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研究生:田巧萍
研究生(外文):Chiao-Ping Tien
論文名稱:內部人持股對企業撤銷公開發行會計資訊品質之影響
論文名稱(外文):The Association between insider ownership and accounting information quality: Evidence from the going private firm
指導教授:許永聲許永聲引用關係
指導教授(外文):Yun-Sheng Hsu
學位類別:碩士
校院名稱:國立中興大學
系所名稱:會計學研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
畢業學年度:97
語文別:中文
論文頁數:54
中文關鍵詞:公司撤銷公開發行內部人持股資金成本盈餘變異性
外文關鍵詞:Going private firmInsider ownershipCapital costEarnings variability
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本論文目的係檢測內部人持股比例是否會影響,撤銷公開發行公司的會計資訊品質,本研究以盈餘變異性作為會計資訊品質的替代變數,同時本研究亦進一步探討對資金成本的影響。本研究的實證結果顯示,在撤銷公開發行後,公司的資金成本及盈餘變異性普遍會較撤銷公開發行前高。另外,在撤銷公開發行後,內部人持股比例較高(低)的公司,能降低企業的資金成本及盈餘變異性。亦即公司已撤銷公開不受市場監督,但只要企業的內部人持股比例較大,則仍將可以提昇公司會計資訊品質,並降低資金成本。
In November 2001, The Taiwan SEC repeals mandatory going public regulations. After 2001, the firms in Taiwan had been required to go public if their capital exceeds 200 million NT dollars. The main purpose of this dissertation is to investigate the association between insider ownership and accounting information quality for the going private firm. This study is also further to explore the impact on the cost of capital of going private firm. After the deregulation of mandatory going public, this study indicated the going private company with higher earnings variability and cost of capital. Also, after the deregulation of mandatory going public, the firm with higher insider ownership is lower capital cost and earnings variability than those with lower insider ownership. Although there are advantages for supervise of going public firm, but they devote to the promotion company accounting quality by higher insider ownership. The enterprise still has the good development opportunities and doesn’t prone to the drawbacks when it lacks of supervision of the open market.
第一章 緒論 1
第二章 文獻探討 6
第一節簡介撤銷公開發行之相關法規條文 6
第二節企業撤銷前後兩者間之差異 8
第三節影響企業撤銷公開發行之因素 12
第四節企業下市後之經營狀況 15
第五節股權集中程度對撤銷公司之影響 16
第三章 論文假說及研究方法 18
第一節研究假說 18
第二節資料來源 20
第三節實證模型及變數定義 21
第四章 實證結果 27
第一節敘述性統計分析 27
第二節相關性分析 28
第三節迴歸分析 30
第四節額外測試 33
第五章 結論與建議 34
第一節結論 34
第二節研究限制與建議 35
參考文獻 36
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