台湾金融控股公司之公司治理模型及关键性成功因素之研究
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摘要
二十世紀之末,國際金融環境有明顯的變化'其中最顯著的趨勢之一在於金融產業內之銀行、證券與保險等分界日漸模糊,取而代之的是跨業合作與經營,並朝向大型化與集團化的趨勢發展,這些反應在各國法規的改變上,例如:日本於1997年廢除禁止設立純金融控股公司的規定、美國於1999年通過金融現代化法案、韓國於2000年通過金融控股公司法等。台灣也順應國際金融潮流,於2001年立法通過金融控股公司法。一時之間,金融機構整合的浪潮,成爲國際熱門的金融議題。但此一變革卻也衍生出新的金融監理問題。Mayes,Halme,and Liuksila(2001)指出,面臨日益複雜的金融環境,新金融監理制度的發展之一'即由過去傳統政府主導的體制,逐步朝向更以市場爲基礎的體制,而這種體制所能發揮的功能,以健全的市場環境、良好的公司治理機制與準確的訊息揭露爲支柱,而良好的公司治理機制又是整個機制的核心。由於金融產業在整體經濟環境扮演重要之資金仲介機制,是故,金融控股公司之公司治理成效,不僅僅只是關乎投資者的權益,更關乎整體金融秩序之安定與經濟的持續發展。
基於上述研究背景與動機,本研究整合現行國內外公司治理理論、實務評鑑制度與金融監理法規,認爲有效的金融控股公司之公司治理,應回歸原始核心—董事會機制,據此論基點提出一套內含了三項董事會機制與十項專業委員會機制的前瞻性公司治理體系,進而以分析網路程式法,推導出施行該體系之關鍵性成功因素與優先權重,實證發現,十項影響公司治理成功的董事會次級專業委員會,依重要性排名如後:提名委員會(25%)、薪酬委員會(21%)、股東權益委員會(19%)、執行委員會(9%)、審計委員會(7%)、策略稽核委員會(7%)、資訊揭露委員會(6%)、風險/內控委員會(4%)、社會責任委員會(2%)、市場接管委員會(1%)。
具體而言,本研究相較於過去之研究,有如下主要三點面向之創新與貢獻:(1)研究主體面向:針對新型態之金融控股公司,提出一套相容理論、實務及監理法規的公司治理體系。體系內有許多現行公司治理評鑑制度所沒有考量的重要構面與因素,對此本研究可作爲評鑑新型態金融控股公司之公司治理評鑑的雛形與樣版;(2)研究方法面向:相較於過去之公司治理文獻,本研究所建構的公司治理體系,並非僅是樹狀展開的層級架構,而是一個網絡系統架構,此網路架構,體現了公司治理各構面與因素間交互關連性。此一網路架構,可以爲學術界與實務界,更清楚瞭解公司治理中,各構面與因素間的脈絡關係;(3)實證結果面向:本文以分析網路程式法,綜合相關專家之意見,導出體系內各構面與因素之權重,據此可以發掘台灣金融控股公司之公司治理關鍵性成功因素。所得之權重,由於考量系統各構面與因素之脈絡關連,可作爲公司治理評鑑制度各選項之加權依據。
Significant changes could be observed in the international finance environment at the end of the twentieth century, in which the most significant trend was the vanishing boundaries between banks, securities, and insurance, and the emerging of cross-industrial cooperation and operation, which later on will developing into conglomerate. Such a change was reflected on the changes of laws in different countries, for example: Japan in 1997 lifted restrictions on the establishment of whalte holding companies, the U.S. in 1999 passed the Financial Services Modernization Act, and Korea in 2000 passed its Financial Holding Company Act. In response to this international finance trend, Taiwan in 2001 also passed its Financial Holding Company Act. All of a sudden, the wave of financial institution integrations is the new hottest international finance issue. However, new financial supervision problems were also derived from this change as well. Mayes, Halme, and Liuksila (2001 ) pointed out that in a financial environment that is growing more and more complex, one development of new financial supervision systems is the gradual transition from a conventional government-dominated system into a market-oriented system. The functions of a market-oriented system are supported by a robust market environment, good corporate governance, and accurate information disclosure; good corporate governance is at the core of the whole mechanism. Seeing that the finance industry is an important financial intermediary in the overall economic environment, effects of corporate governance in financial holding companies not only concern the rights and benefits of its investors, but also plays a critical role in maintaining stability of financial order and development of the economy.
