臺灣博碩士論文加值系統

過去之文獻多半僅探討公司風險與公司治理的關係，但卻忽略了重要的資金問題，也就是融資限制的因素，決策者在推行任何計畫時，可能會因為公司的資金充裕與否而受到影響，而任何決策都會影響公司的風險。故本文以融資限制之角度切入探討，觀察是否融資限制會影響公司風險，再進一步加入公司治理因素，觀察是否會強化或改變融資限制對公司風險的影響。

本文以2011至2015年期間台灣之上市公司為研究對象，使用資產規模、股利支付率、成立年數作為融資限制定義之方式，並以股票報酬率標準差來衡量公司風險。首先驗證融資限制與風險的關係，結果發現融資限制程度越高之公司，其公司風險越高。在觀察融資限制與風險因素後，本文進一步檢驗公司治理因素是否會影響兩者之間的關係，結果發現公司治理因素確實會影響融資限制對公司風險的關係，顯示當公司資金不足時，會因為代理問題而有更高的公司風險。接著將樣本依家族控制型態，區分為單一家族控制與非單一家族控制分別再次測試。在不同的融資限制定義之下發現，不同控制型態對公司風險影響的差異，並沒有一致的結果。

最後，本文再以過去學者常用之方法，即資產報酬率標準差作為公司風險的衡量方式再次驗證。結果同樣證實，當公司遭受融資限制時，代理問題會導致公司風險提升。然而檢驗不同控制型態對前述結果的差異，卻發現單一家族控制的企業均比非單一家族控制的企業，有更高的公司風險。

Most of the past literature explores the relationship between corporate risk and corporate governance, but ignores one factor — the importance of financial constraints. Manager’s investment decision, depending on the availability of fund, will affect the company's risk. Therefore, in this paper we explore whether financial constraints can affect the company's risk, and further, we investigate whether the corporate governance factors can influence the impact of financial constraints on corporate risk.

We examine the listed companies in Taiwan from 2011 to 2015. The financial constraint is defined by firm size, dividend payout, and firm age, and corporate risk is measured by the standard deviation of the stock returns. We confirm that higher degree of financial constraints leads to higher level of corporate risk. Further, we find that corporate governance factors will impact the relationship between financial constraints and corporate risk, indicating that the agency problem caused by poor corporate governance would result in higher corporate risk when the company was fund insufficiency. The samples were then tested again respectively in a family-controlled form, divided into single-family-controlled and non-single-family-controlled. But under the different definitions of corporate risk, there is no consistent result of the impact of different control types on corporate risk.

第一章 緒論 ............................................................... 1
第一節 研究背景與動機 ...................................................... 1
第二節 研究目的 ........................................................... 4
第三節 研究架構 ........................................................... 6
第二章 文獻探討 ........................................................... 8
第一節 公司風險與融資限制 .................................................. 8
第二節 公司風險與公司治理 ................................................. 12
第三節 公司風險與公司控制型態 ............................................. 19
第三章 研究變數與實證方法 ................................................. 21
第一節 研究樣本與資料來源 ................................................. 21
第二節 變數定義與衡量 ..................................................... 22
第三節 研究方法 .......................................................... 27
第四章 實證結果與分析 ..................................................... 28
第一節 敘述性統計 ........................................................ 28
第二節 相關係數分析 ....................................................... 34
第三節 迴歸分析 .......................................................... 35
第五章 結論 .............................................................. 53
參考文獻 ................................................................. 55

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