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系統識別號 U0002-1706200910293000
中文論文名稱 集團企業經營績效之研究
英文論文名稱 Business group and performance
校院名稱 淡江大學
系所名稱(中) 財務金融學系碩士班
系所名稱(英) Department of Banking and Finance
學年度 97
學期 2
出版年 98
研究生中文姓名 張怡婷
研究生英文姓名 Yi-Ting Chang
學號 696530970
學位類別 碩士
語文別 中文
口試日期 2009-05-30
論文頁數 67頁
口試委員 指導教授-路祥琛
委員-鍾惠民
委員-張倉耀
委員-聶建中
中文關鍵字 集團企業  董事會特性  股權結構  經營績效 
英文關鍵字 Business group  board characteristics  ownerships structure  performance 
學科別分類 學科別社會科學商學
中文摘要 集團企業在經濟體上的重要性日益漸增,各家企業無不以追求大型化、多元化及專業化為發展目標。為此,本研究探討董事會特性及股權結構是否為影響集團企業獲利能力的因素,並進一步探討集團企業與非集團企業在經營績效上是否有差異。
本研究以國內699間上市櫃公司做為樣本,採用《台灣地區集團企業研究》一書之定義將樣本分為集團與非集團,以多元迴歸模型探討董事會特性與股權結構對於經營績效之影響,研究期間從2003年起至2007年止。實證結果顯示:(1)集團企業不論以會計指標或市場指標衡量績效均顯著優於非集團企業。(2) 外部董事比率與機構法人持股比率在集團與非集團樣本中對績效皆呈顯著正相關。(3)董事會規模在集團與非集團企業樣本中皆呈顯著負相關。(4)董事長兼任總經理與內部人持股比率在不同的樣本中結果不同。
英文摘要 The role of business group has become more and more important. The goals of today’s business include pursuing globalization, increasing diversification and creating competitive edge. Thus, this study focuses on whether the characteristics of the board of directors and the structure of ownerships will affect the performance of a business, and determine whether the performance of business group differs from the performance of none business groups.
We use 699 listed firms in Taiwan from 2003 to 2007 as study subjects, and the definition of groups from “Business groups in Taiwan”. Multiple regression analysis is used to examine the effects of the characteristics of the board of directors and ownership structure on firm performance. The empirical results show that (1) business groups perform much better than none business groups regardless whether we measure performance by market indicators and accounting indicators. (2) Outside directors and institutional ownership are positively related to performance for both group and none group firms. (3) The size of the board is negatively related to performance for both group and none group firms. (4) The dual role of general manager as chairman and insider ownership have different results in different samples.
論文目次 目錄
中文摘要 I
英文摘要 II
目 錄 III
表目錄 IV
圖目錄 V
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 3
第三節 研究流程 5
第二章 文獻探討 6
第一節 集團企業 6
第二節 集團企業的優勢與劣勢 11
第三節 股權結構與經營績效 15
第四節 董事會特性與經營績效 17
第三章 研究方法 21
第一節 研究架構 21
第二節 研究假說 22
第三節 研究對象與資料來源 27
第四節 變數定義 28
第五節 研究方法 33
第四章 實證結果與分析 35
第一節 基本敘述統計 35
第二節 相關性分析 40
第三節 迴歸分析 42
第五章 結論與建議 54
第一節 結論 54
第二節 研究限制 56
第三節 建議 57
參考文獻 59

表目錄
表1-1 歷年集團企業營收淨額與GNP比較表 1
表1-2 歷年集團企業雇用員工與就業人口比率表 2
表2-1 集團企業的優勢、劣勢相關文獻整理表 14
表3-1 變數之定義與衡量方式 32
表4-1 集團企業在各產業內所占比率 35
表4-2 全體樣本各變數之敘述統計 38
表4-3 集團企業與非集團企業各變數之平均數差異性檢定 39
表4-4 各變數間之相關係數矩陣 41
表4-5 全體樣本多元迴歸結果 50
表4-6 上市與上櫃樣本多元迴歸分析 51
表4-7 集團企業與非集團企業多元迴歸分析 52
表4-8 加入交叉項探討集團因素對經營績效的影響 53

圖目錄
圖1-1 研究流程 5
圖3-1 研究架構 21
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牛延苓(2001),「股權結構、董事會組成與公司績效關係之研究-以高科技產業與傳統產業為例」,國立中央大學企業管理研究所碩士論文。
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