淡江大學覺生紀念圖書館 (TKU Library)
進階搜尋


下載電子全文限經由淡江IP使用) 
系統識別號 U0002-2506201213382700
中文論文名稱 股價超額報酬與內部公司治理機制之關連性─以台灣為例
英文論文名稱 The relationship between excess stock returns and internal corporate governance mechanisms─The case of Taiwan
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 100
學期 2
出版年 101
研究生中文姓名 黃筱鈴
研究生英文姓名 Hsiao-Ling Huang
學號 699530522
學位類別 碩士
語文別 中文
口試日期 2012-05-05
論文頁數 54頁
口試委員 指導教授-鄭婉秀
委員-陳明麗
委員-邱建良
委員-涂登才
中文關鍵字 公司治理  股權結構  董事會組成  超額報酬  金融風暴 
英文關鍵字 Corporate Governance  Ownership Structure  Board Composition  Excess Return  Global Financial Crisis 
學科別分類 學科別社會科學商學
中文摘要 由於近年來爆發許多重大金融弊案與風暴,使得公司治理的議題顯得相當重要。本研究以MSCI台灣指數成分股為研究對象,探討股權結構、董事會組成與超額報酬的關聯性,研究期間自2005年至2011年第二季為止。另以金融風暴事件為背景,觀察金融風暴前後公司治理與超額報酬間變動之關係。本文同時也將產業別列入考量,分析金融業與電子業的差異變化。
實證研究顯示:在股權結構方面,總樣本和電子相關產業的董監持股、大股東持股與股權偏離度對超額報酬呈正相關;經理人持股、法人持股對超額報酬呈負相關。而在金融產業部分,董監持股、經理人持股對超額報酬呈正相關。在董事會特性方面,在探究總樣本與金融業時,董事會規模、董事長兼任總經理、外部董監事比例、董監事質押比例對超額報酬均無顯著影響,在電子相關產業方面,外部董監事比例對超額報酬呈正相關,而董事會規模、董事長兼任總經理、董監事質押比例對超額報酬均無顯著影響。由此可知,股權結構是相較董事會組織更影響公司股價的超額報酬,因此投資人可先以股權結構的特性,為投資選擇的依據。
經金融風暴,電子相關產業與金融業之董監事持股比例由不顯著相關轉為顯著正相關,金融業之經理人持股由顯著正相關轉為不顯著。在董事會特性方面,電子相關產業與金融產業之外部董監事比例經金融風暴後皆由顯著正相關轉為不顯著相關。
英文摘要 The frequent occurrence of serious financial crisis has made the issue of corporate governance quite important in recent years. This study investigated the impact of the ownership structure, board composition on the excess return. The empirical samples are collected from stocks of MSCI Taiwan Index between 2005 and second season in 2011.Investigating the impact of the corporate governance on the excess return undergo the financial crisis.
Empirical results in total samples and electronic companies how that the higher ratio of shares hold by board of directors and the major shareholders will increase the excess return, thehigher ratio of shares hold by managers and corporations will decrease the excess return. In financial companies, empirical results show that the higher ratio of shares hold by board of directors and the managers will increase the excess return. Otherwise, board composition didn’t impact the excess return in total sample and financial companies. Finally, ownership structure is more influence than board composition.
After global financial crisis, shareholding of board in electronic companies and financial companies presentednot significant turned to significant positive effect on excess return.Shares hold by managers in financial companies presented significant positive effect turned to not significant on excess return. Outside directors presented significant positive effect in financial companies before global financial crisis, but it didn’t impact the excess return after global financial crisis.
