臺灣博碩士論文加值系統

本研究以我國2002年至2007年有發生總經理更換的上市公司為研究對象，採用Logistic迴歸模型，主要以傳統會計評估績效的四大觀點包括：短期償債能力的存貨週轉率、長期償債能力的負債對權益比率、短期獲利能力的總資產報酬率、長期獲利能力的銷貨成長比率、市場價值的本益比共五個績效指標，做為衡量總經理更換與否的決定指標。另外，在總經理人口特性的部分，使用教育程度、教育背景及國外學歷做為決定總經理更換的輔助指標。
本文研究結果發現會計績效可以用於解釋總經理更換的原因高於總經理人口特性，然而僅探討總經理特性時，雖教育程度是影響總經理更換的原因，但採用逐步迴歸分析法同時納入會計績效與總經理人口特性時，結果顯示出，會計績效比總經理人口特性的解釋能力強。因此，本文的研究結論支持經理更換的主要原因以會計績效為主，而總經理的人口特性為輔。
本文研究貢獻分為兩部分，第一為考量過去學者忽略的長期獲利能力指標對總經理更換的影響，此部分在研究結果證實銷貨成長比率對總經理更換存在著負向顯著影響。第二為考量總經理是否具有國外學歷對總經理更換的影響，此部分雖無達到統計水準，但兩者之間的確存在著負向關係。台灣目前對於企業治理機制的效果，一直存有相當的關注且有許多爭議，本研究提供實證說明會計績效較總經理人口特性扮演著決定總經理更換的重要角色，不僅對可提供學術上的證據，對實務界及主管機關亦有參考價值。

Our research using accounting performance and CEO characteristic analyzed the main reasons of CEO turnover. We evaluated corporate performance by dividing its finance numbers into four sectors; debt payable ability in short term and long term, profit ratio and market value from traditional accounting view. In characteristic analysis of CEO, we used not only the effect factors, providing by other researchers, but also other factors of studying background to analysis the CEO turnover. The empirical results found that short-term debt payable ability of inventory turnover and CEO turnover showed no obvious relation. Long term debt payable ability of liabilities to equity ratio and CEO turnover showed obviously negative relation. Short-term earnings ability of total assets returned ratio and CEO turnover showed negative relation. Long term debt payable ability of sales growth rate and CEO turnover showed negative relation. Market value of price earnings ratio and CEO turnover show negative relation but did not reach standard level. CEO education levels and CEO turnover showed positive relation. Education background and CEO turnover have not direct relation. Besides, foreign degrees and CEO turnover showed negative relation. Therefore, this research supports the main reason caused by CEO turnover is accounting performance and CEO characteristics supplement.

目錄

第一章　緒論 1
第一節　研究背景 1
第二節　研究動機 3
第三節　研究目的 6
第四節　研究架構 8
第二章　文獻探討 11
第一節　會計績效對總經理更換的影響 11
第二節　總經理更換與其人口特性相關研究之探討 20
第三章　研究方法 33
第一節　資料來源及樣本選取 33
第二節　變數定義 37
第三節　實證模型 41
第四章　實證結果與分析 43
第一節　敘述統計分析 43
第二節　總經理更換與會計績效的關連性 45
第三節　總經理更換與總經理人口特性的關聯性 47
第四節　會計績效與總經理人口特性對總經理更換的影響 49
第五節　結論 51
第五章　研究結論與建議 55
第一節　研究結論 55
第二節　研究限制 60
參考文獻 61


圖目錄

圖1.1 研究流程圖 10
圖2.1 2003-2006 我國學生主要留學國家簽證統計圖 30


表目錄

表2.1 2003-2006我國學生主要留學國家簽證統計表 29
表3.1 樣本選取 35
表3.2 樣本產業年度分析（實驗組） 35
表3.3 變數定義彙總表 40
表4.1 敘述統計量 43
表4.2 總經理更換與會計績效的關聯性 46
表4.3 以會計績效觀點的研究假說和驗證結果 47
表4.4 總經理更換與總經理人口特性的關聯性 48
表4.5 以總經理人口特性觀點的研究假說和驗證結果 49
表4.6 會計績效與總經理人口特性對總經理更換的關聯性 50
表4.7 以會計績效與總經理人口特性觀點的研究假說驗證結果 51
表4.8 以會計績效與總經理人口特性的觀點探討總經理更換的實證研究結果 54
表5.1 假說驗證結果 56

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