設計	25
第一節 觀念性架構與假說發展	25
第二節 資料來源與樣本處理	28
第三節 變數定義	28
第四節 實證模型	33
第四章 實證結果與分析	35
第一節 敘述統計量	35
第二節 迴歸結果分析	39
第三節 敏感性分析	46
第四節 因素分析	54
第五節 多面向觀點探討公司治理對企業風險之影響	57
第五章 結論與建議	62
第一節 研究結論	62
第二節 管理意涵	63
第三節 研究建議	63
第四節 研究限制	65
第五節 後續研究的建議	65
參考文獻	66

 
表目錄
表1　以多面向觀點探討企業風險	3
表3　基本統計量分析	37
表4　企業風險與公司治理及控制變數之相關分析	38
表5　債信風險與公司治理關聯性之迴歸分析	42
表6　公司系統風險與公司治理關聯性之迴歸分析	43
表7　非系統風險與公司治理關聯性之迴歸分析	44
表8　權益風險與公司治理關聯性之迴歸分析	45
表9　債信風險與公司治理關聯性之迴歸分析-以資訊揭露評鑑等級為財務透明度與資訊揭露構面代理變數	49
表10 系統風險與公司治理關聯性之迴歸分析-以資訊揭露評鑑等級為財務透明度與資訊揭露構面代理變數	50
表11 非系統風險與公司治理關聯性之迴歸分析-以資訊揭露評鑑等級為財務透明度與資訊揭露構面代理變數	51
表12 非系統風險與公司治理關聯性之迴歸分析-以資訊揭露評鑑等級為財務透明度與資訊揭露構面代理變數(高槓桿公司與低槓桿公司)	52
表13 權益風險與公司治理關聯性之迴歸分析-以資訊揭露評鑑等級為財務透明度與資訊揭露構面代理變	53
表14 企業風險之因素分析結果	54
表15 企業內部、外部風險與公司治理關聯性之迴歸分析	56
表16 企業風險與公司治理關聯性之迴歸分析-以多面向觀點分析	59

 
圖目錄
圖1　研究流程圖	6
圖2　企業經營的三大風險	9
圖3　PENMAN 風險架構	10
圖4　企業風險管理組成要素與目標及企業單位相互關係圖	11
圖5　公司治理與企業資產負債表模型	15
圖6　研究架構圖	25

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