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系統識別號 U0002-2706201417313900
中文論文名稱 內部人持股會增強財務績效對公司價值的影響?
英文論文名稱 Does Insider Shareholding Enhance the Impacts of Financial Performance on Firm Value?
校院名稱 淡江大學
系所名稱(中) 管理科學學系碩士班
系所名稱(英) Master’s Program, Department of Management Sciences
學年度 102
學期 2
出版年 103
研究生中文姓名 翁宸鋒
研究生英文姓名 Chen-Feng Weng
學號 601620627
學位類別 碩士
語文別 中文
口試日期 2014-06-20
論文頁數 34頁
口試委員 指導教授-倪衍森
委員-曹銳勤
委員-蕭文姃
中文關鍵字 內部人持股  財務績效  公司價值 
英文關鍵字 Insiders’ ownership  Financial performance  Firm value 
學科別分類
中文摘要 自從所有權與控制權分離所產生之代理問題漸受重視開始,有關公司治理與股權結構為值得重視的課題,是以本研究以台灣法令規定的內部人為研究變數,並以2008到2012年台灣上市公司作為研究樣本,來探討內部人持股(如經理人持股、董監事持股等)是否會增強財務績效對公司價值的影響。而本研究有以下的研究發現。其一、董監事質押比率在任何模型皆顯示與公司價值呈現顯著的負相關。其二、有獨立董事之公司有助於增強ROA與ROE對公司價值的影響,顯見有獨立董事之企業,相當能強化公司的財務績效,進而提升公司的價值,換言之,獨立董事的設立,對企業應有監督與提升績效之效。最後,外資董監事亦能增強ROE對公司價值的影響,此亦顯示外資對股東權益報酬率的重視。
英文摘要 Due to the agency problem resulting from the separation of ownership and management, the issue of corporate governance becomes more important recently. In this study, we employ the insiders defined by Taiwan authority as our target variables, and then explore whether insiders’ shareholding such as directors’ holding ratio, mangers’ holding ratio, and so on would enhance the impacts of financial performance on firm value. The sample is collected from the firms listed in Taiwan stock exchanges. The study finds the results as shown below. First, the directors pledge ratio negatively affects firm value in all models employed in this study. Second, the firms recruiting independent directors would enhance ROE and ROA on firm value. Finally, foreign directors would enhance ROE on firm value, which indicates that foreign institutions care about ROE.
論文目次 目錄
第一章、緒論 1
第一節、研究背景與動機 1
第二節、研究目的 2
第三節、研究流程 4
第四節、研究架構 5
第二章、文獻探討 6
第一節、公司治理與公司績效 6
第二節、股權結構與公司績效 8
第三節、內部人持股與公司績效 9
第三章、研究假說與方法 12
第一節、研究資料與變數 12
第二節、研究假說 18
第三節、研究方法 18
第四章、實證結果 20
第一節、敘述性統計量 20
第二節、多元迴歸模型 21
第三節、Petersen迴歸模型 24
第五章、結論與建議 28
第一節、研究結論 28
第二節、研究意涵 30
第三節、研究限制與建議 30
參考文獻 31

表目錄
表4-1 敘述統計量 20
表4-2內部人持股變數與ROA之交乘項對公司價值影響之多元迴歸模型 21
表4-3內部人持股變數與ROE之交乘項對公司價值影響之多元迴歸模型 23
表4-4內部人持股變數與ROA之交乘項對公司價值影響之Petersen迴歸模型. 24
表4-5內部人持股變數與ROE之交乘項對公司價值影響之Petersen迴歸模型. 26



圖目錄
圖1-1研究流程圖 4
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