系統識別號 | U0002-1407202002024900 |
---|---|
DOI | 10.6846/TKU.2020.00376 |
論文名稱(中文) | 董事會結構、自由現金流量與公司績效之關連性研究 |
論文名稱(英文) | The Study of Board Structure, Free Cash Flow, and Firm Performance. |
第三語言論文名稱 | |
校院名稱 | 淡江大學 |
系所名稱(中文) | 會計學系碩士班 |
系所名稱(英文) | Department of Accounting |
外國學位學校名稱 | |
外國學位學院名稱 | |
外國學位研究所名稱 | |
學年度 | 108 |
學期 | 2 |
出版年 | 109 |
研究生(中文) | 宋伊婷 |
研究生(英文) | Yi-Ting Song |
學號 | 607600185 |
學位類別 | 碩士 |
語言別 | 繁體中文 |
第二語言別 | |
口試日期 | 2020-06-27 |
論文頁數 | 35頁 |
口試委員 |
指導教授
-
倪衍森(ysni@gms.tku.edu.tw; ysniysni@gmail.com)
指導教授 - 徐志順(cshsu@mail.tku.edu.tw) 委員 - 黃寶玉(hpy@scu.edu.tw) 委員 - 廖幼如(yoru@takming.edu.tw) |
關鍵字(中) |
自由現金流量 公司績效 董事會結構 |
關鍵字(英) |
Free Cash Flow Firm Performance Board Structure |
第三語言關鍵字 | |
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. |
第三語言摘要 | |
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 |
參考文獻 |
Abarbanell, J. S., & Bushee, B. J. (1998). Abnormal returns to a fundamental analysis strategy. The Accounting Review 73, 19-45. Ahmed, K., Hossain, M., & Adams, M. B. (2006). The effects of board composition and board size on the informativeness of annual accounting earnings. Corporate Governance: An International Review, 14(5), 418-431. Ali, U., Ormal, L., & Ahmad, F. (2018). Impact of free cash flow on profitability of the firms in automobile sector of Germany. Journal of Economics and Management Sciences, 1(1), 57-67. Allayannis, G., & Weston, J. P. (2001). The use of foreign currency derivatives and firm market value. The Review of Financial Studies, 14(1), 243-276. Almeida, H., Campello, M., & Weisbach, M. S. (2004). The cash flow sensitivity of cash. The Journal of Finance, 59(4), 1777-1804. Anderson, R. C., & Reeb, D. M. (2003). Founding‐family ownership and firm performance: evidence from the S&P 500. The Journal of Finance, 58(3), 1301-1328. Anderson, R. C., & Reeb, D. M. (2004). Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49(2), 209-237. Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2003). Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68(2), 263-285. Antia, M., Pantzalis, C., & Park, J. C. (2010). CEO decision horizon and firm performance: An empirical investigation. Journal of Corporate Finance, 16(3), 288-301. Barton, J., & Simko, P. J. (2002). The balance sheet as an earnings management constraint. The Accounting Review, 77(s-1), 1-27. Bauguess, S. W., Moeller, S. B., Schlingemann, F. P., & Zutter, C. J. (2009). Ownership structure and target returns. Journal of Corporate Finance, 15(1), 48-65. Berkman, H., & Bradbury, M. E. (1996). Empirical evidence on the corporate use of derivatives. Financial Management, 5-13. Bhagat, S., & Black, B. (2001). The non-correlation between board independence and long-term firm performance. The Journal of Corporation Law, 27(2), 231-274. Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257-273. Bowen, D. E., & Ostroff, C. (2004). Understanding HRM–firm performance linkages: The role of the “strength” of the HRM system. Academy of Management Review, 29(2), 203-22. Bozec, Y., & Laurin, C. (2008). Large shareholder entrenchment and performance: Empirical evidence from Canada. Journal of Business Finance & Accounting, 35(1‐2), 25-49. Brown, A. B., Dai, J., & Zur, E. (2018). Too busy or well-connected? Evidence from a shock to multiple directorships. The Accounting Review, 94(2), 83-104. Bukit, R. B., & Nasution, F. N. (2015). Employee diff, free cash flow, corporate governance and earnings management. Procedia-Social and Behavioral Sciences, 211, 585-594. Christie, A. A., & Zimmerman, J. L. (1994). Efficient and opportunistic choices of accounting procedures: Corporate control contests. The Accounting Review, 539-566. Chung, R., Firth, M., & Kim, J. B. (2005). Earnings management, surplus free cash flow, and external monitoring. Journal of Business Research, 58(6), 766-776. Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (1999). Corporate diversification in East Asia: the role of ultimate ownership and group affiliation (No. 2089). The World Bank. Deb, P., David, P., & O'Brien, J. (2017). When is cash good or bad for firm performance?. Strategic Management Journal, 38(2), 436-454. Dechow, P. M. (1994). Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals. Journal of Accounting and Economics, 18(1), 3-42. Demsetz, H. (1983). The structure of ownership and the theory of the firm. The Journal of Law and Economics, 26(2), 375-390. Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86(6), 1969-1994. Fazzari, S., Hubbard, R. G., & Petersen, B. C. (1987). Financing constraints and corporate investment (No. w2387). National Bureau of Economic Research. Gallo, M. A., & Vilaseca, A. (1996). Finance in family business. Family Business Review, 9(4), 387-401. Goyal, V. K., & Park, C. W. (2002). Board leadership structure and CEO turnover. Journal of Corporate Finance, 8(1), 49-66. Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28(3), 383-396. Huang, S., & Hilary, G. (2018). Zombie board: Board tenure and firm performance. Journal of Accounting Research, 56(4), 1285-1329. Huang, Y. S., & Wang, C. J. (2015). Corporate governance and risk-taking of Chinese firms: The role of board size. International International Review of Economics & Finance, 37, 96-113. Jackling, B., & Johl, S. (2009). Board structure and firm performance: Evidence from India's top companies. Corporate Governance: An International Review, 17(4), 492-509. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329. Jensen, M., & Meckling, W. (1976). Theory of the firm: Management behavior, agency costs and capital structure. Journal of Financial Economics, 3(4), 305-60. Jin, Y., & Jorion, P. (2006). Firm value and hedging: Evidence from US oil and gas producers. The Journal of Finance, 61(2), 893-919. Kiel, G. C., & Nicholson, G. J. (2003). Board composition and corporate performance: How the Australian experience informs contrasting theories of corporate governance. Corporate Governance: An International Review, 11(3), 189-205. Klein, A. (1998). Firm performance and board committee structure. The Journal of Law and Economics, 41(1), 275-304. Lehn, K., & Poulsen, A. (1989). Free cash flow and stockholder gains in going private transactions. The Journal of Finance, 44(3), 771-787. Lewellen, J., & Lewellen, K. (2016). Investment and cash flow: New evidence. Journal of Financial and Quantitative Analysis, 51(4), 1135-1164. Li, M., Liu, C., & Scott, T. (2019). Share pledges and firm value. Pacific-Basin Finance Journal, 55, 192-205. Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785-1824. Mian, S. L. (1996). Evidence on corporate hedging policy. Journal of Financial and Quantitative Analysis, 31(3), 419-439. Morgan, N. A., Vorhies, D. W., & Mason, C. H. (2009). Market orientation, marketing capabilities, and firm performance. Strategic Management Journal, 30(8), 909-920. Ni, Y., Huang, P., Chiang, P., & Liao, Y. (2019). Cash flow statements and firm value: Evidence from Taiwan. The Quarterly International Review of Economics & Finance, 71, 280-290. Nohel, T., & Tarhan, V. (1998). Share repurchases and firm performance:: new evidence on the agency costs of free cash flow. Journal of Financial Economics, 49(2), 187-222. Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research 11(2), 661-687. O'sullivan, D., & Abela, A. V. (2007). Marketing performance measurement ability and firm performance. Journal of Marketing, 71(2), 79-93. Richardson, G., & Tinaikar, S. (2004). Accounting based valuation models: what have we learned?. Accounting & Finance, 44(2), 223-255. Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11(2-3), 159-189. Ruback, R. S., & Jensen, M. C. (1983). The market for corporate control: The scientific evidence. Journal of Financial Economics, 11, 5-50. Saeidi, S. P., Sofian, S., Saeidi, P., Saeidi, S. P., & Saaeidi, S. A. (2015). How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business Research, 68(2), 341-350. Schmidt, C., & Fahlenbrach, R. (2017). Do exogenous changes in passive institutional ownership affect corporate governance and firm value?. Journal of Financial Economics, 124(2), 285-306. Shleifer, A., & Vishny, R. W. (1989). Management entrenchment: The case of manager-specific investments. Journal of Financial Economics, 25(1), 123-139. Tsai, C. C., Wu, C. C., & Chang, R. D. (2012). Effects of overvalued equity and managerial incentives on corporate policy. Emerging Markets Finance and Trade, 48(sup1), 74-87. Vogt, S. C. (1994). The cash flow/investment relationship: evidence from US manufacturing firms. Financial Management, 23(2), 3-20. |
論文全文使用權限 |
如有問題,歡迎洽詢!
圖書館數位資訊組 (02)2621-5656 轉 2487 或 來信