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系統識別號 U0002-1407202002024900
中文論文名稱 董事會結構、自由現金流量與公司績效之關連性研究
英文論文名稱 The Study of Board Structure, Free Cash Flow, and Firm Performance.
校院名稱 淡江大學
系所名稱(中) 會計學系碩士班
系所名稱(英) Department of Accounting
學年度 108
學期 2
出版年 109
研究生中文姓名 宋伊婷
研究生英文姓名 Yi-Ting Song
學號 607600185
學位類別 碩士
語文別 中文
口試日期 2020-06-27
論文頁數 35頁
口試委員 指導教授-倪衍森
指導教授-徐志順
委員-黃寶玉
委員-廖幼如
中文關鍵字 自由現金流量  公司績效  董事會結構 
英文關鍵字 Free Cash Flow  Firm Performance  Board Structure 
學科別分類
中文摘要 本研究以2014到2018年台灣上市公司為研究樣本,探討自由現金流量、董事會結構與財報表現對公司績效的影響,並進一步探討是否自由現金流量會增強或削弱董事會結構對公司績效之影響。本研究從實證結果得到以下發現:第一、內部人持股比例較高的公司可能具有較高的公司績效。我們推斷內部人的股票增加可能被視為一個積極的信號。其次,自由現金流量比率對公司績效產生積極而重大的影響,表明自由現金流量較高的公司能夠應付不可預測的風險,從而增強公司的實力。第三,負債比率比及董監事質押比率與公司績效呈負相關,上述說明財報與公司治理有疑慮的公司,可能比較不容易有較佳的公司績效表現。
英文摘要 By employing the firms listed in TWSE from 2014 to 2018 as our samples, we explore the impact of free cash flow, board structure, and financial performance on firm value, and we also further explore whether free cash flow will strengthen or weaken the board structure on firm value. We reveal several important findings. First, the firm with higher insiders’ holdings ratio might have higher firm value. We infer that increasing insiders' shareholding might be regarded as a positive signal. Second, the cash flow ratio has a positive and significant impact on firm value, indicating that the firms with higher cash flow are able to cope with unpredictable risks, thereby enhancing firm value. Third, the firm with either higher debt ratio or higher directors’ pledge ratio might not have higher firm value, indicating that the firms with either financial or corporate governance issues might not have higher firm value.
論文目次 目錄
目 錄 IV
圖目錄 V
表目錄 VI
第一章、緒論 1
第一節、研究背景與動機 1
第二節、研究目的 3
第三節、研究流程 5
第四節、研究架構 6
第二章、文獻探討 7
第一節、與公司績效有關的文獻 7
第二節、與自由現金流量有關的文獻 8
第三節、董事會結構、財報變數與公司績效的關連性文獻 9
第四節、自由現金流量與公司績效關連性文獻 11
第三章、研究假說與方法 14
第一節、研究資料與變數 14
第二節、研究假說與模型 18
第三節、研究方法 19
第四章、實證結果 20
第一節、敘述統計量分析 20
第二節、Petersen迴歸模型 22
第五章、研究結論與建議 29
第一節、研究結果 29
第二節、管理與財務意涵 30
第三節、研究限制與建議 31
參考文獻 32

圖目錄
圖1-1 研究流程圖 5

表目錄

表4-1 敘述統計量 20
表4-2 共線性VIF檢驗 21
表4-3 Petersen迴歸模型-對ROE之分析 22
表4-4 Petersen迴歸模型-對ROA之分析 25
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