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研究生:王淑芬
研究生(外文):Shu-Fen Wang
論文名稱:公司治理、經營績效與機構投資人持股關聯性之研究-以金融控股公司為例
論文名稱(外文):A Study of Relationship among Corporate Governance, Business Performance, and institutions ownership-An Empirical Study of Financial Holding Corporation
指導教授:黃慶堂黃慶堂引用關係江慧貞江慧貞引用關係
指導教授(外文):Chin-Tan HuangHui-Chen Chiang
學位類別:碩士
校院名稱:銘傳大學
系所名稱:管理學院高階經理碩士學程
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:2008
畢業學年度:96
語文別:中文
論文頁數:71
中文關鍵詞:機構投資人持股比例經營績效金控公司公司治理
外文關鍵詞:corporate governanceinstitutions ownshipbusiness performancefinancial holding corporation
相關次數:
  • 被引用被引用:29
  • 點閱點閱:1155
  • 評分評分:
  • 下載下載:438
  • 收藏至我的研究室書目清單書目收藏:6
近年來,我國接連發生博達、訊碟與皇統等重大的公司弊案,造成企業形象、會計師與監督機關之威信的傷害,連帶影響公司的股價、經營績效與機構投資人的持股意願,然公司治理與經營績效和機構投資人持股的關聯性為何?以及機構投資人持股與金控公司之經營績效的關聯性為何,值得做進一步之探討。爰此,本研究將以我國14家金控公司為實證對象,採用2001至2007年共333筆季資料為分析樣本,探討公司治理表現、經營績效與機構投資人持股比例三者構面之關聯性,希冀實證結果能夠作為政府與企業,在制定相關決策與制度時的重要參考依據。研究結果如下:
1.董監事持股比例與短期市場績效、外資與投信持股比例為負相關,而與中長期市場績效和自營持股比例為正相關。
2.大股東持股比例與中短期市場績效、外資與投信持股比例為負相關,而與自營持股比例為正相關。
3.經理人持股比例與長期市場績效、外資持股比例為正相關,但持股比例到達一定程度後,中期市場績效與外資持股比例會遞減。
4.董事會規模與投信、自營持股比例為負相關、而與長期市場績效爲正相關,但董事會規模到達一定程度後,投信和自營持股比例會遞減。
5.監察人人數與中期市場績效、投信持股比例爲正相關。
6.獨立董事之設置與外資持股比例、短期市場績效為負相關、而與中長期市場績效、自營持股比例爲正相關。
7.股東控制董事會席次與中長期市場績效、資產報酬率為負相關,而與投信持股比例為正相關。
8.擁有四大會計事務所之簽證與短長期市場績效、外資和投信持股比例為正相關,而與中期市場績效為負相關。
9.外資持股比例與中短期市場績效有正相關。
In recent years, a number of serious commercial fraud cases have occurred successively in Taiwan, such as Procomp, Infodisc, etc. Such cases can involve a great damage and loss to enterprises, including the corporate image and the prestige and public reliance of accounting firms and competent authorities, affecting the stock prices of companies management performance, and discouraging investors from holding shares of such firm. Nevertheless, what is the relationship between corporate governance and institutional investors’ share holding? In addition, it needs further study for what is the relatiobship between institutional investors’ holding shares and management performance of a financial holding company. Therefore, the study applies a total of 333 pieces of quarterly test data among 14 financial holding companies from year 2001 to 2007 for empirical analysis and research on the relationship among the cooperate governance, management performance and institutional investors shareholding ratio. It is expected that the research results of the study are able to provide the government and enterprises with significant reference when major strategic decisions and policies are made. The results of study are as follows:
1.There are negative correlation among the shareholding ratio of directors and supervisors of organization, shareholding ratio of foreign and securities investment. There are positive correlation among the shareholding ratio of directors and supervisors of organization, the medium-and-long-term market performance and shareholding ratio of dealers.
2.There are negative correlation between majority of shareholder''s shareholding ratio and the medium-and-shortterm market performance. There
are positive correlation between majority of shareholder''s shareholding ratio and shareholding ratio of dealers.
