跳到主要內容

臺灣博碩士論文加值系統

(3.235.56.11) 您好!臺灣時間:2021/07/29 10:39
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

: 
twitterline
研究生:黃文曄
研究生(外文):Huang Wen-Yeh
論文名稱:台灣集團公司股權結構變動的決定因素─長期驗證
論文名稱(外文):The Determinants of Ownership Structure - Long term Evidence from Taiwan Listed Groups.
指導教授:葉銀華葉銀華引用關係
指導教授(外文):Yeh Yin-Hua
學位類別:碩士
校院名稱:輔仁大學
系所名稱:金融研究所
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:2007
畢業學年度:95
語文別:中文
論文頁數:71
中文關鍵詞:股權結構金字塔結構交叉持股
外文關鍵詞:Ownership StructurePyramidCross-Ownership
相關次數:
  • 被引用被引用:2
  • 點閱點閱:303
  • 評分評分:
  • 下載下載:96
  • 收藏至我的研究室書目清單書目收藏:1
本研究利用2005年及上市年長期資料,尋找解釋台灣公司股權長期變動的原因。並且解釋為什麼相較於美國,台灣上市公司自上市後,股權結構的分散較不明顯。我們發現金字塔結構與交叉持股手段的應用為最大的原因。另外發現公司股價表現較佳的公司,控制股東較不願意出售股票,而傾向保留。而股票流動性較佳的公司,控制股東降低持股的可能性較高且降低的幅度也較大。而股價淨值比高的公司則會有較大的控制權偏離現金流量權。另外研發費用比率及市值高的公司,也就是未來發展性佳,投資機會好的公司,控制股東由於財富限制,而使其持股比率降低。
We examine the evolution of controller ownership of Taiwan listed groups from IPO to 2005 to understand why the ownership structure of Taiwan listed companies are not held as widely as United States of America. We find Taiwan groups with pyramid and cross-ownership have more concentrated ownership structure. And stock market performance and liquidity play an important role in evolution of controller ownership. Firms are less widely held with well stock market performance. But firms with stocks that are liquid experience large decrease in controller ownership and become widely held. Ownership also falls for high market value because of control shareholders’ fortune constrains.
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的與特色 2
第三節 研究架構與流程 3
第二章 文獻探討 5
第一節 股權集中的股權結構 5
第二節 股權結構的內生性 8
第三節 股權結構與公司價值 11
第三章 研究方法 13
第一節 研究假說 13
第二節 研究樣本 15
第三節 控制權與現金流量權的計算 21
第四節 變數定義 26
第四章 實證結果與分析 31
第一節 資料描述 31
第二節 股權結構的決定因素 43
第三節 股權結構變動的決定因素 50
第五章 結論 66
中文部分
1.翁淑育,民國89 年,「台灣上市公司股權結構、核心代理問題與公司價值之研究」,輔仁大學金融研究所未出版論文。
2.林明謙,民國90年,「股權結構、董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未出版論文。

英文部分
1. Anderson, R.C., and D.M. Reeb, “Founding-Family Ownership and Firm Performance: Evidence from the S&P 500.” Journal of Finance, 58 (2003), 1301-1327.
2. Berle, A., and G. Means, 1932, “The modern corporation and private property,” MacMilian, New York, N.Y.
3. Claessens, S., S. Djankov, and L. H. P. Lang, 2000a, “The separation of ownership and control in East Asian Corporations,” Journal of Financial Economics 58, 81-112
4. Claessens, S., S. Djankov, J. Fan, and H. P. Lang, 2000b, “Expropriation on Minority shareholders: Evidence from East Asia,” Policy research working paper 2088, The World Bank. (Second version)
5. Demsetz, H., Lehn, K., 1985. ”The structure of corporate ownership: causes and consequences.” Journal of Political Economy 93, 1155–1177.
6. Demsetz, H., Villalonga, B., 2001.”Ownership structure and corporate performance.” Journal of Corporate Finance 7, 209-233.
7. Faccio, M., and Larry H.P. Lang, 2000, “The separation of Ownership and Control:An analysis of Ultimate Ownership in Western European Corporations,” 2000 European Financial Management Association Annual Meeting.
8. Jensen, M.C., and W.H. Meckling, 1976, “Theory of the firm: Managerial Behavior, agency cost and ownership structure, ” Journal of Financial Economics 3,305-360.
9.Jean H., Christo P., RENÉ M. S., 2007. “Why Do Firms Become Widely Held? An Analysis of the Dynamics of Corporate Ownership.” The Journal of Finance 62 (3), 995–1028.
10. Klasa S., 2007, “Why Do Controlling Families of Public Firms Sell Their Remaining Ownership Stake?” The Journal of Financial and Quantitative Analysis Vol 42 No.2, 339-368.
11. La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny, 1998, “Law and finance,” Journal of Political Economy 106,1113-1155.
12. La Porta, R., F. Lopez-de-Silanes, and A. Shleifer, 1999, “Corporate ownership around the world,” Journal of Finance 54, 471-517.
13. La Porta, R., F. Lopez-de-Silanes, A. Shleifer, R. Vishny, 2000, “Investor protection and corporate governance,” Journal of Financial Economics, 58, 3-27.
14. Morck, R., A. Shleifer, and R.W. Vishny, 1988, “Management ownership and market valuation: an empirical analysis,” Journal of Financial Economics 20,293-315.
15. Shen, Yang-Pin, and Chih-Jen Huang, 2000, "Subsidiary's Trading of Parent Stocks: Announcement Effects and Their Determinants", 13th Annual Australasian Finance and Banking Conference in Sydney
16. Shleifer, A., and R. Vishny, 1986, “Large shareholders and corporate control”, Journal of Political Economy 94,461-488.
17. Shleifer, A., and R. Vishny, 1997, “A survey of corporate governance,” Journal of Finance 52, 737-783.
18. Yeh, Y. H., T. S., Lee, 2001, “Corporate governance and performance: the case of Taiwan” The Seventh Asia Pacific Finance Association Annual Conference, Shanghai.
19. Yeh, Y. H., and Tracie Woidtke, 2005, “Commitment or entrenchment?: Controlling shareholders and board composition”, Journal of Banking & Finance, 29, 1857–1885
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top