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 U0002-2606200816121200
中文論文名稱 企業風險與公司治理關聯性之研究 -以利害關係人觀點分析
英文論文名稱 The Relationship between Enterprise Risk and Corporate Governance- analysis from the perspective of stakeholder
校院名稱 淡江大學
系所名稱(中) 會計學系碩士班
系所名稱(英) Department of Accounting
學年度 96
學期 2
出版年 97
研究生中文姓名 潘怡樺
研究生英文姓名 I-Hua Pan
學號 695600378
學位類別 碩士
語文別 中文
口試日期 2008-06-17
論文頁數 71頁
口試委員 指導教授-黃振豊
委員-洪世章
委員-張琬喻
中文關鍵字 信用評等  公司治理  資訊揭露 
英文關鍵字 Credit ratings  Corporate governance,  Information disclosure 
學科別分類 學科別社會科學商學
中文摘要 本文旨在探討我國上市上櫃公司的治理機制對企業風險之影響,企業風險為債信風險、公司系統風險、非系統風險以及權益風險,公司治理則包括三大構面:所有權結構、董事會結構與以及財務透明度及資訊揭露。藉由2005年至2006年之調查,運用迴歸模型與因素分析,檢測公司治理與企業風險之關聯性,再以債權人、投資人、握有經營權之股東以及企業之多面向觀點,分析公司治理對各風險的影響。
實證結果發現:(一)機構投資人與內部人士持股比率與債信風險、公司系統風險、非系統風險以及權益風險呈顯著負相關,大股東持股比率與系統風險呈顯著負相關,與債信風險、非系統風險呈顯著正相關。(二)獨立董監事席次與債信風險以及權益風險顯著負相關,而董監事持股比率與債信風險呈顯著正相關。(三)財務報導品質與債信風險、公司系統風險、非系統風險以及權益風險呈顯著負相關,財務報導適時性則與債信風險、非系統風險以及權益風險呈顯著負相關。(四)若以國內資訊揭露等級替代財務報導品質與財務報導適時性做為透明度及資訊揭露的代理變數,對債信風險、非系統風險以及權益風險有顯著的影響。依據本研究實證資料顯示,良好的公司治理機制確實可以降低債權人、股東、企業以及其他利害關係人之風險。
英文摘要 This paper investigates the relationship between governance attributes and credit ratings, firm systematic risk, firm-specific risk, and ROE risk. We find that firms with a greater proportion of their shares held by activist institutions and officers have lower risk of credit ratings, and lower firm systematic risk, firm-specific risk and ROE risk. And firms with a greater proportion of their shares held by blockholders have higher risk of credit ratings, lower firm systematic risk and higher firm-specific risk. Higher place of independent directors and inspectors result in lower risk of credit ratings and lower ROE risk, and greater proportion of their shares held by directors and inspectors have higher risk of credit ratings. We also find that firms reporting with higher quality have lower risk of credit ratings and lower firm systematic risk, firm-specific risk, and ROE risk, and firms reporting with higher timeliness have lower risk of credit ratings, lower firm-specific risk and ROE risk. Our results show that a firm with better governance could decrease the risk of bondholders, stockholders, enterprise and other stakeholders.