Based on the research background and motivation described above, this study integrates domestic and foreign corporate governance theories, practice evaluation systems, and laws of financial supervision, believing that effective corporate governance within financial holding companies should return to its core - functions of the board of directors. This study proposes a prospective corporate governance system on this theoretical basis, the system includes three functions of the board of directors and ten professional committee mechanisms, and further utilizes Analytic Network Process (ANP ) to find key factors for the system's success and the priority of these factors. According to empirical results, the top ten factors that influence the success of corporate governance in a company in the form of professional committees are as follows: Nomination Committee 25% ), Remuneration Committee( 21% ), Shareholder Equity Committee( 19% ), Executive Committee( 9% ), Audit Committee( 7%), Strategy Audit Committee (7%) , Information Disclosure Committee(6% ), Risk Management and Internal Control Committee( 4%), Social Responsibility Committee (2%) , and Takeover Committee (1%) .
Concretely speaking, this study compared with previous studies has been innovative and made contributions in the following three aspects:(1) Research subject: In accordance with the new patterns of financial holding companies, this study proposes a corporate governance system that integrates theory, practice, and supervision laws. The system takes on many important aspects and factors that current corporate governance evaluation systems have left out, and in this regard this study may serve as a prototype and sample for the evaluation of corporate governance in these new forms of financial holding companies. (2) Research method: Compared with literature on corporate governance, the corporate governance system constructed by this study is not just an arborescent hierarchical structure, but also a network system architecture. This network structure embodies the cross-correlation between different aspects and factors of corporate governance, and can help the academic world and practice field to more clearly see the context between aspects and factors of corporate governance. ( 3 ) Empirical results: This study utilizes ANP, combines the opinions of specialists, and arrives at the weights for each aspect and factor within the system, allowing us to understand the key factors for success of corporate governance in Taiwan's financial holding companies. The weight of each aspect and factor found after considering the context between different aspects and factors within the system, can be used as a basis for adding weight to different items of corporate governance evaluation systems.
基於上述研究背景與動機,本研究整合現行國內外公司治理理論、實務評鑑制度與金融監理法規,認爲有效的金融控股公司之公司治理,應回歸原始核心—董事會機制,據此論基點提出一套內含了三項董事會機制與十項專業委員會機制的前瞻性公司治理體系,進而以分析網路程式法,推導出施行該體系之關鍵性成功因素與優先權重,實證發現,十項影響公司治理成功的董事會次級專業委員會,依重要性排名如後:提名委員會(25%)、薪酬委員會(21%)、股東權益委員會(19%)、執行委員會(9%)、審計委員會(7%)、策略稽核委員會(7%)、資訊揭露委員會(6%)、風險/內控委員會(4%)、社會責任委員會(2%)、市場接管委員會(1%)。
具體而言,本研究相較於過去之研究,有如下主要三點面向之創新與貢獻:(1)研究主體面向:針對新型態之金融控股公司,提出一套相容理論、實務及監理法規的公司治理體系。體系內有許多現行公司治理評鑑制度所沒有考量的重要構面與因素,對此本研究可作爲評鑑新型態金融控股公司之公司治理評鑑的雛形與樣版;(2)研究方法面向:相較於過去之公司治理文獻,本研究所建構的公司治理體系,並非僅是樹狀展開的層級架構,而是一個網絡系統架構,此網路架構,體現了公司治理各構面與因素間交互關連性。此一網路架構,可以爲學術界與實務界,更清楚瞭解公司治理中,各構面與因素間的脈絡關係;(3)實證結果面向:本文以分析網路程式法,綜合相關專家之意見,導出體系內各構面與因素之權重,據此可以發掘台灣金融控股公司之公司治理關鍵性成功因素。所得之權重,由於考量系統各構面與因素之脈絡關連,可作爲公司治理評鑑制度各選項之加權依據。
Significant changes could be observed in the international finance environment at the end of the twentieth century, in which the most significant trend was the vanishing boundaries between banks, securities, and insurance, and the emerging of cross-industrial cooperation and operation, which later on will developing into conglomerate. Such a change was reflected on the changes of laws in different countries, for example: Japan in 1997 lifted restrictions on the establishment of whalte holding companies, the U.S. in 1999 passed the Financial Services Modernization Act, and Korea in 2000 passed its Financial Holding Company Act. In response to this international finance trend, Taiwan in 2001 also