臺灣博碩士論文加值系統

本研究探討公司治理與投資報酬之關聯性，悥即完善的公司治理是否可為投資帶來價值？本文透過公司治理兩個關鍵構面，包括董事會特性與股權結構，探討二者對公司股票相關績效的影響。
研究對象為2006~2014年的台灣上市櫃公司。研究方法係利用最小平方法進行迴歸分析。實證結果發現：(1) 股權集中度、負債比率、2008～2009金融海嘯時期對全體樣本之年股票報酬有顯著的正向影響，而對獨立董事席次比例亦有顯著的負向影響；(2)負債比率對本益比則呈現明顯的負向影響，顯示負債比越高，股價淨值比越低。(3) 外部董監席次比例、法人持股比率、股權集中度對全體樣本之股價淨值比有顯著的正向影響；而獨立董事席次比例、董監質押比例、董監持股率、現金流量權、負債比率、2008～2009金融海嘯期間、大型規模與中型規模對全體樣本之股價淨值比有顯著負向影響，代表金融海嘯時期對股價超跌，跌幅超過淨值減少的幅度；(4) 外部董監席次比例、法人持股比率及2008～2009金融海嘯期間對於股利殖利率呈現明顯的正向影響，而董監質押比例呈現明顯的負向影響，代表金融海嘯時期股價被低估，故投資人想有高於平均值的股利殖利率。

This study explored the association between corporate governance and return on investment to find out if more comprehensive corporate governance can increase the investment value. To do so, the present study chose two critical aspects of corporate governance, board characteristics and ownership structure, and examined their impact on company stock performance.

The research subjects were Taiwan Stock Exchange (TWSE)/Gre Tai Securities Market (GTSM) listed companies between 2006 and 2014, and the collected data were examined by the least-square regression analysis. The findings are as follows: (1) Ownership concentration, debt ratios, and the 2008-2009 financial tsunami were found to have a positive and significant impact on the rate of annual return of all the sampled companies in this study, but at the same time, they acted negatively and significantly on the percentage of board seats held by independent directors. (2) Debt ratios were found to have a negative and significant impact on the price-to-earnings ratio, suggesting that the higher the debt ratio the lower the price-book ratio. (3) The percentage of board seats held by outside directors, percentage of shares held by legal entities and ownership concentration were found to exert a positive and significant impact on the price-book ratio of all the sampled companies in this study. On the other hand, the percentage of board seats held by independent directors, percentage of pledged shares held by company directors and supervisors, percentage of shares held by the directors and supervisors, cash flow rights, debt ratios, 2008-2009 financial tsunami, and company size (large- and medium-scale) were found to exert a negative and significant impact on the price-book ratio of all the sampled companies in this study. These results reveal a stock oversold condition during the financial tsunami, and moreover, the magnitude of the decline in stock prices exceeded in the net value. (4) The percentage of board seats held by outside directors, percentage of shares held by legal entities, and 2008-2009 financial tsunami were found to have a positive and significant effect on the dividend yield but a negative and significant effect on the percentage of pledged shares held by company directors and supervisors, meaning that because of the underestimation of stock prices during the financial tsunami, investors expected an above-average dividend yield.

謝辭 I
中文摘要 II
英文摘要 III
目錄 IV
圖目錄 V
表目錄 VI
第壹章 緒論 1
　　　　第一節 究背景與動機 1
　　　　第二節 研究目的 2
　　　　第三節 研究流程 2
第貳章 文獻探討 4
　　　　第一節 代理理論與治理機制 4
　　　　第二節 正誘因效果與負侵占效果 9
　　　　第三節 公司治理與投資報酬 10
第參章 研究設計 15
　　　　第一節 觀念性架構與研究假說 15
　　　　第二節 資料來源與樣本選取 18
　　　　第三節 變數定義與衡量 18
　　　　第四節 資料處理與統計方法 23
　　　　第五節 實證模型 24
第肆章 實證結果與分析 26
　　　　第一節 樣本敘述統計量 26
　　　　第二節 變異數分析－ANOVA 32
　　　　第三節 相關性分析 34
　　　　第四節 迴歸分析 37
　　　　第五節 小結 49
第伍章 結論與建議 51
　　　　第一節 研究結論 51
　　　　第二節　管理意涵 52
　　　　第三節　研究限制與未來研究建議 52
參考文獻 54
附錄
附錄一 57
附錄二 92

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