論文目次 目錄
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 2
第三節 研究目的 4
第四節 論文架構 5
第二章 文獻探討 7
第一節 企業風險管理相關文獻探討 7
第二節 企業風險與公司治理相關文獻探討 13
第三章 研究設計 25
第一節 觀念性架構與假說發展 25
第二節 資料來源與樣本處理 28
第三節 變數定義 28
第四節 實證模型 33
第四章 實證結果與分析 35
第一節 敘述統計量 35
第二節 迴歸結果分析 39
第三節 敏感性分析 46
第四節 因素分析 54
第五節 多面向觀點探討公司治理對企業風險之影響 57
第五章 結論與建議 62
第一節 研究結論 62
第二節 管理意涵 63
第三節 研究建議 63
第四節 研究限制 65
第五節 後續研究的建議 65
參考文獻 66


表目錄
表1 以多面向觀點探討企業風險 3
表3 基本統計量分析 37
表4 企業風險與公司治理及控制變數之相關分析 38
表5 債信風險與公司治理關聯性之迴歸分析 42
表6 公司系統風險與公司治理關聯性之迴歸分析 43
表7 非系統風險與公司治理關聯性之迴歸分析 44
表8 權益風險與公司治理關聯性之迴歸分析 45
表9 債信風險與公司治理關聯性之迴歸分析-以資訊揭露評鑑等級為財務透明度與資訊揭露構面代理變數 49
表10 系統風險與公司治理關聯性之迴歸分析-以資訊揭露評鑑等級為財務透明度與資訊揭露構面代理變數 50
表11 非系統風險與公司治理關聯性之迴歸分析-以資訊揭露評鑑等級為財務透明度與資訊揭露構面代理變數 51
表12 非系統風險與公司治理關聯性之迴歸分析-以資訊揭露評鑑等級為財務透明度與資訊揭露構面代理變數(高槓桿公司與低槓桿公司) 52
表13 權益風險與公司治理關聯性之迴歸分析-以資訊揭露評鑑等級為財務透明度與資訊揭露構面代理變 53
表14 企業風險之因素分析結果 54
表15 企業內部、外部風險與公司治理關聯性之迴歸分析 56
表16 企業風險與公司治理關聯性之迴歸分析-以多面向觀點分析 59


圖目錄
圖1 研究流程圖 6
圖2 企業經營的三大風險 9
圖3 PENMAN 風險架構 10
圖4 企業風險管理組成要素與目標及企業單位相互關係圖 11
圖5 公司治理與企業資產負債表模型 15
圖6 研究架構圖 25

參考文獻 參考文獻
中文文獻
丁立平(民92),公司治理、會計資訊與公司價值關係之研究,國立台灣大學會計研究所碩士論文。
中華徵信所(民92),台灣地區大型企業排名。
江千慧(民95),財務報導風險性資訊揭露與公司系統風險關聯性之研究,國立政治大學會計研究所碩士論文。
吳思華(民89),策略九說:策略思考的本質,臉譜出版社。
吳啟銘(民90),企業評價:個案實證分析,智勝文化出版。
林日峰(民91),透明度與競爭力,會計研究月刊,第200期,頁65。
林宛瑩、許崇源、戚務君、陳宜伶(民96),公司治理與信用風險評量,21世紀會計專業會計產業與會計揭露研討會論文集。
林欣怡(民92),公司資訊透明度權益資金成本之關係探討,中山大學財管系碩士論文。
洪麗芳(民93),股權結構、財務決策與公司績效關聯性之研究,私立中原大學會計研究所碩士論文
馬秀如(民94),內部控制之延伸-風險管理,會計研究月刊,第238期,頁30-47。
高蘭芬(民95),資訊透明度及席次控制權與現金流量偏離對公司績效之影響-以台灣電子產業為例,台灣管理學刊,第6卷,第2期,頁81-104。
張月瓊(民94),股權結構與公司風險之實證研究,私立銘傳大學會計研究所碩士論文。
許文榮(民87),股權結構影響公司風險承擔傾向與報酬獲取能力之探討,國立台灣科技大學管理技術研究所。
許崇源、朱全斌(民95),獨立董事及外部董事功能之研究,2006會計理論與實務研討會論文集。
許崇源、陳瑞斌(民94),公司治理與權益資金成本之關連性研究,第三屆管理思維與實務學術研討會論文集。
陳宏姿(民90),董監事結構與企業財務績效關聯之研究,國立政治大學會計學研究所碩士論文
陳佳敏(民94),台灣上市銀行公司治理結構與風險關係研究,國立成功大學企業管理研究所碩士論文。
陳俊佑(民94),公司治理對信用評等之影響,私立東吳大學國際貿易學系碩士班國際金融組碩士論文。
陳繼堯(民88),危險管理論,三民書局。
曾炳霖(民91),淺論公司治理機制-以安隆案為中心,會計研究月刊,第205期,頁65-83。
葉秋南(民87),美國金融業風險管理,財團法人金融聯合徵信中心。
葉銀華、李存修、柯承恩(民94),公司治理與評等系統,商智文化,
蔡篤村(民91),以內部控制強化公司治理之探討,台灣大學會計研究所碩士論文。
鄧家駒(民89),風險管理,華泰文化。
薛敏正、李雅琳,財務困難公司之資訊透明度研究,2006會計理論與實務研討會論文集。
鍾金凌(民93),內部稽核人員在風險管理所扮演角色之研究,私立中原大學會計研究所碩士論文。

英文文獻
Agrawal, A., & C. Knoeber. 1996. Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis 31:377-397.
Albuquerque, R., & N. Wang. 2005. Agency Based Asset Pricing Model, Working paper, Columbia University.
