臺灣博碩士論文加值系統

本研究探討公司治理內外部機制強度對決策者研發和廣告支出裁量權之影響，亦即探討公司治理程度與裁決性支出間之關係。並且探討不同成長機會及規模之公司，其公司治理機制與裁決性支出之關連性。以2001年至2004年為研究期間，樣本為我國上市電子公司。研究結果發現：
1. 在研發支出整體樣本中，董事席位數及會計師查核意見與研發支出呈正向關係，應收關係人款項則與研發支出呈負向關係。
2. 在高成長機會公司樣本中，董事席位數及會計師事務所審計品質與研發支出呈正向關係；應收關係人款項與研發支出呈負相關，與廣告支出則呈正相關。
3. 在大規模公司樣本中，董事長兼任總經理及應收關係人款項與研發支出間以及董監事持股比率及會計師查核意見與廣告支出間皆呈負相關；而會計師事務所審計品質與研發支出則呈正相關。
4. 在小規模公司樣本中，機構投資人持股比率與研發支出呈顯著負相關。
綜合本研究的實證結果發現，公司治理機制對研發支出具有干擾效果，而廣告支出與公司治理間線性相依程度甚低，另高成長機會公司及大規模公司，公司治理機制對其裁決性支出有一定程度之影響。

Prior researches were focused on better corporate governance, but were not considered whether the stronger corporate governance will affect the discretionary power of managers. This study was intended to examine the associations between the strength of corporate governance and the discretionary expenditure, and explored their relationship under both growth opportunities and scales of company. The samples were selected from publicly listed companies of electronic industry in Taiwan, 2001-2004.
The main findings of this research as follows:
1. In the whole samples, the association between research and development expenditure (RDE) and number of the member of the director board or opinions from independent auditors are positive but the RDE and receivable items due from related parties is negative.
2. In the higher growth opportunity samples, number of the member of the director board, auditor’s quality and the RDE show a positive relationship, as the receivable items due from related parties and RDE is a negative one but positive with advertisement expenditure(AE).
3. In the large-scale samples, chairman served concurrently with general manager and the receivable items due from related parties has the negative impact to the RDE, also the supervisors’ stock mortgage and independent auditor’s opinion to the AE, as auditor’s quality and the RDE show a positive one.
4. In the small-scale samples, there is a negative relationship exists between institutional investors and RDE.
In a whole, three major’s findings are found in this study: (1) There is an interfering effect of the mechanisms of corporate governance on RDE. (2)The AE has a low degree of linear dependence with the corporate governance. (3)The mechanisms of corporate governance hold impact upon discretionary expenditure in the companies with higher growth opportunity and large scale.

目 錄

謝辭…………………………………………….…………………………Ⅰ
中文摘要………………………………………………………………….Ⅱ
英文摘要………………………………………………………………….Ⅲ
目錄…………………………………………………………………….…Ⅳ
表目錄.........................................................................................................Ⅵ
圖目錄…………………………………………………………………….Ⅶ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 研究流程………………………………………………………………….5
第二章 文獻探討………………………………………………………….6
第一節 公司治理………………………………………………….………………6
第二節 裁決性支出……………………………………………………………...24
第三節 無形資產………………………………………………………………...27
第三章 研究方法………………………………………………………...36
第一節 觀念性架構……………………………………………………………...36
第二節 研究假說………………………………………………………………...37
第三節 變數定義與檢測模式…………………………………………………...44
第四節 研究樣本與資料來源…………………………………………………...48
第五節 資料分析方法…………………………………………………………...50
第四章 實證結果分析…………………………………………………...52
第一節 敘述性統計……………………………………………………………...52
第二節 相關分析………………………………………………………………...56
第三節 迴歸結果分析…………………………………………………………...61
第五章 結論與建議……………………………………………………...74
第一節 研究結論………………………………………………………………...74
第二節 研究限制………………………………………………………………...78
第三節 研究建議………………………………………………………………...79
參考文獻………………………………………………………………….80


