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研究生:黃秋豪
研究生(外文):Huang-Chiu Hao
論文名稱:家族控制集團業、外部監控與公司績效之實證研究
論文名稱(外文):An Empirical of Family-Controlled Groups,Outsider Monitoring and Corporate Performance
指導教授:余惠芳余惠芳引用關係
指導教授(外文):Hui-Fun Yu
學位類別:碩士
校院名稱:清雲科技大學
系所名稱:國際企業管理研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2012
畢業學年度:101
語文別:中文
論文頁數:70
中文關鍵詞:家族控制集團業外部監控信用風險模型財務預測公司績效
外文關鍵詞:Family-Controlled GroupsOutsider MonitoringCredit Risk ModelsFinancial ForecastingCorporate Performance
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本研究主要利用Logistic迴歸統計方法,建構家族控制集團業之信用風險模型(Credit Risk Models),針對2000年至2011年臺灣上市家族控制的集團公司,考慮董事長兼任總經理的公司治理模式,找出影響公司績效之顯著變數,分析外部人會計師(CPAs)之外部監控,對公司績效之影響。期能在公司尚未發生信用風險前,預測可能發生機率,降低發生財務損失的可能性,達到事前預警與風險管理(Risk Management)之效。實證分析上,採用常態性K-S檢定、平均數M-U檢定與建立Logistic迴歸模型,提供投資者及相關業者投資決策參考。實證結果發現,董事長兼任總經理,影響家族控制集團業公司績效主要變數在財務結構、償債能力、經營能力、獲利能力、現金流量及公司治理指標;調整融資決策,提高長期資金適足率,降低現金流量允當比率,改善公司財務結構與經營能力;降低負債比率,提高存貨週轉率、股東權益報酬率(ROE)及每股現金流量,提高公司獲利能力;降低內部保留比率,提高財務槓桿指數,提高公司獲利能力;避免會計師更換,增強外部監控與公司治理能力,降低發生信用風險的可能性。因此,本文實證價值與管理涵義為,家族控制集團業董事長兼任總經理,避免更換會計師,則外部監控與公司治理能力增強,可降低公司發生信用風險的可能性。

This study mainly used logistic regression statistical methods to construct the credit risk models of family-controlled group industry. Aiming at Taiwanese listed family-controlled companies from 2000 to 2011, the Corporate Governance mode of chairmen being general managers simultaneously was considered to identify the significant variables affecting corporate performance, and to analyze the impact of external certified public accountants’ (CPAs) outsider monitoring on corporate performance. Which was expected to predict the possible incidence of credit risk before it has occurred in companies, and reduce the likelihood of financial loss to achieve the effect of prior warning and risk management. Empirical analysis was carried out with the normality K-S test, the average M-U test, and establishing logistic regression model, to provide references for making investment decisions of investor and related industry. Empirical findings included that the fact of CEO duality had the variables affecting the company’s performance of family-controlled groups in the financial structure, solvency, management ability, profitability, cash flow, and corporate governance indicators. Adjustment the decision-making of financing, increasing long-term capital adequacy ratio, reducing the cash flow adequacy ratio, Improve the company’s financial structure and management ability. Reducing the debt ratio. Increasing inventory turnover, the return on equity (ROE) , and per share cash flow enhanced company profitability. Avoiding the replacement of Certified Public Accountants, increased outsider monitoring and corporate governance could reduce the possibility of credit risk. Therefore, the meaning of the empirical value and management in this study was that CEO duality in family-controlled group industries could reduce the possibility of credit risk, while avoiding the replacement of Certified Public Accountants, which enhanced the external controls and corporate governance ability.

中文摘要 i
英文摘要 ii
誌謝 iv
目錄 v
表目錄 vii
圖目錄 viii
第一章 緒論 1
1.1研究背景與動機 1
1.2研究目的 2
1.3研究架構與流程 2
第二章 文獻探討 5
2.1 家族企業的定義 5
2.2 集團企業的定義 7
2.3 信用風險的定義 9
第三章 研究方法 13
3.1 研究架構 13
3.2 研究對象 15
3.2.1研究樣本分布年度與產業分類 18
3.3 研究變數操作性定義 19
3.4 研究方法 27
3.4.1 常態性檢定(K-S檢定) 27
3.4.2 危機公司與正常公司平均數檢定 27
3.4.3 Logistic迴歸分析模型 28
第四章 實驗結果與分析 30
4.1 信用危機公司常態性檢定(K-S檢定) 30
4.1.1 樣本資料敘述性統計分析 30
4.1.2 樣本資料常態性檢定 43
4.2 信用危機公司與正常公司之平均數檢定 46
4.2.1 樣本資料平均數檢定統計分析 46
4.2.2 信用危機公司與正常公司平均數檢定結果 53
4.3 Logistic迴歸模型分析 56
第五章 結論與建議 61
5.1 實證價值與意涵 61
5.2 研究結論 64
5.3 研究建議 65
參考文獻 67

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