臺灣博碩士論文加值系統

2008年全球金融危機引發一連串的經濟效應，部分企業產生財務危機或是大舉裁員等，投資人在股票市場上亦蒙受損失。本文的研究目的在於探討金融危機期間和之後的恢復期，公司治理對公司績效之影響是否有顯著差異。
以資產報酬率(ROA)和持有期間收益率(HPR)作為公司績效衡量指標，目的在於從公司財務狀況的角度和一般投資人的角度，分別了解公司治理對於公司績效的影響。根據實證結果發現，若從會計上的指標來看，不論是內部股東(如大股東和董監事)或外部股東(如機構投資人)對於資產報酬率(ROA)的影響在金融危機期間皆較為顯著，影響力較大；若從股市報酬率來觀察，內部股東(如大股東和董監事)和外部股東(如機構投資人)對於持有期間收益率(HPR)的影響在恢復間較顯著，影響力提高。說明公司治理的情形對於公司實際的財務狀況和股市的投資報酬率影響並不一致，表示一般投資人認為內部人和外資持有股數越高的公司在恢復期間會有較好的表現，但從會計的指標來了解公司的營運狀況會發現內部人和外資持有股數越高的公司在危機期間可以有較好的表現，具有度過危機的能力。
從產業特性上來看，可以發現傳統產業的平均經理人持股中大於電子產業，說明傳統產業的經理人較容易為了鞏固自身職位，以最大化本身利益為考量，故對公司績效產生負面影響，這點和電子產業偏向利益收斂假說的論點有所差異。

The Global Financial Crisis in 2008 has threatened the society with the collapse of large financial institutions, the increase in laid-off employees of banks by national governments and damages to stock markets globally. In this study, we apply return on asset (ROA) and holding period return (HPR) as the proxies of corporate performance; and explore how ownership structure and institutional investors’ ownership affect corporate performance during financial crisis and subsequent recovery periods. The empirical results are as followed：
There is a significant relation among ownership structure, institutional investors’ ownership and return on asset (ROA) during the crisis. However, there is a more significant relation between shareholder components (including inside investors and institutional investors) and holding period return (HPR) in recovery periods. As a result, it is concluded that the more stock the internal shareholders and institutional investors possess, the more optimistic they are towards the operating performance. In terms of financial performance, the higher the percentage of the stock beheld within internal shareholders and institutional investors, the more likely the company can sustains through a financial crisis.
Besides, it is found that the percentage of ownership held by managers in traditional industries has a negative impact on the firm’s performance, since those managers can maximize their profits and secure their position in a company by the operation of the company’s finance (entrenchment hypothesis). On the other hand, the electronic industry has shown a different result which tends to support convergence-of-interest hypothesis.

第一章 緒論 1
第二章 文獻探討 4
第一節 股權結構相關文獻 4
第二節 誘因效果與侵占效果 7
第三節 機構投資人 8
第三章 研究方法 12
第一節 樣本來源和研究期間 12
第二節 變數定義 14
第三節 資料分析方法 18
第四章 實證結果 20
第一節 敘述統計量和差異性檢定 20
第二節 相關係數 23
第三節 實證結果 24
第五章 結論 46
參考文獻 48
附錄 58
第一節 傳統產業定義 58

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