表 目 錄

表2-1 公司治理五個構面、十七項變數與公司績效的關係……………………...…19
表3-1 檢測假說之迴歸式預期方向………………………………………………….47
表3-2 樣本公司篩選過程彙總表…………………………………………………….49
表4-1 研發支出比例敘述統計分析………………………………………………….53
表4-2 廣告支出比例敘述統計分析………………………………………………….55
表4-3 Pearson Correlation Coefficient -研發支出比例…………...…………………..57
表4-4 Variance Inflation Factor（VIF）-研發支出比例....……….…………………..58
表4-5 Pearson Correlation Coefficient -廣告支出比例………...……………………..59
表4-6 Variance Inflation Factor（VIF）-廣告支出比例....……….…………………..60
表4-7 公司治理內外部機制對裁決性支出之影響-整體樣本…...………………….64
表4-8 公司治理內外部機制對裁決性支出之影響結果彙總-整體樣本....................65
表4-9 公司治理內外部機制對研發支出之影響-整體樣本和分組樣本……………69
表4-10 公司治理內外部機制對廣告支出之影響-整體樣本和分組樣本.………….72
表4-11 公司治理內外部機制對裁決性支出之影響結果彙總-分組樣本…………..73

圖 目 錄

圖1-1 研究流程圖………………………………………………………..………...…..5
圖2-1 世界銀行提出的公司治理之架構圖…………………………………………...9
圖3-1 觀念性架構圖………………………………………………………………….36

參考文獻
一、中文部份
丁立平，2003，公司治理、會計資訊與公司價值關係之研究，國立台灣大學會計學研究所碩士論文。
吳幸蓉，2003，公司治理與企業短視行為關係之研究，逢甲大學會計與財稅研究所碩士論文。
李詩將，2001，台灣上市公司所有權結構、資本結構與公司績效間相關性研究，高雄第一科技大學金融營運研究所碩士論文。
林宜賢、蔡慧菁譯，薩門等著，葉匡時導讀，2001，公司治理：哈佛商業評論，台北：天下遠見出版股份有限公司。
林明謙，2001，股權結構、董監事組成對大股東介入股市行為影響之研究，輔仁大學金融研究所碩士論文。
林鼎堯，2003，管理當局短視行為與機構投資人持股比例關係：企業研發支出之實證研究，國立政治大學會計學研究所碩士論文。
林燈煤，1998，股權結構、投資與公司價值之關係-以台灣上市公司為例，國立中正大學財務金融研究所未出版碩士論文。
邵珮雯，2004，公司治理機制、代理成本與無形資產之關聯性研究，國立嘉義大學管理研究所碩士論文。
邱毅、張訓華，1991，股權結構、董事會組成與企業財務績效，台北市銀月刊第二十二卷第五期。
施宜礽，2002，研究發展支出費用化及資本化與公司經營績效關聯性之研究，雲林科技大學財務金融研究所碩士論文。
柯承恩，2000，我國公司監理體系之問題與改進建議（下），會計研究月刊，第174期：頁次79-83。
柯承恩，2000，我國公司監理體系之問題與改進建議（上），會計研究月刊，第173期：頁次75-81。
洪紫芳，2001，公司價值、研發與生產力的關係，朝陽科技大學財務金融研究所碩士論文。
徐君毅，2001，研發與廣告支出與企業價值變動之因果關係研究，東海大學企業管理研究所碩士論文。
張明峰，1991，股權結構對公司績效影響之研究，國立政治大學企業管理研究所未出版碩士論文。
張峻萍，1998，公司監理與經營績效之關係，國立台灣大學會計學研究所未出版碩士論文。
陳均�琚A2002，產業關鍵無形資產與其內部關係人利得之研究，淡江大學會計學研究所碩士論文。
陳美惠，2003，會計師簽證、法人持股與資訊不對稱對空投市場股票報酬影響之研究，朝陽科技大學企業管理研究所碩士論文。
葉名洋，2004，股權結構、廠商能力與研發投資水準關連性之研究-以台灣資訊電子業為例，國立東華大學國際企業研究所碩士論文。
葉銀華、李存修、柯承恩，2002，公司治理與評等系統，台北：商智文化事業股份有限公司。
葉銀華、邱顯比，1996，資本結構、股權結構與公司價值關連性之實證研究：代理理論，台大管理論叢，第七卷第二期：57-90。
董秋梅，2000，機構投資人對企業R&D活動之影響，國立交通經營管理研究所碩士論文。
劉紹樑，2002，從莊子到安隆-A+公司治理，台北：天下雜誌股份有限公司。
蔡寶美，2003，公司治理與自由裁量費用關係之實證，國立高雄第一科技大學金融營運研究所碩士論文。
盧愛治，2004，公司治理的內外部機制與財務績效關聯性之研究，淡江大學會計學研究所未出版碩士論文。
聶聖之，2004，會計資訊與財務危機預測：考量財務危機嚴重程度差異，中原大學會計學系碩士論文。
顏裕芳，2001，無形資產衡量對台灣股票評價攸關性之研究-股市週期與產業別之影響，淡江大學會計學研究所碩士論文。

