臺灣博碩士論文加值系統

本研究以OECD五大公司治理原則為基礎，衡量於1996年至2017年台灣非金融業上市櫃公司於(1)股權結構(2)董事會職能與專業度(3)公平對待資金提供者(4)資訊揭露與透明度(5)企業社會責任等構面之品質，探討台灣上市櫃公司公司治理整體品質與其權益資金成本之關聯性，並探討不同公司治理構面對權益資金成本之影響是否不同。資訊揭露與透明度構面部分本主要探討財務報導品質部分，並以Kothari et al.(2005)方式進行裁決性應計數之計算。研究以Hou et al.(2012)橫斷面盈餘預測模型為基礎，預測台灣上市櫃公司未來五年盈餘；採GLS、CT、GG、OJ、PEG、MPEG等六種隱含資金成本模型估計公司權益資金成本。
研究結果發現，在控制影響公司權益資金成本之其他因素後，公司治理整體品質越佳，其隱含權益資金成本越低。就五大公司治理構面之品質分項評估，惟企業社會責任與隱含權益資金成本不具有顯著關聯性外，其餘四構面均與權益資金成本呈現顯著反向關係。進一步就隱含權益資金成本進行敏感性分析，發現不論隱含權益資金成本估計方式為何，董事會職能與專業度構面以及資訊揭露與透明度構面(本研究之財務報導品質構面部分)兩構面之品質對隱含權益資金成本均呈顯著之反向關係。

Using the data of Taiwanese listed companies excluding the financial industry from years 1996 to 2017, this study examines the relationship between corporate governance and the cost of equity of Taiwanese listed companies. Based on the five corporate governance mechanisms announced by OECD, which are:(1) capital structure, (2) board function and professionalism, (3) fairness on treating fund providers, (4) information disclosure and transparency, and (5) corporate social responsibility, we structure our own corporate governance system with five mechanisms, with the information disclosure and transparency structure primary measured by financial reporting quality. Six methods of the implied cost of capital are applied as our proxy of the cost of capital, which are: GLS, CT, GG, OJ, PEG, and MPEG. When forecasts of future earnings are needed, we use the cross-sectional earnings model developed by Hou et al. (2012) for calculation.
After controlling for other factors which also affects the cost of capital, empirical results show that the higher the quality of the corporate governance is, the lower the implied cost of capital will be. When the effects of each mechanisms on the cost of capital are examined, all mechanisms except for the corporate social responsibility are shown to have a significantly negative effect on the implied cost of capital. Sensitivity tests shows that both the board function and professionalism structure and the information disclosure and transparency structure (also referred as the financial reporting quality structure throughout this paper) have significantly negative effects on all methods of the implied cost of capital.

第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 7
第三節 研究架構 8
第二章 文獻探討 10
第一節 公司治理發展 10
第二節 公司治理與權益資金成本或企業績效 13
第三章 研究方法 28
第一節 研究假說之發展 28
第二節 實證模型與變數定義 31
第三節 樣本選取 48
第四章 實證結果 50
第一節 敘述性統計 50
第二節 單變量測試 53
第三節 實證結果 55
第五章 結論與建議 63
第一節 研究結論 63
第二節 研究限制 64
第三節 研究建議 65
參考文獻 66

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