臺灣博碩士論文加值系統

本研究以金融海嘯為背景，探討台灣上市櫃公司在這段期間之公司治理情況，以及公司治理對於公司價值的影響，並將範圍擴展至風暴發生後一年，探討風暴之後的公司治理與公司價值的情況，最後，比較在金融風暴期間是否比非金融風暴時期，公司治理會更加的顯著影響公司價值與公司績效。
實證結果發現:
(i)在股價報酬率方面，內部人持股率、董事會規模以及機構投資人持股在風暴期間對股價報酬率皆有顯著的影響。而在風暴後一年的實證結果則沒有特別顯著的關係，若比較風暴中與非風暴時期，風暴期間的公司治理變數呈現更加的顯著影響公司的股價報酬率。
(ii)在Tobin’s Q方面，內部人持股率、董事會規模以及機構投資人持股在風暴期間對Tobin’s Q也有顯著關係，並且風暴後一年的實證結果則沒有那麼的顯著，但若比較風暴中與非風暴時期之公司治理變數對Tobin’s Q的影響，則實證結果顯示，金融風暴時期，各種公司治理變數並無特別的比非風暴時期顯著。

This study uses the financial tsunami as the background to explore the performances of the companies which are going on the market, cabinet in Taiwan , and what effects do the corporate governance of their own have on the value of the firm during this period. And we then extend the time period into one year later after the financial tsunami to do research on the relationship between corporate governance and firm value. Finally, we compare values and performances of the firms to see if the factor of corporate governance affects them more in the period of financial tsunami than in the period of non-financial tsunami .This question is what we want to ask.
Empirical results:
(i) As for the stock return, the ratio of insider ownership, board size and institutional investors holding shares have significant impacts on the stock return during financial tsunami; however, one year after the financial tsunami, it doesn’t have significant relationship for stock return. If we compare the two periods, financial tsunami and non-crisis, the factor of corporate governance during financial tsunami shows a more significant impact on the company''s stock return than in non-crisis period.
(ii)how about the Tobin''s Q? The ratio of insider ownership, board size and institutional investors holding shares also have significant impacts on the company’s Tobin''s Q during financial tsunami. However, one year after the financial tsunami, it doesn’t have particularly significant relationship for Tobin''s Q either. If we compare impacts of the factor of corporate governance on Tobin''s Q in financial tsunami times with non-crisis period, the variables of corporate governance do not show more significant relationship for Tobin''s Q during financial tsunami than during non-crisis times.

目錄
第一章:緒論 1
第一節:研究動機與目的 1
第二節:研究流程 2
第二章:文獻回顧 3
第一節:公司治理文獻探討 3
第二節:內部人持股與公司價值探討 4
第三節:機構投資人持股與公司價值探討 5
第四節董事會結構與公司價值探討 6
第五節:金融風暴期間代理人問題文獻探討 7
第三章:研究方法 10
第一節:研究期間與資料來源 10
第二節:研究變數 10
第三節:實證分析方法 12
第四章:實證結果與分析 15
第一節:基本統計分析 15
第二節:迴歸結果分析 17
第三節PANEL DATA迴歸模型分析 19
第五章:結論與建議 22
第一節:結論 22
第二節:研究建議 23

參考文獻 47


表目錄
表1-1-1 24
表1-1-2 25
表4-1-1 26
表4-1-2 27
表4-1-3 28
表4-1-4 29
表4-1-5 30
表4-1-6 31
表4-1-7 32
表4-2-1 33
表4-2-2 34
表4-2-3 35
表4-2-4 36
表4-2-5 37
表4-2-6 38
表4-3-1 39
表4-3-2 40
表4-3-3 41
表4-3-4 42
表4-3-5 43
表4-3-6 44
表4-3-7 45
表4-3-8 46

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