二、英文部份
Aboody, D., M. E. Barth and R. Kasznik. 1999. Revaluations of fixed assets and future firm performance: Evidence from the U.K. Journal of Accounting and Economics, 149-178.
Aboody, David and Baruch Lev. 1998. The Value　Relevance of Intangibles: The Case of Software Capitalization. Journal of Accounting Research 36, Supplement, 161-191.
Agrawal, A., and C. R. Knoeber. 1996. Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders. Journal of Finance and Quantitative Analysis 31: 377-397.
Agrawal, A., and G. Mandelker. 1990. Large Shareholders and the Monitoring of Managers. Journal of Financial and Quantitative Analysis 25: 143-161.
Alexander, Donald L, Zhou, Huizhong. 1995. Product-market competition and executive compensation. Journal of Economics and Business 47(5): 441-447.
Alkhafaji, A.F. 1990. Effective boards of directors: an overview. Industrial Management & Data Systems, 18-26.
Barnhart, S. W., and S. Rosenstein. 1998. Board Composition, Managerial Ownership, and Firm Performance: An Empirical Analysis. Financial Review 33: 1-16.
Barth, M., and G. Clinch. 1998. Revalued financial, tangible, and intangible assets: Associations with share prices and non market-based value estimates. Journal of Accounting Research 36(Supplement): 199-233.
Bathala, C.T., Moon, K. P. and R. P. Rao. 1994. Managerial ownership, debt policy, and the impact of institutional holdings: An agency theory perspective. Financial Management 23:38-50.
Baysinger, B. D., Kosnik, R. D., & Turk, T. A. 1991. Effects of board and ownership structure on corporate R& D strategy. Academy of Management Journal 34: 205-214.
Becker, C. L., M. L. Defond, J. Jiambalvo, and K. R. Subramanyam. 1998. The effect of audit quality on earnings management. Contemporary Accounting Research 15 (Spring) : 1-24.
Berle, A. and G. Means. 1932. The Modern Corporation and Private Property. New York: MacMillan.
Black, B., 2001. The Corporate Governance Behavior and Market Value of Russian Firms. Emerging Markets Review. 2: 89-108.
Bowen, R., S. Rajgopal and M. Venkatachalam, 2002. Accounting Choice, Corporate Governance and Firm Performance. Working Paper.
Bublitz, B. and M. Ettredge. 1989. The information in discretionary outlays: Advertising, research and development. The Accounting Review, 108-124.
Bushee, B. J. 1998. The influence of institutional investors on myopic R&D investment behavior. The Accounting Review 73(3): 305-333.
Chauvin, W., and Hirschey. 1993. Advertising, R&D Expenditures and the Market Value of the Firm. Financial Management, 22(4): 128.
Chow, C. W. and S. J. Rice. 1982. Qualified audit opinion and auditor switching. The Accounting Review 57: 326-335.
Claessens, S., S. Djankov, J. Fan, and L. H. P. Lang. 2000. The Separation of Ownership and control in East Asian Corporation. Journal of Financial Economics, 58: 81-112.
Clarke, R. 1984. Profit margins and market concentration in UK manufacturing industry: 1970-1976. Applied Economics, 16, 57-71.
Core, J. E.,R. W. Holthausen, and D. F. Larcker. 1999. Corporate governance, chief exective officer compensation, and firm performance. Journal of Financial Economics 51: 371-406.
Defond, M., and J. Jiambalvo. 1991. Incidence and circumstances of accounting errors. The Accounting Review 66 (July): 643-655.
