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研究生:蔣聲雄
研究生(外文):Chiang, Seng-Shong
論文名稱:多角化策略與年報資訊揭露對金融產業公司績效影響-金融控股公司組織型態調節效果之實證研究
論文名稱(外文):The Impact of Diversification Strategy and Annual Report Disclosure on Financial Company Performance-The Empirical Research of Moderating Effect of Financial Holding Company
指導教授:歐陽豪歐陽豪引用關係李政隆李政隆引用關係
指導教授(外文):Ou –Yang, HouLi, Cheng-Lung
口試委員:李明興
口試委員(外文):Lee, Ming-Shing
口試日期:2013-06-07
學位類別:碩士
校院名稱:崑山科技大學
系所名稱: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:2013
畢業學年度:101
語文別:中文
論文頁數:54
中文關鍵詞:金融控股公司多角化策略年報資訊揭露調節效果
外文關鍵詞:Financial Holding CompanyDiversified StrategyAnnual Report Information DisclosureModerating Effect
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本研究旨在探討金融集團多角化策略與年報資訊揭露對組成公司市場績效之影響,並討論金融控股公司組織型態對『多角化策略與績效』及『年報資訊揭露與績效』間關係之調節效果。實證結果發現:「集團相關多角化策略(DR)」才可能提升公司績效,「集團非相關多角化策略(DU)」則對公司績效有不利的影響,『年報資訊揭露總分』中的『股權結構與董事會組成』及『強制性資訊揭露』才能提升公司績效的主要因素,尤其是強制性資訊揭露;『自願性資訊揭露』對公司績效反而有不利的影響;金融控股公司型態對『總多角化策略』、『非相關多角化』與公司績效間的負向敏感性有顯著增強的調節效果;金融控股公司型態對『年報資訊揭露總分』、『股權結構資訊透明度』與公司績效間的正向敏感性均有顯著增強的調節效果,但對『強制性資訊揭露』與公司績效間的正向敏感性則具減弱效果。本研究的貢獻在三方面:第一,補充了年報資訊揭露程度及其組成對金融集團績效之實證證據;第二,驗證『金融控股公司組織型態』對台灣「多角化策略與公司績效」間的調節效果;第三,提出過去文獻未曾之『金融控股公司組織型態』對台灣「年報資訊揭露與公司績效」間的調節效果。
This paper investigates the impact of diversified strategy and annual report disclosure on market performance of financial industry firms and discuss the moderating effect of financial holding company on diversified strategy and market performance, annual report disclosure and market performance. The regression results find: There there exists significantly positive and negative effect of related and unrelated diversification on market performance, respectively. There exists significantly positive relationship between annual report disclosure and market performance. The main factors of enchanse market performance are ownership structure and components of board of directors and mandatory information disclosure. Especially, mandatory information enchanse market performance. There exists disadvantage effect of voluntary information disclosure on market performance. The moderating effect of financial holding company on the negative sensitivitity between total diversification, unrelated diversification and market performance have enchansed. The moderating effect of financial holding company on the positive sensitivity between annual report disclosure, ownership structure and components of board of directors and market peroformance have enchansed, while the positive sensitivity between mandatory information disclosure and market performance has weaken. The contributions of this research include third fold: First, we replenish evidence about the effect of annual report information disclosure and its’ components on financial company performance. Second, we provide the moderating effect of financial holding company on the relationship between diversified strategy and company performance. Third, we also provide the moderating effect of financial holding company on the relationship between annual report disclosure and company performance.
中文摘要 I
英文摘要 II
目錄 IV
表目錄 VI
圖目錄 VII
一、前言 1
1.1研究背景 1
1.2動機與目的 5
2.1文獻探討 8
2.1.1多角化與績效 8
2.1.2年報資訊揭露與金融集團組成公司績效間的關聯 10
2.1.3『公司規模』對『多角化策略與公司績效』及『年報資訊揭露與公司績效』間關係的調節效果 13
2.2假說建立 14
2.2.1集團多角化策略對集團組成公司績效的影響 14
2.2.2集團年報資訊揭露對集團組成公司績效的影響 16
2.2.3『公司規模』對『多角化策略與公司績效』及『年報資訊揭露與公司績效』間關係的調節效果 17
三、研究變數、實證模型、樣本選取與資料來源 20
3.1研究變數 20
3.1.1應變數:集團組成公司之績效 20
3.1.2自變數 20
3.1.3控制變數 23
3.2實證模型: 24
3.2.1金融集團多角化策略與年報資訊揭露對金融集團組成公司績效之影響 24
3.2.2金融控股公司組織型態對多角化策略、年報資訊揭露與金融集團組成公司市場績效間關係的調節效果 26
3.3樣本選取與資料來源 28
四、實證結果與分析 29
4.1敍述統計分析 29
4.2相關分析結果 33
五、結論與建議 47
5.1結論 47
5.2建議 50
參考文獻 51
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