臺灣博碩士論文加值系統

本研究討論的主題是內部人股權與資本支出在不同企業生命週期階段下，兩者間之關聯。內部人股權包括經理人股權與董監事股權。當企業生命週期處於成長期與衰退期時，內部人股權與資本支出間之關聯性為顯著正相關。企業生命週期處為成長期或成熟期時，經理人股權與資本支出間之關聯性為顯著負相關。
本研究的說明如下：
1． 經理人是風險趨避者。當他們面對處於成長階段、充滿高度不確定性的資本支出時，因利益衝突使其降低持股；但董監事是風險中立者，如他們認為資本支出會增加公司價值時，會增加持股。
2． 資本支出相對於股東而言，是內部人的私有資訊，特於是當企業生命週期處於成長期及衰退期。

The purpose of this study is to examine the association between insider ownership and capital expenditure in firm’s life cycle stages. Insider ownership includes managerial ownership and directorial ownership in this study. At the growth and the stagnant stage, the association of the insider ownership and capital expenditure are positive statistical significance. At the growth and the mature stage, the associations of the managerial ownership and capital expenditure are negative statistical significance. At the stagnant stage, the association of the director ownership and capital expenditure are negative positive significance.
The insight of this study is as follows：
A.Managers are risk aversive. When they face the decision of capital expenditure that is plenty of uncertainty at the growth stage, the conflicts of advantages will make they keep low managerial ownership; nevertheless directors are risk neutral, they will increase directorial ownership if they believe the capital expenditure will move the firm’s value up.
B.Capital Expenditure is able to signal private information to shareholders by insiders, especially at growth and stagnant stage.

摘要 I
ABSTRACT II
誌謝 III
目錄 IV
表目錄 V
壹、緒論 1
一、 研究動機與目的 1
二、 研究流程 2
貳、文獻探討與假說 3
一、 生命週期 3
二、 資本支出 4
三、 資本支出與內部人股權相關文獻 5
四、 假說建立 6
參、研究設計 8
一、研究變數操作性定義 8
(一)企業生命週期判斷指標 8
(二)內部人股權對資本支出之影響 9
二、 實證模式 12
三、 資料來源與樣本選擇 13
肆、 實證結果 15
一、 敘述性統計量 15
二、 相關性分析 18
三、 實證結果 23
(一)不同企業生命週期階段下，內部人持股與資本支出間的關係 23
伍、結論 29
參考文獻 31

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