Dodd, Peter and J. B. Warner. 1983. On Corporate Governance: A Study of Proxy Contests. Journal of Financial Economics 11: 401-438.
Donaldson J. and Davis P. 1992. Business ethics. London: Academic Press, San Diego.
Drucker, P.F. 1993. Post-capital Society. Harper Collins Publishers.
Drucker, Peter. 1986. Corporate Takeovers-What Is TO Be Done. Public Interest, 82(3): 12.
Durnev, Art and E. Han Kim. 2002. To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation. Working Paper.
Ely, K., and G. Waymire. 1999. Intangible assets and equity valuation in the pre-SEC era. Working paper, Emory University and University of Iowa.
Fee, C. E., and C. J. Hadlock. 2000. Management turnover and product market competition: Empirical evidence from the U.S. newspaper industry. Journal of business 73 (2): 205-243.
Graves, S. B. 1988. Institutional ownership and corporate R&D in the computer industry. Academy of Management Journal 31: 417-427.
Hansen, G. S. and C. W. Hill. 1991. Are Institutional Investors Myopic? A Time-Series Study of Four Technology-Driven Industries. Strategic Management Journal 12: 1-16.
Hayes, R. and Abernathy, W., 1980. Managing Our Way to Economic Decline. Harvard Business Review 58: 66-77.
Hermalin, Benjamin E. and M. Weisbach. 1991. The Effects of Board Composition and Direct Incentives on Firm Performance. Financial Management 21: 101-112.
Hill, C. W. L., and S. A. Snell. 1988. External Control, Corporate Strategy and Firm Performance in Research Intensive Industries. Strategic Management Journal 9: 579-590.
Hirschey, M. and J. J. Weygandt. 1985. Amortization policy for advertising and research and development expenditures. Journal of Accounting Research 23(1): 326-335.
Huson, M. K., R. Parrino and L. T. Starks. 2001. Internal monitoring mechanisms and CEO turnover: A long-term perspective. Journal of Finance, 56(6): 2265-2297.
Jacobs M. 1991. Short-Term America: The Causes and Cures of Our Business Myopia. Boston, MA.HARVARD Business School Press.
Jensen, M. C. 1993. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance 48: 831-880.
Jensen, M. C., and W. H. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3: 305-360.
Jensen, M.C. and R.S. Ruback. 1983. The Market for Corporate Control: The Scientific Evidence. Journal of Financial Economics 11: 5-50.
Karpoff, J.M., Malatesta, P.H., Walkling, R.A. 1996. Corporate governance and shareholder initiatives: empirical evidence. Journal of Financial Economics 42: 365-395.
Klapper, Leora F. and Inessa Love, 2002. Corporate Governance, Investor Protection and Performance in Emerging Markets. World Bank Policy Research working paper 2818.
Kolter, P. 1994. Marketing Management: Analysis, Planning, Im-plement and Control, 8th ed., Prentice-Hall Inc..
Kothari, S. P. and J. L. Zimmerman, 1995. Price and Return Models. Journal of Accounting and Economics 20: 155-193.
Lambert, R. and D. Larcker. 1985. Golden parachutes, executive decision-making, and shareholder wealth/comment. Journal of Accounting & Economics (April): 179-209.
Leland, H., and D. Pyle .1977. Information Asymmetries, Financial Structure, and Financial Intermediation. Journal of Finance 32: 371-387.
Lev, B. and T. Sougiannis. 1996. The capitalization, amortization and value relevance of R&D. Journal of Accounting & Economics, 107-138.