Anderson, R., & D. Fraser. 2000. Corporate control, bank risk taking, and the health of the banking industry. Journal of banking and finance 24:1383-1398.
Ashbaugh-Skaife, H., Collins, D., & LaFond, R. 2006a. Corporate Governance, Risk and Cost of Equity capital, Working paper, University of Iowa.
Ashbaugh-Skaife, H., D. Collins, & R. LaFond. 2006b. The Effect of Corporate Governance on Firms’ Credit Ratings, Journal of Accounting and Economics 42: 203-243.
Barclay, M., & C. Holderness. 1989. Private Benefits from Control of Public Corporations, Journal of Financial Economics 25:371-395.
Barnhill, T. M. & W. F. Maxwell. 2002. Modeling Correlated Market and Credit Risk in Fixed Income Portfolio. Journal of Banking and Finance 26: 347-374.
Beasley, M., R. Clune, & D. Hermanson. 2005. Enterprise risk management: An empirical analysis of factors associated with the extent of implementation. Journal of Accounting and Public Policy 24:521-531.
Berle, A., & G. Means. 1932. The Modern Corporation and Private Property, Mcmillian, New York.
Bhagat, S., & B. Black. 2000. Board independence and long-term performance. Working paper, Stanford Law school, Stanford, CA.
Bhojraj, S., & P. Sengupta. 2003. Effect of corporate governance on bond ratings and yields:the role of institutional investors and the outside directors. The Journal of Business 76:455-475.
Bloomfield, R. J., & T. J. Wilks. 2000. Disclosure effects in the laboratory: Liquidity, depth, and the cost of capital. The Accounting Review 75(1):31-41.
Botosan, C. A. 1997. Disclosure level and the cost of equity capital. The Accounting Review, 323-349.
Brickley, J. A., R. C. Lease, & C. W. Smith. 1988. Ownership structure and voting on antitakeover amendements. Journal of Financial Economics 20:267-291
Brown, L., & M. Caylor. 2004. Corporate Governance and Firm performance. Working paper, Georgia State University.
Bushman, R., Q. Chen, E. Engel, & A. Smith. 2004. Financial accounting information, organizational complexity and corporate governance systems. Journal of Accounting & Economics 37:167-202
Chava, S., & A. Purnanandam. 2007. Determinants of the floating-to-fixed rate debt structure of firms. The Journal of Financial Economics 85:755-789
Committee of Sponsoring Organizations of the Treadway Commission. 2004. Enterprise Risk Management-Integrated Framework (Executive Summary, Framework; Application Techniques), Jersey City: AICPA.
Dechow, P., & I. Dichev. 2002. The Quality of Accruals and Earnings: The Role of accrual Estimation Errors. The Accounting Review 77:35-69.
Downs, D. H., & D. W. Sommer. 1999. Monitoring, ownership, and risking-taking: the impact of guaranty funds. Journal of Insurance 66: 477-498.
Fama, E. F., & M. C. Jensen. 1983. Separation of Ownership and Control, Journal of Law and Economics 26, 301-325.
Fama, E.F. 1980. Agency Problems and the Theory of the Firm, Journal of Political Economy 88, 288-307.
Fatemi, A., & C. Luft. 2002. Corporate risk management-Costs and benefits, Global Finance Journal 13, 29-38.
FitchRatings. 2004. Credit policy special report, evaluating corporate governance: the bondholders’s perspective. New York: FitchRatings.
Francis, J. (1976) Investment:Analysis and management. McGraw-Hill Inc.
Galai, D., & R. W. Masulis. 1976. The option Pricing Model and the Risk Factor of Stock. Journal of Finance Economics 3: 53-83.
Garmaise, M., & J. Liu. 2004. Corruption, Firm Governance, and the Cost of Capital. Working paper, UCLA.
Gillan, S. L. 2006. Recent Developments in corporate governance: An overview. Journal of corporate governance 12:381-402.
Gillan, S. L., & L. T. Starks. 1998. A survey of shareholder activism: motivation and empirical evidence. Contemporary Finance Digest 2 (3):10-34.
Giner, B., & C. Reverte. 2006. The Risk-Relevance of Accounting Data: Evidence from the Spanish Stock Market. Journal of International Financial Management and Accounting 17 (3):175-207.
Gompers, P., J. Ishii, & A. Metrick. 2003. Corporate governance and equity prices. Quarterly Journal of Economics 118:107-155.
Gu, Z. 2002. Cross-sample incomparability of R2s and additional evidence on value relevance changes over time. Working paper, Carnegie Mellon University.
