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    題名: 由員工分紅配股與認購權對公司治理與經營績效之關聯性探討~以臺灣上市電子股為例
    其他題名: A research of relationship among the corporate governance and performance by employee stock ownership and warrants-an empirical stock of electrical industry in Taiwan
    作者: 岩宇芳;Yen, Yu-fang
    貢獻者: 淡江大學管理科學研究所碩士班
    倪衍森;Ni, Yen-sen;許超澤;Hsu, Chao-tse
    關鍵詞: 公司治理;員工分紅配股;認購權證;corporate governance;employee stock Ownership;warrants
    日期: 2008
    上傳時間: 2010-01-11 03:41:09 (UTC+8)
    摘要: 公司治理在企業經營上是一門重要的工作,但是直到1997年亞洲金融危機發生後,各界皆提出強化公司治理機制有助於預防公司弊端產生,再加上2001年美國安隆案和2004年台灣博達、訊碟和皇統事件後,公司治理之議題才開始被廣泛的討論。而除了公司治理變數對於經營績效有相關影響力外,台灣上市電子公司每年所發放的員工分紅配股與認購權證,對於公司的經營績效之影響更是一個重要的議題。
    本次研究除針對公司治理變數與公司績效之間探討外,更進一步加入員工分紅配股與認購權證的激勵因素,去了解是否藉由這兩個因素能夠更加強化公司治理與公司績效之間的影響力。採用的實證研究方式有多元迴歸模型、羅吉斯迴歸模型與橫斷面與時間序列合併模型來探討變數之間所發生的相關影響。分析探討得知結論如下:
    (1)當公司利害關係人持股比例越高,對於股東權益報酬是有正面的影響。
    (2)法人持股較多代表,其看好公司外來營運情況,加上法人對於股價的影響也很顯著,故對於公司經營績效是有正面的影響力。
    (3)實施員工分紅配股會使法人機構對於公司績效產生負面觀感,因為當公司股票稀釋越嚴重,法人機構對於公司的控制權也會相對下降,所產生的疑慮也會越大。
    (4)員工認購權證的執行並不一定是當年度即會發生的事,所以其會對於公司的績效影響也不會在當年度即刻發生。
    其實無論是員工分紅配股或是認購權證,站在企業的角度都是希望藉由此兩種方法來激勵員工,以期能達到更好的公司績效,而透過此研究可以發現員工分紅配股確實是有其效果存在,甚至更有中介(intervene)激勵的作用。
    Corporate governance is an important issue for business management. But until Asia financial crisis in 1997, everyone started to set up well management mechanism to prevent it. Events happened in Enron in 2001 and BDCOM and InfoDisc in 2004, the issue becomes the hot issue again around the word. This study expects the effects existed between corporate governance and performances, and discuss the employee’s bounds and warranty special in Taiwan as well, since it might influences corporate governance factor significantly.
    This study discusses corporate governance and corporate performance factors, furthermore understand that the employee’s bounds and warranty which are encourageous factors could enhance the relationship about corporate governance and performance. An empirical study uses multiple-regression, logistic regression and panel data approach to investigate the relationships between all variables. Our main results are as follows:
    1.There has positive obvious relationship between manager shares holding ratio and ROE.
    2.The higher institute share holding ratio, the company performance is well, so there is obvious relationship between institute share holding ratio and company performance.
    3.There has negative significantly relationship between employee’s bonus and institute share holding ratio, since electronic stocks listed in TSE use these approaches will dilute their holding power for these companies.
    4.There are no obvious relationships between warranty and corporate performance, since it might take time to react the effect of warranty.
    顯示於類別:[管理科學學系暨研究所] 學位論文

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