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系統識別號 U0002-1507201310410700
中文論文名稱 現金增資用途、公司治理機制與長期經營績效關係之研究—以台灣上市上櫃公司為例
英文論文名稱 A study of relationships among the use of seasoned equity offerings, mechanisms of corporate governance and long-term operating performance: The cases of listed companies on SEC and OTC in Taiwan
校院名稱 淡江大學
系所名稱(中) 管理科學學系企業經營碩士在職專班
系所名稱(英) Executive Master’s Program of Business Administration(EMBA) in Management Sciences
學年度 101
學期 2
出版年 102
研究生中文姓名 陳柏成
研究生英文姓名 Po-Cheng Chen
電子信箱 benson.chen@email.chinatrust.com.tw
學號 700620080
學位類別 碩士
語文別 中文
口試日期 2013-07-04
論文頁數 40頁
口試委員 指導教授-莊忠柱
委員-蔡蒔銓
委員-婁國仁
中文關鍵字 現金增資用途  公司治理機制  長期經營績效  自由現金流量 
英文關鍵字 Seasoned Equity Offerings  Corporate Governance Mechanism  Long-Term Operating Performance  Free Cash Flow 
學科別分類
中文摘要 現金增資是台灣資本市場主要的籌資方式之一。現金增資用於資本支出對公司長期經營績效的影響,一直是利害相關人士關注的焦點。本研究以1997年至2008年在台灣股票上市上櫃公司720家現金增資的公司為研究對象。本研究利用複迴歸模型,以現金增資用途為自變數、公司治理機制為干擾變數(含董監事規模、董事長兼任總經理、十大股東持股比率、董監事持股比率、經理人持股比率、法人機構持股比率、四大會計事務所簽證),公司長期經營績效變化為應變數,探討現金增資用途、公司治理機制與長期經營績效的關係。
本研究實證發現公司辦理現金增資後的長期經營績效普遍下滑,現金增資用途對公司長期經營績效有顯著負向影響。董監事規模、董事長兼任總經理、十大股東持股比率、經理人持股比率、四大會計事務所簽證皆無顯著干擾現金增資用途對公司長期經營績效的影響。然而,董監事持股比率、法人機構持股比率則干擾現金增資用途對公司長期經營績效有負向影響。董監事持股比率與法人機構持股比率能發揮公司治理效能,扮演重要的干擾角色,減少現金增資用途對公司長期經營績效的影響,本研究結果可做為利害相關人士的參考依據。
英文摘要 Seasoned equity offerings (SEO) is one of the major options to raise capital for Taiwan corporations. The effect of capital expenditure of SEO on long-term operating performance is always the focus of stakeholders. This study uses multiple regression analysis to analyze the relationship between the use of SEO, corporate governance mechanism, and the long-term operating performance. The use of SEO is the independent variable in the empirical model. The mechanism of corporate governance is the moderate variable which includes board size, chairman also serving as CEO, block shareholding ratio, directors of board and supervisor shareholding ratio, managers shareholding ratio, investment institution shareholding ratio and certification of top four accounting agencies.
The results show that the SEO firms decrease in long-term operating performance, and the use of SEO significantly deteriorates the long-term operating performance. The effect of the use of SEO on long-term operating performance is not influenced by the board size, chairman also serving as CEO, block shareholding ratio, manager shareholding ratio, or the certification of top four accounting agencies. However, the effect of the use of SEO on long-term operating performance is negatively influenced by the director shareholding ratio and the investment institution shareholding ratio. It shows that the director shareholding ratio and the investment institution shareholding ratio can play a moderate role in the corporate governance, and provides the effectiveness of corporate governance and lessen the effect of the use of SEO on long-term operating performance. The results of this study may provide references for the stakeholders of the companies.
論文目次 目錄--------------------------------------------------------------------------------I
圖目錄---------------------------------------------------------------------------III
表目錄---------------------------------------------------------------------------IV
1.緒論----------------------------------------------------------------------------1
1.1 研究背景與動機--------------------------------------------------1
1.2 研究目的-----------------------------------------------------------8
1.3 研究對象與範圍--------------------------------------------------9
1.4 研究架構-----------------------------------------------------------9
2.研究方法-------------------------------------------------------------------- 12
2.1 觀念性研究架構-------------------------------------------------12
2.2 研究變數操作性定義-------------------------------------------13
2.3 研究樣本與資料來源-------------------------------------------17
2.4 實證模型----------------------------------------------------------18
3.實證結果與分析------------------------------------------------------------ 19
3.1 基本敘述統計分析----------------------------------------------19
3.2 相關分析----------------------------------------------------------20
3.3 現金增資用途、公司治理機制與長期經營績效關係
實證分析----------------------------------------------------------22
4.結論與建議------------------------------------------------------------------28
4.1 結論與管理意涵-------------------------------------------------28
4.2 建議--------------------------------------------------------------- 30
參考文獻------------------------------------------------------------------------33
(1).中文部份-------------------------------------------------------------33
(2).英文部份-------------------------------------------------------------36
圖目錄
圖1-1 研究流程圖--------------------------------------------------------------11
圖2-1 觀念性架構圖-----------------------------------------------------------13
表目錄
表3-1 變數基本敘述統計-----------------------------------------------------19
表3-2 變數相關分析------------------------------------------------------21
表3-3 現金增資用途、公司治理機制對長期經營績效的複迴歸係數
估計與檢定-------------------------------------------------------------25


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(2).英文部分
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