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研究生:陳瑋恩
研究生(外文):Wei-En Chen
論文名稱:異常關係人交易與公司績效:台灣地區之實證
論文名稱(外文):Abnormal Related Party Transactions and Firm Performance:Evidence from Taiwan.
指導教授:林瑞青林瑞青引用關係
指導教授(外文):Ruey-Ching, Lin
口試委員:蔡彥卿楊炎杰
口試日期:2012-06-07
學位類別:碩士
校院名稱:輔仁大學
系所名稱:會計學系碩士班
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:中文
論文頁數:71
中文關鍵詞:異常關係人交易公司垂直整合特性公司經營績效利益衝突
外文關鍵詞:Abnormal related party transactionsVertical IntegrationFirm PerformanceConflict of Interest
相關次數:
  • 被引用被引用:1
  • 點閱點閱:254
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
過去研究在「關係人交易對公司經營績效之影響」此議題上,一直存有正反雙方之見解而未有一致之結論。從產業鏈上下游垂直整合、專業化分工等觀點出發,關係企業的確可以透過關係人交易達到降低生產成本、提升生產效率之效果並使其影響正面的反應在經營績效上;惟若從公司治理的角度思考,關係人交易亦為一實質控制者進行盈餘操弄和移轉公司資產的合法空間。本研究對關係人交易進行異常值之分離,俾希望能藉由此一方式,針對此議題提出另一角度之看法。
本研究以2000年到2008年為研究期間,並以我國集團之上市櫃企業為觀察值,其研究結果發現,關係人交易之異常值的確對公司績效有負向的影響。此一異常值之存在,或許反應了管理當局之盈餘操弄、移轉公司資產已圖利自身、錯誤之經營決策的可能性。另外,當企業之實質控制者之利益與小股東之利益趨近一致時,上述異常值對績效產生的負向影響將可獲得有效之制衡和減緩。
綜上所述,本研究主要係對異常關係人交易之無效率與避免或制衡之方式,提出一合理之依據,並期望該研究結果能讓財報使用者在進行關係人交易評價時,可擁有更為多元的想法。

Affiliated firms may use related party transactions to avoid external transaction cost to improve their performance, but it may become a tool by the controlling shareholders to exploit minority shareholders. To understand the real effect of related party transactions on firm performance, I separate abnormal related party transactions from related party transactions, I believe it may help us provide advanced suggestions for the issue.
I use listed and OTC business groups sample in Taiwan during 2000 to 2008. The empirical results show that abnormal related party transactions has negative effect on firm performance; When controlling shareholders and minority shareholders have consensus, the negative effect can be mitigated.

表 次 v
圖 次 vi
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究貢獻 7
第三節 研究架構 7
第二章 文獻探討與假說發展 11
第一節 關係企業的定義與形成動機 11
第二節 企業多角化策略與其分類和合作方式之衡量 15
第三節 關係人交易與其對公司經營績效與企業價值的影響 22
第四節 假說發展 25
第三章 研究設計 29
第一節 主測變數及重要控制變數之衡量 29
第二節 其餘控制變數之定義與計算 34
第三節 樣本選取與資料來源 39
第四章實證結果 45
第一節 敘述性統計值與相關係數 45
第二節 實證結果分析 48
第三節 敏感性分析 51
第五章 結論與建議 61
第一節 結論 61
第二節 研究建議 61
第三節 研究限制 62
參考文獻 64

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