3.There are positive correlation among the shareholding ratio of administrant, long term market performance, and shareholding ratio of foreign. When shareholding ratio of administrant are up to some degree, long term market performance and shareholding ratio of foreign will become less and less.
4.There are negative correlation among the scale of board, shareholding ratio of securities investment and dealers. When scale of board are up to some degree, shareholding ratio of securities investment and dealers will become less and less.
5.There are positive correlation among the number of supervisors, medium term market performance, and shareholding ratio of dealers.
6.There are negative correlation among the independent board director establishment, shareholding ratio of foreign, and short term market performanc. There are positive correlation among the independent board director establishment, medium-and-long-term market performance, and shareholding ratio of dealers.
7.There are negative correlation among shareholders controlling their board sizes of corporations, medium-and-long-term market performance, and ROA. There are positive correlation between shareholders controlling their board sizes of corporations and shareholding ratio of securities investment.
8.There are positive correlation among attestation of four professional accounting firms, short-and-long-term market performance, shareholding ratio of dealers and foreign. There are negative correlation between attestation of four professional accounting firms and medium term market performance.
9.There are positive correlation between shareholding ratio of foreign and midium-and-short-term market performance.
目錄Ⅰ
圖目錄III
表目錄Ⅳ
第一章 緒論1
1.1 研究背景與動機 1
1.2 研究問題與目的 2
1.3 研究流程3
第二章 文獻探討5
2.1 公司治理的定義 5
2.2 公司治理的理論背景7
2.3 公司治理與經營績效相關文獻8
2.4 機構投資人行為 14
第三章 金融控股公司概況17
3.1 金融控股公司的定義17
3.2 金融控股公司的目的17
3.3 我國金融控股公司之現況18
第四章 研究方法21
4.1 研究架構21
4.2 研究假說23
4.3 研究樣本與資料來源27
4.4 研究變數操作性定義29
4.5 研究模型與分析方法32
第五章 實證分析結果36
5.1 敘述統計分析36
5.2 自變數共線性檢測38
5.3 實證模型之建立 40
5.4 假說驗證結果 50
第六章 結論與建議 56
6.1 結論 56
6.2 實務建議57
6.3 研究建議58
參考文獻59
圖目錄
圖1-1 研究流程4
圖4-1 研究架構22
表目錄
表4-1 研究對象之基本資料27
表4-1 研究對象之基本資料(續)28
表4-1 研究對象之基本資料(續)29
表4-2 研究變數定義30
表5-1 研究變數敘述統計分析38
表5-2 自變數之相關分析40
表5-3 自變數之容忍度40
表5-4 自變數之VIF值41
表5-5 公司治理與經營績效之相關性41
表5-6 公司治理與財務績效之迴歸分析結果43
表5-7 公司治理與市場績效之迴歸分析結果44
表5-8 公司治理與機構投資人持股比例之相關性46
表5-9 公司治理與機構投資人持股比例之迴歸分析結果47
表5-10 機構投資人持股比例與經營績效之相關性49
表5-11 機構投資人持股比例與財務績效之迴歸分析結果49
表5-12 機構投資人持股比例與市場績效之迴歸分析結果50
表5-13 假說1實證關係結果51
表5-14 假說1檢測結果51
表5-15 假說2實證關係結果53
表5-16 假說2檢測結果53
表5-17 假說3實證關係結果54
表5-18 假說3檢測結果55
一、英文部分
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2.Anderson, C. W., Jandik, T., and Makhija, A. K., “Determinants of Foreign Ownership in Newly Privatized Companies in Transition Economies,” The Financial Review, Vol. 37, 2001, pp.161-176.
3.Ang, J., Cole, R. and Lin, J., “Agency Costs and Ownership Structure,” Journal of Finance, Vol. 55, 1999, pp.81-106.
4.Barnhart, S. W. and Rosenstein, S., “Board Composition, Managerial Ownership and Firm Performance: An Empirical Analysis,” The Financial Review, Vol. 33, 1998, pp.1-16.
5.Cadbury, A., “What Are the Trends in Corporate Governance? How Will They Impact Your Company,” Long Range Planning, Vol. 32, 1999, pp. 12-19.
6.Choi, W. Y. and Cho, “Shareholder Activism in Korea: An Analysis of PSPD’s Activities,” Pacific-Basin Finance Journal, Vol. 11, 2003, pp. 349-363.