passed its Financial Holding Company Act. All of a sudden, the wave of financial institution integrations is the new hottest international finance issue. However, new financial supervision problems were also derived from this change as well. Mayes, Halme, and Liuksila (2001 ) pointed out that in a financial environment that is growing more and more complex, one development of new financial supervision systems is the gradual transition from a conventional government-dominated system into a market-oriented system. The functions of a market-oriented system are supported by a robust market environment, good corporate governance, and accurate information disclosure; good corporate governance is at the core of the whole mechanism. Seeing that the finance industry is an important financial intermediary in the overall economic environment, effects of corporate governance in financial holding companies not only concern the rights and benefits of its investors, but also plays a critical role in maintaining stability of financial order and development of the economy.
Based on the research background and motivation described above, this study integrates domestic and foreign corporate governance theories, practice evaluation systems, and laws of financial supervision, believing that effective corporate governance within financial holding companies should return to its core - functions of the board of directors. This study proposes a prospective corporate governance system on this theoretical basis, the system includes three functions of the board of directors and ten professional committee mechanisms, and further utilizes Analytic Network Process (ANP ) to find key factors for the system's success and the priority of these factors. According to empirical results, the top ten factors that influence the success of corporate governance in a company in the form of professional committees are as follows: Nomination Committee 25% ), Remuneration Committee( 21% ), Shareholder Equity Committee( 19% ), Executive Committee( 9% ), Audit Committee( 7%), Strategy Audit Committee (7%) , Information Disclosure Committee(6% ), Risk Management and Internal Control Committee( 4%), Social Responsibility Committee (2%) , and Takeover Committee (1%) .
Concretely speaking, this study compared with previous studies has been innovative and made contributions in the following three aspects:(1) Research subject: In accordance with the new patterns of financial holding companies, this study proposes a corporate governance system that integrates theory, practice, and supervision laws. The system takes on many important aspects and factors that current corporate governance evaluation systems have left out, and in this regard this study may serve as a prototype and sample for the evaluation of corporate governance in these new forms of financial holding companies. (2) Research method: Compared with literature on corporate governance, the corporate governance system constructed by this study is not just an arborescent hierarchical structure, but also a network system architecture. This network structure embodies the cross-correlation between different aspects and factors of corporate governance, and can help the academic world and practice field to more clearly see the context between aspects and factors of corporate governance. ( 3 ) Empirical results: This study utilizes ANP, combines the opinions of specialists, and arrives at the weights for each aspect and factor within the system, allowing us to understand the key factors for success of corporate governance in Taiwan's financial holding companies. The weight of each aspect and factor found after considering the context between different aspects and factors within the system, can be used as a basis for adding weight to different items of corporate governance evaluation systems.
引文
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(2)http://www.otc.org.tw
(3)http://www.sfb.gov.tw
(4)http://www.tsmc.com
(5)http://www.oecd.org
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(7)http://www.sfi.org.tw/edis/
(8)http://law.moj.gov.tw/
(9)http://www.worldbank.org
(10)http://www.banking.gov.tw