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研究生:王玉珍
研究生(外文):Yu-Zhen Wang
論文名稱:股權結構、董事會組成、資本結構與企業績效關係之研究
指導教授:洪榮華洪榮華引用關係
指導教授(外文):Jung-Hua Hung
學位類別:碩士
校院名稱:國立中央大學
系所名稱:企業管理研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2002
畢業學年度:90
語文別:中文
論文頁數:115
中文關鍵詞:股權結構代理成本董事會組成企業績效
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本研究主要檢視公司治理(corporate governance)與企業績效之間的關係。公司的經營取決於公司股權結構、董事會組成、資本結構之功能與績效,一旦透過公開市場籌措資金,則公司的成敗將對該公司之投資人、債權人、權益利害關係人甚至整體金融市場造成極大的影響。公司治理主要涵蓋「管理」與「監控」兩個面項1,透過效率性的管理與控制機制以舒緩代理問題的產生,而股權結構、董事會組成及資本結構皆能發揮公司治理功能,降低權益及負債之代理成本。同時,藉由公司治理機制,投資人及各方利害關係人,將更能掌握企業營運資訊,監督管理當局之經營績效。

另一方面,為因應全球化潮流及保障跨國投資人之權益,透過公司治理機制監督管理當局,亦為提昇個別企業績效與整體國家競爭力的要素之一。由於產業型態的差異,致使不同產業之管理當局,有不同的公司治理形式,因此本研究欲將產業分成高科技產業與傳統產業兩種類型,探討產業因素是否影響公司股權結構、董事會組成、資本結構三者與企業績效之間的關係。

本研究發現高科技產業與傳統產業於五種企業績效指標、內部人士持股比率、資本結構變數、環境不確定性程度上皆存在顯著差異,說明不同產業型態有不同之企業績效表現。若以獲利性指標、生產力指標作為企業績效衡量指標,則可發現大股東持股比率、機構投資人持股比率與企業績效成顯著正向關係,總負債比率則與企業績效成顯著之負向關係;若以市場指標作為企業績效衡量指標,則僅負債比率與企業績效成顯著負向關係,說明因市場績效指標的影響因素較多,且其影響因素多為管理人士所無法控制,因此股權結構、董事會組成與企業績效之關係並不顯著。另外於考量長期觀點後,本研究亦發現內部人士持股比率與企業績效成非線性關係,驗證不同的內部人士持股區段,分別適用利益收斂假說與管理據守假說。

整體而言,公司治理的確會影響企業績效之高低,不同的產業型態存在不同的績效表現水準,高科技產業的績效表現皆優於傳統企業,不過績效的高低並不會影響到公司治理機制與企業績效的關係。股權結構、董事會組成與資本結構間存在交互作用,企業可透過不同公司治理機制的安排以提昇整體企業之績效表現。
目錄
========================================================
摘要…………………………………………………………………………… 1
第一章、導論………………………………………………………………… 3
第二章、文獻探討……………………………………………………………. 6
一、公司治理 ……………………………………………………………6
二、代理問題……………………………………………………………. 6
三、產業特性差異 ……………………………………………………..14
第三章、研究方法……………………………………………………………16
第一節 研究架構……………………………………………………...16
第二節 研究假說……………………………………………………...20
第三節 研究變數定義.. ... ………………………………...………….26
第四節 研究對象與研究期間………………………………………...32
第五節 統計分析方法………………………………………………...34
第四章、實證結果與分析……………………………………………………37
第一節 基本敘述性統計……………………………………………...37
第二節 相關分析……………………………………………………...48
第三節 變異數分析…………………………………………………...49
第四節 迴歸分析……………………………………………………..58
第五節 參數估計值變動分析………………………………………..85
第五章、結論………………………………………………………………..96
第六章、研究限制與後續研究……………………………………………...102
註釋 ……………………………………………………………………….103
附錄 ……………………………………………………………………….105
附錄一 新竹科學園區歷年實收資本額…………………………….105
附錄二 研究變數定義彙總表……………………………………….106
附錄三 自變數之相關係數-Pearson/(Spearman)……………………107
附錄四 集中交易市場成交金額投資人類別比例表……………….108
參考文獻…………………………………………………………………….109
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