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研究生:張集州
研究生(外文):Chi-Chou,Chang
論文名稱:公司治理、分析師追隨與公司行為關聯性之研究
論文名稱(外文):Corporate Governance, Analyst Following, and Firm Behavior
指導教授:林金賢林金賢引用關係
學位類別:碩士
校院名稱:國立中興大學
系所名稱:高階經理人碩士在職專班
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:48
中文關鍵詞:公司治理分析師追隨公司績效公司行為
外文關鍵詞:Corporate GovernanceAnalyst FollowingFirm performanceFirm Behavior
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由於近年來國際間重大金融舞弊案件發生頻仍,公司治理成為熱門的管理議題之一。公司治理主要強調內部之經營權與所有權需有所分離,且需有效設立外部監督機制,才可提昇公司績效。企業管理當局與投資大眾及債權人之間,存在著資訊不對稱的情況,分析師或投資機構較一般投資大眾容易接近公司管理當局,取得額外的資訊,若能按其專業提供相關資訊,應可協助監督公司行為及提昇公司資訊的透明度。

本研究以民國91年至95年台灣股票上市櫃公司為研究對象,探討公司治理、分析師追隨與公司行為之關聯性,因金融、保險及證券業行業性質特殊,故不納入研究樣本中。研究結果顯示,公司治理愈好及分析師追隨人數愈多時,其公司績效愈好、非收益支出增加、權益比率降低及現金持有比率增加。
Due to the occurrence of many international significant financial corruption scandals in recent years, corporate governance has become one of the most popular management issues. Corporate governance emphasizes on separation of business operating and ownership based on effectively establishing the external supervision mechanism to accelerate the corporate achievement and performance efficiency. Compared to the professional financial or security analysts that could easily approach the corporate management authority and could comparatively obtain updated and immediate information, the public investors, public shareholders and creditors are under asymmetrical situation in collecting corporate operating information. If these professional financial or security analysts could provide relevant corporate information with their specialties, it would be possible for them to assist in inspecting the corporate behaviors and improving the corporate information transparency.

This research focuses on studying the relationship between corporate governance, analysts following, and corporate behaviors based on the companies listed in Taiwanese Stock Market and Taiwanese OTC Market during the period of 2002 to 2006. However, financial institutions, insurance companies and security companies are excluded in the research samples due to their special industry nature. The empirical results show that the better the corporate governance and higher frequency of professional analysts following, the better the corporate achievements. Besides, the higher the capital payment and research and development expenditures are, the less the equity ratio is and the higher the cash on hand ratio is.
摘要 ……………………………………………………………… i

章節目錄 ………………………………………………………… iii

圖表目錄 ………………………………………………………… iv
第一章、緒論
第一節 研究動機與目的 ……………………………………… 1

第二節 研究問題 …………………………………………… 3
第三節 研究流程 …………………………………………… 3

第二章、文獻探討
第一節 公司治理機制與公司績效及公司行為 …………… 5

第二節 分析師追隨行為與公司績效及公司行為 ………… 8

第三章 研究方法
第一節 觀念性架構 ………………………………………… 11

第二節 研究假說 …………………………………………… 12

第三節 研究變數 …………………………………………… 15

第四節 實證模型 …………………………………………… 23

第五節 研究期間、樣本選取與資料來源 …………………… 24

第四章 實證研究結果
第一節 敘述性統計分析及相關係數分析 ………………… 25

第二節 實證結果分析 ……………………………………… 29

第五章 結論、研究限制與建議
第一節 研究結論 …………………………………………… 38

第二節 研究限制 …………………………………………… 41

第三節 研究建議 …………………………………………… 42

參考文獻 ……………………………………………………… 43
國內文獻

丁立生,2003,公司治理、會計資訊與公司價值關係之研究,台灣大學會計學研究所未出版碩士論文。
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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,淡江大學會計學系碩士在職專班未出版碩士論文。
莊宗憲,2004,公司治理機制與公司經營績效之實證研究,銘傳大學會計學系碩士班未出版碩士論文。
吳郁萱,2006,公司資訊透明度、分析師追隨與公司績效之關聯性,政治大學會計學系碩士班未出版碩士論文。


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