7.Claessens, S., Djankov, S., Fan, J. P. H. and Lang, L. H. P., “The Separation of Ownership and Control in East Asian Corporation,” Journal of Financial Economics, Vol. 58, 2000, pp. 81-112
8.Dahlquist, M. and Robertsson, G., “Direct Foreign Ownership, Institutional Investors, and Firm Characteristics,” Journal of Financial Economics, Vol. 59, 2001, pp. 413-440.
9.Ensen, M., and Meckling, W., 1976, “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics, Vol. 3, 1976, pp. 305-360.
10.Falkenstein, E.G., “Preference for Stock Characteristics as Revealed by Mutual Fund Portfolio Holdings,” Journal of Finance, Vol. 51, 1996, pp.111-135.
11.Gompers, P. A. and Metrick, A., “Institutional Investors and Equity Prices,” Quarterly Journal of Economics, Vol. 116, 2001, pp.229-259.
12.Goodwin, J. and Seow, J. L., “The Influence of Corporate Governance Mechanisms on the Quality of Financial Reporting and Auditing: Perceptions of Auditors and Directors in Singapore,” Accounting and Finance, Vol.42, 2002, pp.195-224.
13.Gorton, G., and Kahl, M., “Block holder Identity, Equity Ownership Structures and Hostile Takeovers,” NBER working paper number 7123, 1999.
14.Hill, C. W. and Snell, S. A., “Effects of Ownership Structure and Control on Corporate Productivity,” Academy of Management Journal, Vol. 32, No. 1, 1989, pp. 25-46.
15.Huberman, G., “Familiarity Breeds Investment,” The Review of Financial Studies, Vol. 14, 2001, pp.659-680.
16.Jensen, M. C., “The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems,” Journal of Finance, Vol. 48, 1993, pp. 831–880.
17.Jensen, M. C. and Meckling, M., “Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure,” Journal of Financial Economics,Vol.3, 1976, pp.305-360.
18.Jensen, M. C. and Ruback, R. S., “The Market for Corporate Control,” Journal of Financial Economics, Vol.11, 1983, pp. 5-50.
19.Jensen, M., 1993, “Presidential Address: The Modern Industrial Revolution, Exit and the Failure of Internal Control Systems,” Journal of Finance, Vol. 48, pp. 831-880.
20.Kang, J. K. and Stulz, R. M., “Why Is There a Home Bias? An Analysis of Foreign Portfolio Equity Ownership in Japan,” Journal of Financial Economics, Vol. 46, 1997, pp.3-28.
21.Lin, C. H. and Shiu, C. Y., “Foreign Ownership in the Taiwan Stock Market—An Empirical Analysis,” Journal of Multinational Financial Management, Vol. 13, 2003, pp.19-41.
22.Lipton, M. and Lorsch, J., “A Modest Proposal for Improved Corporate Governance,” Business Lawyer, Vol. 48, No. 1, 1992, pp. 59-77.
23.McConnell, J. J., and Servaes, H., “Equity Ownership and Two Factors of Debt,” Journal of Financial Economics, Vol. 37, 1995, pp. 131-157.
24.Mehran, H., “Executive Compensation Structure, Ownership, and Firm Performance,” Journal of Financial Economics, Vol. 38, 1995, pp. 163-184.
25.Mohanty, P., Institutional Inventors and Corporate Governance in India, National Stock Exchange of India Research Initiative Paper, No. 15, 2003.
26.Morck, R., Shleifer, A. and Vishny, R., “Management Ownership and Market Valuation: An Empirical Analysis,” Journal of Financial Economics, Vol. 20, 1988, pp. 293-315.
27.Morck, R., Yeung, B. and Yu, W., “The Information Content of Stock Markets: Why Do Emerging Markets Have Synchronous Stock Price Movements?” Journal of Financial Economics, Vol. 58, 2000, pp. 215-260.
28.Ng, L., and Wang, Q., “Institutional Trading and the Turn-of- the-Year Effect,” Journal of Financial Economics, Vol. 74, 2004, pp.343-366.
