臺灣博碩士論文加值系統

自Berle and Means（1932）及Jensen and Meckling（1976）指出所有者與經營者間利益衝突所產生的代理問題，股權結構、公司價值與公司績效間關係，成為學者在理論及實務研究上的焦點；公司治理雖以監督公司管理階層，保障投資人基本權益為重點，惟其最終目的仍在於增加公司價值；然而，該透過哪些機制以緩和管理者與所有權人間代理問題，截至今日亦無定論；為使公司價值極大化，必須選擇最適內部人士及機構法人持股比率、股利決策及負債融資比率以使公司總代理成本降為最低。故本研究期望藉由所有權結構、資本結構與公司績效間關聯性探討，為後續研究提供最佳股權結構、資本結構及財務決策的方向。

Ever since Berle & Means (1932) and Jensen & Meckling (1976) suggested the correlation among enterprise performance, ownership structure and its agency problem from the conflict of interest between the business owner and the management, this topic has been the center for discussion and study for scholars. Although a good corporate governance lies on the efficient and effective management and safeguarding of investors’ interest, the ultimate objective is to enhance the business value. Nevertheless there has been no exhaustive conclusion in resolving the agency problem and the enhancement of business value requires the right composition of shareholding by the internal investors as well as the institutional investors. Besides this, the right dividend policy and capital structure will also directly contribute to minimize the agency cost involved. This study examine and assess the significance of the relationship among the ownership structure, capital structure and enterprise performance and develop a framework model for future studies and research on this area to facilitate the decision making on the three elements.

ENGLISH
Chapter
I INTRODUCTION 1
Research Background and Motivation 1
Research Purpose 5
II LITERATURE REVIEW 8
Ownership Structure, Capital Structure and Value of Company 8
Ownership Structure 8
Capital Structure 13
Value of Company 17
III RESEARCH DESIGN 26
Hypotheses 26
Operating definition of Variables 28
Data Description 30
Analysis Methodology 31
IV EMPIRICAL ANALYSIS 34
Formula of Management Shareholding 34
Leverage Formula 38
Company’s Performance Formula 40
V CONCLUSIONS AND SUGGESTIONS 45
Conclusions 45
Recommendations 48
BIBLIOGRAPHY 51
VITA 56

中文
第一章　緒論 1
背景與動機 1
研究問題 3
第二章 文獻探討 6
所有權結構、資本結構與公司價值 6
所有權結構 6
資本結構 9
公司價值 12
第三章　研究方法 18
研究假設 18
變數衡量 19
資料說明 21
分析方法 22
第四章　實證結果分析 24
管理者持股方程式 24
負責方程式 27
公司績效方程式 29
第伍章　結論與建議 33
結論 33
建議 35
參考文獻 37

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