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研究生:陳柏成
研究生(外文):Po-Cheng Chen
論文名稱:現金增資用途、公司治理機制與長期經營績效關係之研究—以台灣上市上櫃公司為例
論文名稱(外文):A study of relationships among the use of seasoned equity offerings, mechanisms of corporate governance and long-term operating performance: The cases of listed companies on SEC and OTC in Taiwan
指導教授:莊忠柱莊忠柱引用關係
指導教授(外文):Chung-Chu Chuang
口試委員:蔡蒔銓婁國仁
口試日期:2013-07-04
學位類別:碩士
校院名稱:淡江大學
系所名稱:管理科學學系企業經營碩士在職專班
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:40
中文關鍵詞:現金增資用途公司治理機制長期經營績效自由現金流量
外文關鍵詞:Seasoned Equity OfferingsCorporate Governance MechanismLong-Term Operating PerformanceFree Cash Flow
相關次數:
  • 被引用被引用:1
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  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:2
現金增資是台灣資本市場主要的籌資方式之一。現金增資用於資本支出對公司長期經營績效的影響,一直是利害相關人士關注的焦點。本研究以1997年至2008年在台灣股票上市上櫃公司720家現金增資的公司為研究對象。本研究利用複迴歸模型,以現金增資用途為自變數、公司治理機制為干擾變數(含董監事規模、董事長兼任總經理、十大股東持股比率、董監事持股比率、經理人持股比率、法人機構持股比率、四大會計事務所簽證),公司長期經營績效變化為應變數,探討現金增資用途、公司治理機制與長期經營績效的關係。
本研究實證發現公司辦理現金增資後的長期經營績效普遍下滑,現金增資用途對公司長期經營績效有顯著負向影響。董監事規模、董事長兼任總經理、十大股東持股比率、經理人持股比率、四大會計事務所簽證皆無顯著干擾現金增資用途對公司長期經營績效的影響。然而,董監事持股比率、法人機構持股比率則干擾現金增資用途對公司長期經營績效有負向影響。董監事持股比率與法人機構持股比率能發揮公司治理效能,扮演重要的干擾角色,減少現金增資用途對公司長期經營績效的影響,本研究結果可做為利害相關人士的參考依據。


Seasoned equity offerings (SEO) is one of the major options to raise capital for Taiwan corporations. The effect of capital expenditure of SEO on long-term operating performance is always the focus of stakeholders. This study uses multiple regression analysis to analyze the relationship between the use of SEO, corporate governance mechanism, and the long-term operating performance. The use of SEO is the independent variable in the empirical model. The mechanism of corporate governance is the moderate variable which includes board size, chairman also serving as CEO, block shareholding ratio, directors of board and supervisor shareholding ratio, managers shareholding ratio, investment institution shareholding ratio and certification of top four accounting agencies.
The results show that the SEO firms decrease in long-term operating performance, and the use of SEO significantly deteriorates the long-term operating performance. The effect of the use of SEO on long-term operating performance is not influenced by the board size, chairman also serving as CEO, block shareholding ratio, manager shareholding ratio, or the certification of top four accounting agencies. However, the effect of the use of SEO on long-term operating performance is negatively influenced by the director shareholding ratio and the investment institution shareholding ratio. It shows that the director shareholding ratio and the investment institution shareholding ratio can play a moderate role in the corporate governance, and provides the effectiveness of corporate governance and lessen the effect of the use of SEO on long-term operating performance. The results of this study may provide references for the stakeholders of the companies.