29.Patton, A. and Baker, J. C., “Why Won’t Directors Rock the Boat,” Harvard Business Review, Vol. 65, No. 6, 1987, pp. 10-18.
30.Shleifer, A., and Vishny, R.W., “A Survey of Corporate Governance,” The Journal of Finance, Vol. 52, 1997, pp.737-783.
31.Singh, M., and Davidson, W. N., “Agency Costs, Ownership Structure and Corporate Governance Mechanism,” Journal of Banking and Finance, Vol. 27, 2003, pp. 793-816.
32.Yermack, D., “Higher Market Valuation of Companies with a Small Board of Directors,” Journal of Financial Economics, Vol. 40, 1996, pp. 185-211.
二、中文部份
1.王美華,「公司治理機制與經營績效之關係研究-以台灣金融控股公司為例」,朝陽科技大學財務金融系碩士論文,民國94年7月。
2.何里仁,「公司治理之資訊透明度與績效評核關聯性之研究」,逢甲大學會計與財稅所碩士論文,民國92年5月。
3.吳明隆,SPSS統計應用實務,二版,民國94年,台北:文魁資訊。
4.吳明隆,SPSS統計應用學習實務:問卷分析與應用統計,三版,民國95年,台北:知城數位科技。
5.李楚元,「金融機構公司治理之研究-個案分析」,輔仁大學金融研究所碩士論文,民國91年6月。
6.林君玲,「企業財務危機預警資訊之研究-考慮公司監理因素」,國立台灣大學會計研究所碩士論文,民國88年6月。
7.林炎會,「外資對台灣證券市場股價之影響」,國立中興大學企業管理研究所碩士論文,民國84年6月。
8.林青弘,「公司治理機制與公司績效-台灣營建業與銀行業之實證研究」,朝陽科技大學財務金融系碩士論文,民國96年6月。
9.邱碧珠,「資訊揭露程度與權益資金成本間之關係:我國資訊電子業之關係」,國立台灣大學會計學碩士論文,民國89年6月。
10.柯承恩,我國公司監理體系之問題與改進建議,會計研究月刊,第173期,75-81 頁,民國89年。
11.洪瓊瑋,「金融控股公司法實施後金融機構公司治理改變與績效關聯之研究」,國防管理學院國防財務資源研究所碩士論文,民國92年6月。
12.徐燕山,「公司股權結構、董事會組成結構以及財務政策與公司經營績效關係之研究」,國立政治大學財務管理研究所碩士論文,民國92年6月。
13.張峻萍,「公司監理與經營績效之關係」,國立台灣大學會計學系研究所碩士論文,民國87年6月。
14.張訓華,「股權結構、董事會組成與企業當年財務績效—以77 年度會計報酬率為準」,東吳大學管理學研究所碩士論文,民國80年6月。
15.郭素菱,「機構投資人與財務報表攸關性之研究」,國立成功大學會計研究所碩士論文,民國91年6月。
16.陳坤宏,「家族企業、聯屬持股與經營績效之研究」,國立中央大學財務金融研究所碩士論文,民國84年6月。
17.陳俊明,「共同基金持股偏好之研究」,國立中正大學財務金融學系碩士論文,民國85年6月。
18.陳櫻建,「外資持股比例、公司特性與公司價值」,國立中正大學財務金融研究所碩士論文,民國91年6月。
19.黃佩鈴,「商業銀行的股權結構、核心代理問題與盈餘傳遞效果」,國立中央大學財務管理研究所碩士論文,民國90年6月。
20.楊哲明,「機構投資人持股與公司治理關聯性之研究」,國立雲林科技大學財務金融學系碩士班碩士論文,民國95年6月。
21.葉月女,「我國證券市場三大機構投資人與一般投資人對股市波動性影響之探討」,淡江大學財務金融學系碩士論文,民國92年6月。
22.葉銀華、李存修和柯承恩,公司治理與評等系統,台北:商智文化,民國91年。
23.鄭祥和,「公司治理與財務危機關聯性之探討」,東吳大學會計學系研究所碩士論文,民國95年6月。
24.蘇鵲翎,「散戶與法人投資行為對股價報酬率與週轉率影響之探討- 以台灣上市電子股為例」,國立台灣大學財務金融研究所碩士論文,民國88年6月。
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