系統識別號 | U0002-2301201909085800 |
---|---|
DOI | 10.6846/TKU.2019.00715 |
論文名稱(中文) | 機構投資人在家族企業持股比例對於公司績效的影響 |
論文名稱(英文) | The Impact of Institutional Ownership in Family Business on Corporate Performance |
第三語言論文名稱 | |
校院名稱 | 淡江大學 |
系所名稱(中文) | 財務金融學系碩士班 |
系所名稱(英文) | Department of Banking and Finance |
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 | 107 |
學期 | 1 |
出版年 | 108 |
研究生(中文) | 吳易霖 |
研究生(英文) | I-Lin Wu |
學號 | 605530491 |
學位類別 | 碩士 |
語言別 | 繁體中文 |
第二語言別 | |
口試日期 | 2018-12-26 |
論文頁數 | 55頁 |
口試委員 |
指導教授
-
聶建中
委員 - 韋伯韜 委員 - 謝志柔 委員 - 聶建中 |
關鍵字(中) |
家族企業 控制持股 機構投資人 公司績效 |
關鍵字(英) |
family business family ownership institutional investor firm performance |
第三語言關鍵字 | |
學科別分類 | |
中文摘要 |
本研究以台灣上市家族企業為樣本,使用縱橫平滑移轉模型,首先以家族企業的控制持股水準為基礎,討論家族企業的控制持股對於績效之影響。另外,在不同的家族控制持股水準下,研究機構投資人持股對於家族企業績效之影響。根據本研究之實證結果,以資產報酬率(ROA)做為衡量績效的標準,我們認為台灣家族企業的經營會隨著控制持股的提高而上升,反映出家族企業的經營者會將公司的永續生存放在主要目標,若績效降低將減損自身利益。因此有較大誘因提升公司之經營績效。 其後,我們考慮了機構投資人扮演的角色,研究顯示機構投資人在家族企業中持股愈高,公司績效表現越好。反映出機構投資人具有較多的資訊和監督機制,因此較高的持股也將提升公司之經營績效。 |
英文摘要 |
We use listed Taiwanese family companies as samples in this research, by using PSTR model. At first, we discuss the effect of controlled shareholding on the corporate performance based on family companies. In addition, under the different levels of family ownership, we find the influence of the institutional investors' shareholding on the performance of family companies. According to the empirical result, using ROA as metrics, the performance of Taiwanese family-owned companies should increase with the increase in controlled shareholdings, reflecting family business operators will treat the company's persistent existences as a main goal, and if the performance is reduced, they will suffer from interest loss. Therefore, they have incentives to improve the company's operating performance. Later, we consider the role of institutional investors. According to our research, the higher shareholdings of institutional investors should be related to corporate performance on positive way. It reflects that institutional investors have higher knowledge background, so higher shareholdings should correspond to higher ROA of family companies. |
第三語言摘要 | |
論文目次 |
目錄 中文摘要................................................II 英文摘要...............................................III 目錄...................................................IV 圖目錄..................................................V 表目錄..................................................V 第一章 緒論 第一節 研究背景與動機..................................1 第二節 研究目的.........................................5 第三節 研究內容與流程...................................6 第二章 相關理論與文獻探討 第一節 家族企業的定義...................................8 第二節 機構投資人的定義................................10 第三節 股權結構理論與文獻─家族企業......................11 第四節 股權結構理論與文獻─機構投資人....................14 第三章 研究方法 第一節 縱橫單根檢定..................................20 第二節 縱橫平滑移轉迴歸模型...........................24 第三節 縱橫平滑移轉迴歸模型之設定......................29 第四章 實證結果與分析 第一節 研究資料......................................34 第二節 變數定義與衡量.................................35 第三節 敘述統計......................................38 第四節 單根檢定......................................39 第五節 縱橫平滑移轉迴歸模型...........................40 第五章 結論 第一節 研究結論......................................46 第二節 後續建議......................................48 參考文獻 一、中文部分............................................49 二、英文部分............................................51 圖目錄 圖1-2-1機構投資人持股對於家族企業績效影響圖................5 圖1-3-1研究流程圖........................................7 圖2-1-1家族企業構建圖....................................9 圖3-2-1 m=1之轉換模型...................................26 圖3-2-2 m=2之轉換模型...................................27 圖4-2-1變數架構圖.....................................................35 表目錄 表2-1-1家族企業的定義....................................9 表2-3-1家族企業的股權結構與績效之文獻比較.................13 表2-4-1機構投資人的股權結構與績效之文獻比較...............18 表4-2-1變數定義表.......................................37 表4-3-1總變數敘述統表...................................38 表4-4-1單根檢定.........................................39 表4-5-1家族企業控制持股對總資產報酬率之同質性檢定..........41 表4-5-2空間向量之位置參數之檢測..........................42 表4-5-3區間轉換個數檢定.................................43 表4-5-4家族企業控制持股對公司績效的縱橫平滑移轉模型估計結果.45 表4-5-5解釋變數在不同控制持股比率下對公司績效之影響........45 |
參考文獻 |
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