Lev,B. 2001. Intangibles - management, measurement, and reporting. The Brookings Institution Press, Washington, D.C.
Marston, C. L., and B. M. Craven, 1998. A survey of corporate perceptions of short-termism among analysts and fund managers. European Journal of Finance, Taylor and Francis Journals, vol. 4(3): 233-256.
Mathur, L. Knowles, and I. Mathur, 1995. The Effect of Advertising Slogan Changes on the Market Values of Firms. Journal of Advertising Research 35, 1: 59-65.
McConnell, J. J., and H. Servaes. 1990. Additional Evidence on Equity Ownership and Corporate Value. Journal of Financial Economics 27: 595-612.
Ohlson, J. A., 1995. Earnings, Book value, and dividends in equity valuation. Contemporary Accounting Research 11 No. 2 (Spring), 661-687.
Palmrose, Z. 1988. An analysis of auditor litigation and audit service quality. The Accounting Review 63 (January) : 55-73.
Porter. 1992. The probability of a trade at the ask：an examination of interlay and intraday behavior. Journal of Financial and Quantitative Analysis: 215-217.
Pound J. 1988. Proxy Contests and the Efficiency of Shareholder Oversight. Journal of Financial Economics 20: 237-265.
Rajgopal, S. and M, Venkatachalam. 1998. The Role of Institutional Investors in Corporate Governance: An Empirical Investigation. Working paper.
Schmidt, K. M. 1997. Managerial incentive and product market competition. Review of Economic Studies 64: 191-213.
Seetharaman, A., Zane, L. S. and S. Bin. 2001. Analytical and empirical evidence of the impact of tax rates on trade-off between debt and managerial ownership. Journal of Accounting, Auditing & Finance 16: 249-272.
Shiller, R.J., and Pound, J. 1989. Survey Evidence of Diffusing of Interest among Institutional Speculators. Journal of Economic Behavior and Organization 12: 47-66.
Shleifer, A., and R. Vishny. 1997. A Survey of Corporate Governance. Journal of Financial Economics 52: 737-783.
Shleifer, A., and R. W. Vishny. 1986. Large shareholders and corporate control. Journal of Political Economics 94: 461-488.
Simon, Julian L. and Johan Arndt. 1980. The Shape of Advertising Response Function. Journal of Advertising Research 20: 11-28.
Simunic, D. A. 1990. Discussion of external audit and asymmetric information. Auditing: A Journal of Practice and Theory 243-248.
Simunic, D. and M. Stein. 1987. Product differentiation in auditing: auditor choice in the market for unseasoned new issue. The Canadian Certified General Accounting Research Foundation.
Skyrme D. J. and D. M. Amidon. 1998. New measures of successes. Journal of Business Strategy, (January/February): 20-24 A.
Sougiannis, T. 1994. The accounting based valuation of corporate R&D. The Accounting Review, 44-68.
Tsai, S.C. 1999. Valuation of R&D and advertising expenditures. Working Paper, November.
White, J. and M. Miles. 1996. The financial implications of advertising as an investment. Journal of Advertising Research, 43-52.
Williams, D. D. 1985. The determinants of auditor changes. Ph. D. dissertation, The Pennsylvania State University.
Woolridge, J. Randall and Charles C. Snow, 1990, Stock market reaction to strategic investment decisions, Strategic Management Journal 11, 353-363.
Yafeh, Yishay and Yosha , Oved. 1997. Large Shareholders and Banks: Who Monitors and How. Mimeo, The Hebrew University.