Hansen, G. S., & C. W. Hill. 1991. Are institutional investors Myopic? A Time-series study of Four technology-driven industries. Strategic Management Journal 12:1-16.
Healy, P. M., & J. M. Wahlen. 1999. A review of the earnings management literature and its implications for standard setting. Accounting Horizons 13 : 365-383.
Hermalin, B., & M. Weisbach. 1991. The effect of board composition and direct incentives on firm performance. Financial Management 21:101-112
Hill, C. W., & S. A. Snell. 1988. External control, corporate strategy, and firm performance in research-intensive industries. Strategic Management Journal 9:577-590.
Jensen M. C., & R. S. Ruback. 1983. The Market for Corporate Control: Empirical Evidence , Journal of Financial Economics: 5-50
Jensen, M. C., & W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics October: 205-360.
Jensen, M.C. 1993. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance 48: 831-880.
Karpoff, J., P. Malatesta, & R. Walkling. 1996. Corporate governance and shareholder initiatives:empirical evidence. Journal of Financial Economics 42:365-395.
Klein, A. 1998. Firm performance and board committee structure. Journal of Law and Economics 41:275-303
Lambert, R., C. Leuz, & R. Verrecchia. 2005. Accounting Information, Disclosure, and Cost of Capital, Working paper. Wharton School, University of Pennsylvania.September.
Lombardo, D., & M. Pagano. 2002. Law and Equity Markets: A Simple Model. Working paper. Stanford Law and Economics Olin Working Paper NO.194.
Modigiliani, F., & M. H. Miller. 1963. Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review 53, 433-443.
Morck R., A. Shieifer., & R. W. Vishny. 1988. Management Ownership and Market Valuation: An Empirical Analysis: 293-315.
Nissim, D., & S. Penman. 2003. Financial Statement Analysis of Leverage and How It Informs About Profitability and Price-to-Book Ratios. Review of Accounting Studies 8:531-560.
Organization of Economic Cooperation and Development. 1999. OECD Principles of Corporate Governance.
Penman, S. 2001. Financial Statement Analysis and Security Valuation. New York: McGraw Hill.
Rosenbloom J. S. 1972. A case study in Risk Management. NY. Meredith Corp.
Rowe & D. William, 1977, An anatomy of risk, John Wiley & Sons Inc., New York.
Sengupta, P. 1998. Corporate disclosure quality and the cost of debt. Accounting Review 73: 459-474.
Shleifer, A., & R. W. Vishny 1986. Large shareholders and corporate control. Journal of Political Economy 94:461-488.
Shleifer, A., & R.W. Vishny. 1997. A survey of corporate governance. Journal of Finance 52:737-783.
Silva, F., M. Nicolas, & D. P. Ricardo. 2006. Family ties, interlocking directors and performance of business groups in emerging countries: the case of Chile. Journal of Business Research 59:315-321.
Silva, Nicolas & Ricardo 2006. Family ties, interlocking directors and performance of business groups in emerging countries: The case of Chile, Journal of Business Research 59:315- 321.
Smith, C. W., & J. B. Warner. 1979. On financial contracting: an analysis of bond covenants. Journal of Financial Economics:117-161.
Standard & Poor's Company. 2002. Standard & Poor's Corporate Governance Scores: Criteria, Methodology and Definitions.
Stulz, R. M. 1996. Rethinking Risk Management. Journal of Applied Corporate Finance 9: 8-24.
Vaughan, E. J. 1997. Risk management, NY: John Wiley: 8-12.
Walker, P. L., W. G. Shenkir, & T. L. Barton. 2002. Enterprise Risk Management: Putting it all together. Institute of Internal Auditor Research Foundation. Altamonte Springs, FL.
Williams & Heins. 1989. Risk Management and Insurance (6nd ed.). New York.
Williamson, O. E. 1983. Organization form Residual Claimants and Corporate Control, Journal of Law and Economics, 26:351-366.
Word Bank, 1999. Corporate Governance : A Framework for Inplementation-Overview.
Wright, P., S. P. Ferris, A. Sarin, & V. Awasthi. 1996. Impact of corporate insider, blockholder and institutional equity ownership on firm risking taking. Academy of Management Journal 39(2):441-463.
Yermack, D. 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40:185-211.
Yermack, D. 2003. Remuneration, retention, and reputation incentives for outside directors. Journal of finance 59:228
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2010-07-16公開。
  • 同意授權瀏覽/列印電子全文服務,於2010-07-16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