論文目次 目錄
第一章緒論 1
第一節研究背景及動機 1
第二節研究目的 4
第三節研究流程及架構 5
第二章文獻探討 7
第一節股權結構 7
第二節董事會組成 13
第三章研究方法 20
第一節研究假說 20
第二節研究樣本及資料來源 23
第三節研究變數 24
第四節研究方法 26
第四章實證結果與分析 29
第一節敘述統計 29
第二節相關分析 32
第三節實證結果迴歸分析 34
第五章結論與建議 44
第一節研究結論 44
第二節後續建議 45
參考文獻 47
表目錄
表1、應變數(超額報酬)之描述 24
表2、自變數(股權結構、董事會組成)之描述 25
表3、控制變數之描述(在迴歸式中,以Control代替所有控制變數) 26
表4、樣本公司之敘述統計 31
表5、Pearson之相關性分析 33
表6、股權結構變數與超額報酬之迴歸模型 35
表7、董事會組成變數與超額報酬之迴歸模型 36
表8、股權結構變數與超額報酬之迴歸模型─金融產業 37
表9、董事會組成變數與超額報酬之迴歸模型─金融產業 38
表10、股權結構變數與超額報酬之迴歸模型─電子相關產業 40
表11、董事會組成變數與超額報酬之迴歸模型─電子相關產業 41
表12、股權結構變數與超額報酬之整合比較 42
表13、董事會組成變數與超額報酬之整合比較 43
圖目錄
圖1、研究流程圖 6

參考文獻 朱延苓,(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。
吳令儀,(2004),董事會特性、績效與多角化程度關聯性之權變觀點─以台灣電子產業為例,成功大學企業管理研究所碩士論文。
李景儒,(2002),以產業與公司規模之角度綜觀國際股市之互動,中正大學財務金融研究所碩士論文。
洪榮華、陳香如、王玉珍,(2005),公司內部治理機制與公司績效之關係─股權結構與董事會特性的觀點,輔仁管理評論,第12卷第3期,頁23-40。
洪麗芳,(2004),股權結構、財務決策與公司績效關聯性之研究,中原大學會計研究所碩士論文。
陳家馴,(2004),董事會組成、公股角色與企業績效之關聯性研究,成功大學企業管理研究所碩士論文。
陳錦村、葉雅薰,(2002),公司改組、監督機制與盈餘管理之研究,會計評論,第34期,頁1-29。
陳麗娟,(2004),董事會組成、股權結構、關係人交易與企業績效關係之研究─以紡織業及電子業為實證,成功大學高階管理碩士在職專班(EMBA)碩士論文。
張明峰,(1991),股權結構對公司績效影響之研究,政治大學企業管理研究所碩士論文。
張訓華,(1991),股權結構、董事會組成與企業當年財務績效─以77 年度會計報酬率為準,東吳大學管理科學研究所碩士論文。
張雅琳,(2004),我國企業獨立董事機制與經營績效之關聯性研究,大葉大學會計資訊研究所碩士論文。
梁信翔,(2005),董監事質押比率之研究,國立臺灣大學財務金融學研究所碩士論文。
郭宏達,(2008),公司治理對經營績效、股票報酬及系統風險之影響,國立高雄第一科技大學財務管理研究所碩士論文。
許淑鈴,(2003),所有權集中程度、董監事會組成特質與公司績效關係之研究,嘉義大學管理研究所碩士論文。
菅瑞昌,丁秀儀、闕河士,(2008),經理人資訊揭露裁量與股票報酬率偏態關係,管理評論,第二十七卷第三期,頁65-92。
曾雅鳳,(2001),台灣公司董事監察人結構與經營績效之探討─以上市及上櫃鋼鐵業為例,義守大學管理科學研究所碩士論文。
楊慧玲,(2000),董事會結構及其變動對股東財富與經營績效影響之研究,朝陽大學企業管理研究所碩士論文。
劉科,(2002),美國安隆公司破產事件涉及之財務報表及獨立董事資訊揭露問題之探討,證券櫃檯月刊,第69期(3月),頁27-35。
廖秀梅,(2004),董事會結構特性與公司績效關係之研究─探討台灣家族控制企業因素的影響,台北大學會計研究所碩士論文。
鄧榮心,(2010),公司治理、股權結構與公司價值的關係─台灣市場受全球金融風暴影響之探討,中正大學財務金融研究所碩士論文。
遲銘俊,(2004),董事會組成與股權結構對高階主管更迭、公司價值與績效之關連性─以台灣上市(櫃)金融業及電子業為例,成功大學企業管理研究所碩士論文。
Agrawal, A. and C. R. Knoeber (1996), ”Firm performance and mechanisms to control agency problem between managers and shareholder.”Journal of Financial and Quantitative Analysis, vol. 31, pp. 377-397,
Bacon, J (1973), “Corporate directorship practices: membership and committees of the board.” Working paper presented in The Conference Board and American Society of Corporate Secretaries, New York
Bhagat, S., and B. Black (1996), “Do independent directors matter? ”Working paper presented in Columbia University of Law.
Bhagat, S., and B. Black, (2002), “The non-correlation between board independences and long term firm performance.”Journal of Corporation Law, vol. 27(2),pp. 231-274.
Chen, Y., and S. Y. Hu,(2001), “The controlling shareholder's personal stock loan and firm performance,” Working paper NTU International Conference on Finance.
Choi, B. and Lee, H. (2003), “An empirical investigation of km styles and their effect on corporate performance.”Information and Management, vol. 40, pp. 403-417.
Claessens, S., S. Djankov,J. P. H. Fan, L. H. P. Lang (2002),“Disentangling the incentive and entrenchment effects of largeshareholdingsThe Journal of Finance, vol. 57 , pp. 2741–2771.
Dobrzynski, J.H.(1993), ”Corporate board may finally be shaping up.” Business Week, vol.31, pp. 26.
Grossman, S. and O. Hart (1980) “Takeover bids, the free rider problem and the theory of the corporation,” Bell Journal of Economics, vol. 10, pp. 20-32.
Jensen, M.C., and R.S. Ruback (1983) “The market for corporate control: the scientific evidence,”Journal of Financial Economics, vol. 11(1-4), pp. 5-50.
Jensen, M.C., and W.H. Meckling (1976), “Theory of the firm: managerial behavior, agency cost and ownership structure,”Journal of Financial Economics, vol. 3(4), pp.305-360.
