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研究生:王吟華
研究生(外文):Yin-Hua Wang
論文名稱:公司治理與經理人異動對股東財富的影響
論文名稱(外文):The Impacts of Corporate Governance and CEO turnover on Shareholder Wealth
指導教授:黃旭輝黃旭輝引用關係
指導教授(外文):Hsu-Huei Huang
學位類別:碩士
校院名稱:國立高雄大學
系所名稱:經濟管理研究所
學門:商業及管理學門
學類:其他商業及管理學類
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:98
中文關鍵詞:經理人異動公司治理董事會結構外部董事股權結構
外文關鍵詞:Management turnovercorporate governancestructure of board of directorsoutsider directorownership structure
相關次數:
  • 被引用被引用:34
  • 點閱點閱:1473
  • 評分評分:
  • 下載下載:270
  • 收藏至我的研究室書目清單書目收藏:2
所有權與經營權分離的情況下,經理人可能為了私利而犧牲了股東的利益,而如何有效的判斷經理人的良窳是董事會存在的目的之一,董事會有權代替股東去監督經理人績效,但什麼又會影響到董事會的監督效果呢?本研究經由公司治理機制來探討經理人異動宣告對股東財富的影響,而本文所探討的公司治理機制包括董事會結構、股權結構、會計師簽證等,研究樣本包括民國85年至91年上市公司的總經理異動之80個樣本,實證結果發現,整體而言,經理人的異動會造成股價的上漲,其次我們發現,非自願異動的經理人異動宣告效果較自願性異動好,若我們經公司治理機制來觀察經理人異動宣告效果,我們發現在董事會結構方面,董事長身兼總經理與家族企業的公司治理較差,故其經理人異動宣告效果較差,公司設有外部董事、公司外部董事比率較高與公司董事會規模小的公司治理較佳,故其經理人異動宣告效果較好;在股權結構方面,內部人持股高與法人持股高的公司治理較佳,故其經理人異動宣告效果較好;在會計師簽證方面,財務報表為為無保留意見與會計師簽證是由前四大會計師事務所辦理的公司,其公司治理較佳,因而經理人異動宣告效果較好。
A Chief Executive Officer(CEO) could pursue his/her private benefits at the expense of shareholder interests due to the separation of ownership and management. The board of directors has the rights to monitor the CEO and replace the non-performing one. We use a sample of 80 CEO turnovers during 1996-2002 to examine the impacts of CEO turnover on shareholder wealth. Our results indicate CEO turnover is associated with positive effects on shareholder wealth. Furthermore, companies with outside director, higher shareholding of insiders or institutional investors would experience better announcement effect than lower shareholding of insiders or institutional investors. Family business or CEO who also holds the position of chairman of the board would worsen the announcement effect than nonfamily business or CEO who doesn’t holds the position of chairman of the board. Finally, firms who received an unqualified opinion or whose auditing report was from Big-4 CPA firms would get a higher announcement effect than else CPA firms.
第壹章� 緒論 1
第一節� 研究動機與目的 1
第二節� 研究流程與架構 6
第貳章� 文獻探討 7
第一節� 公司治理 7
第二節� 經理人異動 19
第參章� 研究方法 22
第一節� 觀念性架構 22
第二節� 研究假說 23
第三節� 研究樣本選取及資料來源 28
第四節� 研究變數之操作性定義 30
第五節� 研究方法 33
第肆章� 實證結果與分析 40
第一節� 敘述性統計分析和相關性分析 40
第二節� 經理人異動宣告對股價之反應 47
第三節� 經理人異動原因對宣告效果之影響 51
第四節� 公司治理對經理人異動宣告效果之影響 53
第五節� 公司治理對經理人異動宣告效果影響之迴歸分析 63
第伍章� 結論 78
第一節� 研究結論 78
第二節� 研究建議 81
第三節� 研究限制與未來發展 81
參考文獻 82
附錄� 問卷範例 90
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