臺灣博碩士論文加值系統

公司治理在1990年末期興起而逐漸被企業界及投資大眾所重視，目前已成為公司營運不可或缺的一部分，影響公司價值及營運績效甚鉅。本文以2002至2004年台灣電子業上市櫃公司為研究對象，探討公司治理如何影響投資決策、融資決策和股利政策，這是本文的研究目的之一，理論上這三項財務決策交互影響且是同時被決定的，在實務上是否如此？這是本文的研究目的之二。因此，本文以總資產成長率、固定資產成長率和市價對帳面價值比作為投資決策的代理變數、負債比率作為融資決策的代理變數、股利支付率作為股利政策的代理變數，配合控制變數、七個公司治理的代理變數、年度虛擬變數和獨特變數，設立含三項決策的聯立方程式迴歸模型，並以兩階段最小平方法估計之。
　　模型一的實證結果發現，董監事持股比率、大股東持股比率及經理人持股比率對投資決策(總資產成長率)有顯著的負向影響；董事會人數對融資決策(負債比率)有顯著的負向影響；董事長兼任總經理對股利政策(股利支付率)有顯著的負向影響，董監事持股比率、經理人持股比率和獨立董事人數對股利政策(股利支付率)有顯著的正向影響，以上的關係均如同預期。在公司治理變數方面，以固定資產成長率及市價對帳面價值比作為投資決策代理變數的模型二和模型三，其實證結果就不像模型一那麼令人滿意。
　　模型一的實證結果指出三項財務決策都會互相影響，而在模型二和模型三中交互影響的現象就不是那麼明顯，因為在模型二中股利政策不影響融資決策，融資決策也不影響投資政策；在模型三中股利政策不影響融資決策。就本文的兩項研究目的而言，以固定資產成長率當作投資決策的代理變數對電子業並不恰當，因為忽略研究發展、專利權取得等無形資產投資，固定資產成長率無法反映公司所有的投資行為；以市價對帳面價值比當作投資決策的代理變數可能因為價格偏離價值而無法正確代表公司未來的成長機會或投資行為。

　Corporate governance has received considerable attention from enterprises and investors since the late 1990s. It not only has become an essential element in the operation of a corporation but also has exerted a substantial influence on the market value and operating performance. This study is conducted for the firms in the electronics industry listed on Taiwan Stock Exchange and over the counter exchange from 2002 to 2004 to investigate how corporate governance affects the investment policy, the financing decision and the dividend policy. This is one purpose of this study. Theoretically, the three financial decisions are interrelated and are simultaneously determined. Are they determined in this way in practice? This is the other purpose of this study. Hence, this study specifies two simultaneous equations models composed of three equations for the three financial decisions and estimated using two-stage least squares (2SLS) method. Model I takes the total asset growth rate as the proxy measure for the investment decision, Model II takes the fixed asset growth rate as the proxy measure, and Model III takes the book to market value as the proxy measure.
　　It is found from the empirical results in Model I, as expected, proportion of share holding by the board members, proportion of share holding by large shareholders, and proportion of share holding by the management have a significantly negative effect on the investment decision (the total asset growth rate), number of the board members has a significantly negative effect on the financing decision (debt ratio), the CEO duality has a significant negative effect on the dividend policy (dividend payment ratio), while proportion of share holding by the board members, proportion of share holding by the management, and number of independent board members have a significantly positive on the dividend policy. The results from Model II and Model III are not satisfactory in the sense that the number of statistically significant governance variables reduces and some of their signs are not expected.
The empirical results from Model I indicate that the three financial decisions are interrelated. Interrelation is not so clear in the sense that the dividend policy has no influence on the financing decision and the financing decision has no influence on the investment decision in Model II and the dividend policy has no influence on the financing decision in Model III. It may be inappropriate to use the fixed asset growth rate and the book to market value as the proxy measures for the investment decision. Because it ignores the investment of such intangible assets as research and development and the acquisition of patents, the fixed asset growth rate cannot fully reflect the investing activities in a company. The book to market value cannot fully reflect the growth opportunities and investing activities in a company probably due to a deviation of prices from value.

第一章 緒論 1
第一節 研究背景 1
第二節 研究目的與方法 2
第三節 研究內容 4
第二章 文獻回顧 5
第三章 公司治理與財務決策理論 14
第一節 公司治理 14
第二節 財務決策理論 16
第三節 公司治理對財務決策的影響 21
第四章 實證結果與分析 24
第一節 兩階段最小平方法 24
第二節 實證結果與分析 25
第五章 結論 42
附錄 45
參考文獻 54



表 目 錄
表3-1 公司治理變數與財務決策關係表 23
表4-1 總資產成長率、負債比率及股利支付率為內生變數之聯立方程式(4-1式)估計值 33
表4-2 固定資產成長率、負債比率及股利支付率為內生變數之聯立方程式(4-2式)估計值 37
表4-3 市價對帳面價值比、負債比率及股利支付率為內生變數之聯立方程式(4-3式)估計值 41
附表4-1 變數符號及定義 45
附表4-2 各變數之敘述性統計 47
附表4-3 各變數間之相關係數表 48
附表4-4 總資產成長率、負債比率及股利支付率為內生變數之三階段最小平方法估計值 49
附表4-5 固定資產成長率、負債比率及股利支付率為內生變數之三階段最小平方法估計值 50
附表4-6 市價對帳面價值比、負債比率及股利支付率為內生變數之三階段最小平方法估計值 51
附表4-7 總資產成長率、負債比率及現金股利變動率為內生變數之聯立方程式估計值 52
附表4-8 固定資產成長率、負債比率及現金股利變動率為內生變數之聯立方程式估計值 53

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