John J. McConnell and Henri Servaes (1990), “Additional evidence on equity ownershipand corporate value,” Journal of Financial Economics ,pp, 595-612.
Johnson, S., P. Boone, A. Breach, and E. Friedman (2000), ”Corporategovernance in the Asian Financial Crisis,”JournalofFinancial Economics, vol. 58(1-2),pp.141-186.
Kiel, Geoffrey C., and Nicholson, Gavin J., (2003), “Board composition and corporate performance: how the Australian experience informs contrasting theories of corporate governance”, Corporate Governance,vol. 11(3), pp.189-205.
Kula, V., (2005), “The impact of the roles, structure and process of boards on firm performance: evidence from Turkey,” Corporate Governance, vol. 13(2), pp. 265-276.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R.W. Vishny (2002),“Investor protection and corporate valuation.Journal of Finance, vol.57, pp. 1147-1170.
Leland, H. and D. Pyle, (1977), “Informational asymmetries, financial structure, and financial intermediation.”.Journal of Finance, vol. 32, pp. 371-388.
Lemmon, M. and K. Lins (2003),” Ownership structure, corporategovernance, and firm value: evidence from the East Asian Financial Crisis.”Journal of Finance , vol. 58, pp. 1445-1468.
Lipton, M. and J. Lorsch (1992), “A modest proposal for improved corporate governance.”BusinessLawyer, vol. 48,(1), pp.59-77,
Lloyd, W. P, J. H. Hand, and N.K. Modani (1987), “The effect degree of ownershipcontrol on firm diversification, market value, and merger activity,” Journal ofBusiness Research, pp. 303-312,
Mak, Y.T. and Y. Li,(2001), “Determinants of corporate ownership and board structure : evidence from Singapore.”Journal of Corporate Finance , vol. 7,pp. 235-256.
Mangel, R., and H. Singh (1993), “Ownership structure, board relationship and CEO compensation in large U.S. corporations,” Accounting and Business Research, vol. 23. pp. 339-350.
Morck, R., A. Shleifer, and R.W. Vishny (1988), “Management ownership and market valuation: an empirical analysis,”Journal of Financial Economics, vol. 20, pp. 293-315.
Oviatt,B.M. (1988), ”Agency and transaction cost perspectives on the manager-shareholder relationship, incentives for congruent interests.”Academy of Management Review, vol. 13, pp 214-225.
Patton, A., and J.C. Baker (1987), “Why won’t director rock the boat?”Harvard Business Review, pp. 10-18.
Pound, J. (1988), “Proxy Contests and the efficiency of shareholder oversight.”Journal of Financial Economics, vol. 20, pp. 237-264.
Prowse, S. (1998),“Corporate governance: Emerging issues and lessons from East Asia.”Responding to the Global Financial Crisis -World Bank.
Rajan, R., and L. Zingales(1998),“Which capitalism?Lessons from the East Asian crisis.”Journal of Applied Corporate Finance,vol. 11,pp. 40-48.
Salmon,W.J., J.W. Lorsch, G. Donaldson, J.A. Conger, D. Finegold, and E.E. Lawler (2001), “Harvard Business review on corporate finance.”Harvard Business Review Paperback Series.
Shleifer, A., and R.W. Vishny (1986), ”Large Shareholders and corporate control,”Journal of Political Economy, vol. 96(3), pp. 461-488.
Stulz, R. (1988), “Managerial control of voting rights, financing policies, and the market for corporate control.”Journal of Financial Economics, vol. 20, pp. 25-54.
Thomsen S. and Pedersen T.(2000), ”Ownership structure and economic performance in the largest European companies.”Strategic Management Journal, vol. 21(6), pp. 689-705.
Walter J. Salmon (1993), “Crisis prevention: how to gear up your board— the fight for good governance.” Harvard Business Review, vol. 71(1), pp. 68-75.
Weisbach, M.S. (1988), “Outside directors and CEO turnover,”Journal of Financial Economics, vol. 20, pp. 431-460.
Wong, K., and T. C. Yek. (1991), ”Shareholdings of board of directors and corporate performance from Singapore.”Pacific Basin Capital Markets Research, vol.2, pp. 211-225.
Yermack,D. (1996), “Higher market valuation of companies with a small board of directors.”Journal of Financial Economics, vol. 40, pp. 185-211.
Yin-HuaYeh, Chen-en Ko, Yu-Hui Su,(2003), “Ultimate control and expropriation of minority shareholders: new evidence from Taiwan”, Academia EconomicPapers, Vol. 31(3), pp. 263-299.
Zahra, S.A., and J.A. Pearce, (1992), “Board composition from a strategic contingency perspective,”Journal of Management Studies, vol. 29(4), pp. 411-438.
論文使用權限
  • 同意紙本無償授權給館內讀者為學術之目的重製使用,於2012-06-28公開。
  • 同意授權瀏覽/列印電子全文服務,於2012-06-28起公開。


  • 若您有任何疑問,請與我們聯絡!
    圖書館: 請來電 (02)2621-5656 轉 2281 或 來信