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研究生:吳宗輔
研究生(外文):sam wu
論文名稱:台灣上市公司股權結構、董事會組成特性對公司經營績效及股利政策影響之研究
論文名稱(外文):as chinese title
指導教授:王元章王元章引用關係
指導教授(外文):Yuan-Jang Wang
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2006
畢業學年度:94
語文別:中文
論文頁數:120
中文關鍵詞:股權結構公司股利政策公司經營績效會計師意見意涵董事會組成特性
外文關鍵詞:accounting opionoutboarddualityOwnership
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本研究主要檢視股權結構與上市公司經營績效之間的關係。由於內部人持股比例的上升,可降低公司的代理問題,使公司價值上升;而國外投資機構的投資能與一般投資大眾一同監控公司管理階層的經營成效,使得代理問題減少,公司價值增長。而董事會的特性與公司監控制度的完善與否有著很大的關係,故藉由研究董事會組成的特性,來探討如何設立內部監控體,使公司代理問題減少。至於會計報表中會計師意見對於公司績效的影響性,也是本文所探討的重點。
本研究以1999至2004年間台灣所有上市公司為樣本,排除金融、產險、資料不足及不符合取樣標準的公司,總共蒐集311家樣本公司。本研究分析過程主要分為四個部分,第一部份在於檢視各變數敘述性統計,來觀察各變數的分配特性;第二部分在於對績效變數,以公司內部人持股率、外資持股率、董事會規模、董事長的雙元性、外部董事人數比例及會計師意見來當做解釋變數,再以公司規模、負債比率及銷售成長率為迴歸式中的控制變數,來觀察不同績效變數與解釋變數的關係。第三部分則是將迴歸式中的績效變數轉變為公司股利政策變數,探討公司股利政策是否會受到解釋變數的影響;第四部分則探討內部人持股水準分割截點不同是否會影響到迴歸分析結果,並逕行上述兩部分的迴歸分析。
在多元迴歸分析方面,以資產報酬率為績效變數時,內部人持股比率與公司績效的非線性關係尤為明顯。以公司股利殖利率為股利政策變數時,內部人持股比率與公司經營績效的非線性關係較為明顯。外資持股比率與公司績效為正向的關係,但與公司股利政策無關。董事會規模與公司績效呈現負向的關係,董事長的雙元性與公司績效關係並不明顯,而外部董事人數比率與公司績效呈現負向的關係,至於會計師轉換意見與公司績效呈現負向的關係。
第一章 緒論………………………………………………………………………1
第一節 研究背景……………………………………………………………1
第二節 研究動機……………………………………………………………3
第三節 研究目的……………………………………………………………5
第四節 研究架構……………………………………………………………6
第二章 文獻探討 …………………………………………………………………8
第一節 代理問題……………………………………………………………8
第二節 股權結構相關文獻探討……………………………………………15
第三節 董事會組成特性與經營績效的相關文獻…………………………24
第四節 會計查核報告中會計師意見相關文獻……………………………31
第五節 代理問題與股利政策相關文獻探討………………………………39
第三章 研究假說與研究模型設計………………………………………………45
第一節 實證架構與研究……………………………………………………46
第二節 資料來源與樣本選取原則…………………………………………51
第三節 研究變數的操作定義與衡量………………………………………52
第四節 研究統計方法………………………………………………………58
第四章 實證結果與分析…………………………………………………………61
第一節 基本敘述統計分析…………………………………………………61
第二節 多元迴歸分析-公司經營績效 ……………………………………69
第三節 多元迴歸分析-股利政策 …………………………………………77
第四節 截點的差異性分析…………………………………………………79
第五章 結論與建議………………………………………………………………107
第一節 結論…………………………………………………………………107
第二節 建議…………………………………………………………………109
參考文獻……………………………………………………………………………111
一、參考之國內文獻
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