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研究生:張靜宜
研究生(外文):Ching-yi, Chang
論文名稱:公司治理機制及其對企業價值之關聯性分析
論文名稱(外文):An Analysis of Association between Corporate Governance Mechanisms and Business Value
指導教授:李合龍李合龍引用關係
指導教授(外文):Ho-Lung, Lee
學位類別:碩士
校院名稱:國立高雄應用科技大學
系所名稱:商務經營研究所
學門:商業及管理學門
學類:一般商業學類
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:102
中文關鍵詞:公司治理企業價值資產報酬率股票報酬率
外文關鍵詞:corporate governancebusiness valuereturn on assetsreturn on stock
相關次數:
  • 被引用被引用:18
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  • 下載下載:180
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自1997年發生亞洲金融危機以來,許多亞洲國家的經濟遭受重創,2000年美國包括安隆公司、全錄以及世界通訊等知名企業爆發財務醜聞,另外在台灣亦發生本土型金融風暴,皆充分顯示公司缺乏監督機制,內部控管不健全等問題,因此公司治理的問題在企業界引起很大的討論,也讓世界各國更加重視強化公司治理的重要性。
本論文主要在瞭解國內上市公司產業,包括紡織產業、金融產業、及電子產業等三個產業別以各別產業及全體樣本產業,並以民國95年(2006)公佈之94年、93年與民國93年(2004)公佈之92年、91年上市公司年報相關資料作為自變數和應變數藉由迴歸分析對該企業之資產報酬率及股票報酬率的影響。
本實證研究結果顯示,對管理者持股比例愈高與管理者持股介於20%-50%者及董監事持股比例愈高者會產生較高的企業價值之假說,在資產報酬率方面取得部份支持,但在股票報酬率並未獲得支持。對機構法人持股比例愈高者會產生較高的企業價值之假說,在資產報酬率與股票報酬率部份皆獲得支持。董事長兼任總經理者會產生較低的企業價值之假說,在股票報酬率部份獲得支持,但在資產報酬率並未獲得支持。獨立董事人數(外部董事人數)愈高者會產生較高的企業價值之假說,在資產報酬率部份獲得支持,但在股票報酬率並未獲得支持。
Since Asian financial crisis took place in 1997, the economy of a lot of Asian countries has been mauled, the famous enterprises including Enron、Xerox and WorldCom broke out the financial scandal in 2000. All fully show that the companies are lack of supervision mechanism and imperfect internal controls, so people contribute great discussion to the issues of corporate governance. Also, countries all over the world pay more attention to strengthen the importance of the corporate governance.
The purposes of this paper are to exam the relationships between corporate governance mechanisms and business value of listed company of every industry. We use the 2002-2005 annual reports of Taiwan public-listed companies as independent variable and dependent variable, which published in 2006 and 2004, respectively. The industries of public-listed companies are chosen as research targets, including textile industry, financial industry, and electronic industry, etc. Furthermore we use separate industry and all sample industry to investigate the effect of the return on stock and Assets that the company should reveal information of corporate governance which listed company in accordance with request on “ The Rules of Financial Publication Standards to Issuers ” by regression analysis. The results reveal that Hypothesis 3 is supported. As with other Hypotheses, only partial of the results are supported.
中文摘要 i
英文摘要 ii
誌謝 iii
目錄 iv
表目錄 vi
圖目錄 viii
第壹章 緒 論 1
第一節 研究動機 1
第二節 研究目的 3
第三節 研究流程與架構 8
第貳章 文獻探討 10
第一節 公司治理 10
第二節 公司治理與企業價值 20
第三節 文獻探討與假說發展 27
第參章 研究方法 36
第一節 研究來源與研究期間 36
第二節 變數定義與實證模型 37
第肆章 實證結果與分析 43
第一節 敘述統計量 43
第二節 相關係數分析 50
第三節 回歸分析 58
第四節 敏感性分析 68
第伍章 結論與建議 92
第一節 研究限制與結論 92
第二節 未來研究方向與建議 96
第陸章 參考文獻 97
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