目錄--------------------------------------------------------------------------------I
圖目錄---------------------------------------------------------------------------III
表目錄---------------------------------------------------------------------------IV
1.緒論----------------------------------------------------------------------------1
1.1 研究背景與動機--------------------------------------------------1
1.2 研究目的-----------------------------------------------------------8
1.3 研究對象與範圍--------------------------------------------------9
1.4 研究架構-----------------------------------------------------------9
2.研究方法-------------------------------------------------------------------- 12
2.1 觀念性研究架構-------------------------------------------------12
2.2 研究變數操作性定義-------------------------------------------13
2.3 研究樣本與資料來源-------------------------------------------17
2.4 實證模型----------------------------------------------------------18
3.實證結果與分析------------------------------------------------------------ 19
3.1 基本敘述統計分析----------------------------------------------19
3.2 相關分析----------------------------------------------------------20
3.3 現金增資用途、公司治理機制與長期經營績效關係
實證分析----------------------------------------------------------22
4.結論與建議------------------------------------------------------------------28
4.1 結論與管理意涵-------------------------------------------------28
4.2 建議--------------------------------------------------------------- 30
參考文獻------------------------------------------------------------------------33
(1).中文部份-------------------------------------------------------------33
(2).英文部份-------------------------------------------------------------36
圖目錄
圖1-1 研究流程圖--------------------------------------------------------------11
圖2-1 觀念性架構圖-----------------------------------------------------------13
表目錄
表3-1 變數基本敘述統計-----------------------------------------------------19
表3-2 變數相關分析------------------------------------------------------21
表3-3 現金增資用途、公司治理機制對長期經營績效的複迴歸係數
估計與檢定-------------------------------------------------------------25




(1).中文部份
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2.王騰毅 (民101),「股權結構、負債比例與關係人交易對公司財務績效之影響-以台灣上市公司為例」,文化大學會計學系碩士論文。
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4.何承哲 (民87),「以本益比、公司規模探討現金增資公司長期經營績效」,國立中正大學財務金融學系碩士論文。
5.何進村 (民101),「最大股東持股比率對公司績效之影響」,東海大學財務金融學系碩士論文。
6.李桓伊 (民101),「董事會成員特性對會計師事務所選擇之影響」,國立中興大學會計學系碩士論文。
7.李楚元 (民92),「金融機構公司治理之研究-個案分析」,輔仁大學金融研究所碩士論文。
8.林宛瑩、汪瑞芝和游順合 (民101),「研發支出、 內部董事與經營績效」,會計審計論叢,第二卷第一期,頁61-90。
9.林問一和蔡佩珊 (民100),「資本支出用途現金增資公司之長期營運績效─由自由現金流量理論探討」,財務金融學刊,第十九卷第二期,頁1-33。
10.范虹琳 (民99),「上市(櫃)公司現金增資與私募股權發行後長期績效之比較」,淡江大學財務金融學系碩士論文。
11.夏侯欣榮 (民89),「台灣增資新股(SEO)上市後長期績效之整體研究」,管理評論,第十九卷第二期,頁1-33。
12.徐燕山 (民92),「公司股權結構、董事會組成結構以及財務政策與公司經營績效關係之研究」,國立政治大學財務管理研究所碩士論文。
13.高莉華 (民93),「公司治理對盈餘資訊價值內涵之影響」,中原大學會計研究所碩士論文。
14.莊淑蕙 (民101),「公司治理指標及財務指標與企業經營績效關係之研究—以IC 製造業為例」,國立臺北大學企業管理學系碩士論文。
15.許嘉臻 (民88),「國內現金增資頻率與績效之研究」,國立中正大學會計學研究所碩士論文。
16.陳建偉 (民87),「上市公司現金增資與營運績效變化關係之研究」,國立交通大學管理科學研究所碩士論文。
17.湯凱安 (民91),「成長機會、 資訊不對稱與內不人持有股變動對現金增資長短期效果影響之研究」,朝陽大學企業管理研究所碩士論文。
18.黃旭輝、陳隆麒和謝劍萍 (民90),「公司成長機會對經理人持股與董事會組成影響之研究」,中山管理評論,第九卷第一期,頁37-59。
19.楊朝旭 (民93),「產品市場競爭可否降低公司內部監理機制不佳所導致的代理成本」, 管理學報,第二十一卷第二期,頁153-173。
20.溫育芳和吳鴻毅 (民95),「我國上市公司治理評等系統之建立」,金融風險管理季刊,第二卷第三期,頁1-28。
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22.劉仲嘉 (民95),「董監事機制及其獨立性與公司經營績效之關聯性研究」,國立台灣大學會計學研究所碩士論文。
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