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    題名: 再看公司治理與公司績效關係-以交叉持股角度而論
    其他題名: Review the relationship between the corporate governance and firm performance : from the perspective of cross ownership
    作者: 邱琬詒;Chiu, Wan-i
    貢獻者: 淡江大學財務金融學系碩士班
    路祥琛;Lu, Cheung-sum
    關鍵詞: 公司治理;股權結構;交叉持股;corporate governance;ownership structure;cross ownership
    日期: 2007
    上傳時間: 2010-01-11 01:02:08 (UTC+8)
    摘要: 國內近年來一連串的掏空弊案,除了使經濟動盪不安,更突顯國內在公司治理方面的問題。目前國內上市公司雖必須定期公開財務資訊,但公司內部的實際管理運作手法,投資大眾往往不易得知,形成嚴重的代理問題。Jensen和Warner(1988)指出,企業所有權與經營權逐漸分離,除了代理問題外,亦影響了公司股權的結構與公司價值。基於此,本研究針對國內上市公司的股權結構與公司價值的關係進行探討,試圖找出股權結構對公司績效的影響。此外,董監事在公司治理中也扮演了相當重要的角色,故引入董監事會特性變數,並將研究樣本區分為高科技產業與傳統產業,檢視不同特性的產業,前述關係是否有所不同。
    在本文中的股權結構變數當中,除了採用以往文獻所探討的各種相關變數外,並引入交叉持股的資料,試圖以另一角度來檢視公司治理的影響。考量一般投資大眾取得交叉持股資訊不易,故本研究採用公開可得的交叉持股資訊,即目標公司最大股東與次大股東的交叉持股資料。
    本研究以2002年到2005年間在台灣證券交易所掛牌上市的公司為研究對象,資料來源為TEJ台灣經濟新報,交叉持股部分輔以台經院產經資料庫進行交叉查詢。刪除了產業結構特殊的金融保險類股後,將其餘上市公司劃分為高科技產業以及其他傳統產業類股,以unbalance panel data的模型探討公司治理與經營績效的關係。實證結果,最大股東持有次大股東持股比率對傳統產業以及整體樣本的績效有顯著負向影響,顯示金字塔結構的確不利於公司績效。本研究引入的次大股東持有最大股東持股比率則對高科技產業的會計績效有顯著的正向關係,指出若目標公司的次大股東持有最大股東的股權時,對最大股東有制衡的效果。
    Corporate governance is an important issue in recent years. When ownership and management are separated, agency problems arise. Therefore, the purpose of this article is to examine the relationship between ownership structure and firm performance. This study also uses the characteristics of the board of director because the board of director plays an important role in corporate governance. We separate our sample into high-tech companies and traditional industrial firms to find out whether there are difference in the relationship between ownership structure and firm performance.

    Except the usual variables for ownership structure, this article also includes the cross ownership data to examine how it affects the company’s performance. Because it is difficult for the general public to obtain the cross ownership data, this article uses the cross ownership data between largest stockholder and the second largest stockholder. This research covers the period from 2002 to 2005, and includes all
    Companies listed on the Taiwan Stock Exchange. All data comes from Taiwan Economic Journal Co. Ltd. (TEJ) and the listed on the database of Taiwan Institute of Economic Research (TIE). We exclude bank and insurance companies and further separate our sample into the high-tech industry and the traditional industry.

    Our result is that when the largest stockholder has more share holdings of the second largest stockholder, it has a significantly negative effect on performance, especially for traditional industry. This implies that pyramid structure is bad for companies. However, when the second largest stockholder has more share holdings of the largest stockholder, it has a significantly positive effect on high-tech industry’s performance. We think that if the second largest stockholder has share holdings of largest stockholder, he/she can prevent the largest stockholder from exploit minority shareholders.
    顯示於類別:[財務金融學系暨研究所] 學位論文

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