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|Title: ||關係人交易、營運績效與企業價值關係之研究 : 公司治理之調節效果|
|Other Titles: ||The relationship among related party transaction, operating performance and firm value : corporate governance as a moderator|
|Authors: ||陳盈宏;Chen, Ying-Hong|
|Keywords: ||關係人交易;公司治理;營運績效;企業價值;related party transaction;corporate governance;operational performance;firm value|
|Issue Date: ||2016-01-22 14:56:19 (UTC+8)|
This study analyzes the relationship between related party transaction, operating performance and firm value, and joins the corporate governance as a moderator, in order to empirically examine the moderating effect of corporate governance on the relationship between related party transaction, operating performance and firm value. There is no consistency result about the relationship between related party transaction, operating performance and firm value in previous studies. This study will classify related party transaction to the conflict of interest view and the efficient transaction view separately.
In this study, the sample includes stock firms listed in Taiwan Stock Exchange and OTC from 2001 to 2013, and uses fixed effects regression. The results indicate that the relationship between related party sales, related party purchases, related party lending, operating performance and firm value has a significant positive correlation to support the efficient transaction view. The relationship between related party guarantees, related party borrowings, operating performance and firm value has a significant negative correlation to support the conflict of interest view. Finally, the results confirm an effectively moderating effect of corporate governance on the relationship between related party purchase transaction, operating performance and firm value, to protect shareholders'' interests and improve business performance.
|Appears in Collections:||[會計學系暨研究所] 學位論文|
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