百大企業持續性之研究

This study takes market value for ranking top 100, and from corporate governance, studying the factors which influence business’ market value sustainable for top 100 from 1990 to 2002 in Taiwan, and compare the difference of those companies and which were not sustainable for top 100. The sample companies were grabbed from TEJ, besides considering the operation and financial structure of financial insurance industry are special, differ from other industry. So, the study eliminates this companies, and acquires 667 samples. After Logistic analysis, the empirical results are as follows:
1.Top 100 companies of market value change fast, most traditional manufacture business were no longer in top 100, instead much information electronic business were new members of top 100. If their operation or management loses formal function will cause companies out of top 100.
2.The size of the board is a important factor which influence companies’ market value sustainable for top 100. But it’s non-significance in confidence inteval 90% in the second group. The tendency graphs still show that the size of the board of this companies which are sustainable for top 100 are bigger than this companies which are not sustainable for top 100.
3.The tendency graphs show that ownership of institutional investor of this companies which are sustainable for top 100 are more than this companies which are not sustainable for top 100. The study reveals significant relationship in the forth and the fifth group but other groups don’t.
4.In the second group, supervisor significantly influences companies’ market value sustainable for top 100 but the study shows inverse situation in the third group. It reveals supervisor’s function was not yet completely used so that it can’t significant influence companies which are whether sustainable for top 100.
5.Holding ratio of directors is not the factor influence companies which are whether sustainable for top 100. In fact, directors don’t exert their whole monitoring function to enhance companies’ competitive ability and make companies’ market value sustainable for top 100.
6.In Taiwan, some companies which are sustainable for top 100 have the situation of Chairperson serves as the President concurrently, at this time manager won’t must take chance to interest himself, instead they will exercise strategy fairly to enhance companies’ competitive ability sometimes. Chairperson serves as the President concurrently is not the factor that influence companies whether being sustainable for top 100.