臺灣博碩士論文加值系統

本研究試圖以Ohlson(1995)的評價模式為基礎，分別由董事會結構、股權結構、管理型態及資訊透明度此四項公司治理構面，研究在不同企業生命週期階段中，公司治理變數與公司價值的關聯性。本研究以2005年至2008年間台灣上市公司資料進行實證研究，將樣本區分為成長期、成熟期以及停滯期，先以不考慮企業生命週期來進行迴歸分析，再分別以成熟期和停滯期為基期進行交叉分析，實證結果如下：(1) 不考量企業生命週期下，管理者持股比例、機構法人持股比例與公司價值呈顯著正相關；董監事持股比例及董監事持股質押比例則與公司價值呈顯著負相關；而董事會規模、大股東持股、雙重性及資訊透明度與公司價值無顯著相關。(2) 考量企業生命週期下，董事會規模、管理者持股、機構法人持股、董監事質押及雙重性與公司價值之關聯性在成長階段最為顯著；而董監事持股及資訊透明度與公司價值之關聯性在不同企業生命週期階段無顯著差異。

Using Ohlson model, this study examines the relationship between corporate governance and equity market value in different corporate life cycle stages from the following corporate governance perspectives respectively: board structures, ownership structures, managerial types and the information transparency. This study covers the listed firms from 2005 to 2008. Cross-sectional analyses are performed with and without controlling for individual firm’s corporate life stages. The empirical results are as follows: (1) Without considering corporate life cycle stages, management ownerships and institutional ownerships relate significantly to the equity market value, while management ownerships and directors and supervisors’ ownerships have significantly negative association with the equity market value. On the other hand, board size, block holders’ ownerships, duality and transparency associate insignificantly with equity market value. (2) Taking corporate life cycle stages into consideration, board size, management ownerships, institutional ownerships, pledged shares of insider ownership and duality have the most significant association with equity market value for the growth stage. But there are not any significant differences in the relationships between equity market value and directors and supervisors’ ownerships and transparency for the three corporate life cycle stages.

第一章 緒論
第一節 研究背景與動機
第二節 研究目的
第三節 研究範圍與限制
第四節 研究步驟

第二章 文獻回顧與假說推導
第一節 企業生命週期的概念
第二節 企業生命週期、公司治理與公司價值之關聯性

第三章 研究方法
第一節 研究對象、期間與資料來源
第二節 相關變數與實證模型

第四章 實證結果分析
第一節 基本統計量分析
第二節 迴歸結果分析

第五章 結論與建議
第一節 研究結論
第二節 研究限制
第三節 未來研究建議

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