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研究生:陳威安
研究生(外文):Wei-An Chen
論文名稱:經營者股權對公司績效之影響-我國電子產業之實證研究
論文名稱(外文):The Impacts of Managers Ownership on Corporate Performance-An Empirical of the Taiwan Electronic Industry
指導教授:林利萱
指導教授(外文):Lee-Hsuan Lin
口試委員:邱英祧黃豪臣
口試委員(外文):Ying-Tia ChiuHao-Chen Huang
口試日期:6-16
學位類別:碩士
校院名稱:元智大學
系所名稱:財務金融暨會計碩士班(會計學程)
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
畢業學年度:103
語文別:中文
論文頁數:82
中文關鍵詞:代理問題公司績效經營者公司治理股權結構
外文關鍵詞:Agency-problemCorporate performanceManagersCorporate GovernanceOwnership Structure
相關次數:
  • 被引用被引用:2
  • 點閱點閱:129
  • 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
在商業經營上,隨著公司規模的擴大與經營的專業化,公司所有者的時間與精力不再能夠負擔經營其所屬的企業,因而導致專業經理人的出現,在公司所有者與專業經理人目標不一致、資訊不對稱的情形下,即產生所謂的「代理問題」。
因此本研究欲探討經營者股權對公司績效之影響,分別以Tobin’s Q、ROE、EPS進行衡量,採取迴歸模型之方式做實證分析,以臺灣證券交易所公開上市櫃電子工業公司為研究樣本,將研究期間定為民國 100 至 103 年,共計 4 年。實證結果發現,當經營者持股比例越高時,經營者持股比例與公司經營績效為正相關,此外經營者質押比例愈高,經營者質押比例與公司經營績效為負相關。

In the field of business operations, while there are many companies expanding their size and diversifying their business, the stakeholders seems no longer to be capable to handle and afford enterprise affiliation. This condition results in emergence of professional managers and the proposed objectives are different from the stakeholders’ goals. This divergence is called “agency-problem”. This study explored the relationship between the ownership and corporate performance. In this respect, Tobin’s Q, ROE, and EPS are measured to demonstrate the analysis of public sectors, particularly technology companies in Taiwan, by using regression models. The study has been already conducted since four years ago (2011-2014).The empirical results show that if the managers hold high potion of company shares, there is a positive relation between the company’s performance and how many shares that managers hold in their position. Further, the negative correlation between the portion of pledged shares and company’s performance is concluded in accordance with this study.
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究架構 6

第二章 文獻探討 8
第一節 公司治理定義與相關文獻 8
第二節 經營者股權對公司績效之影響相關文獻 23
第三節 代理理論相關文獻 31

第三章 研究設計 41
第一節 假說建立 41
第二節 樣本選取與資料來源 42
第三節 衡量變數與研究方法 43
第四節 研究模型 47

第四章 實證結果與分析 49
第一節 敘述性統計分析 49
第二節 相關性分析 52
第三節 多元迴歸係數分析 56

第五章 結論與建議 60
第一節 研究結論 60
第二節 研究限制與未來研究建議 61
參考文獻 62

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1. 1.高蘭芬、邱正仁,2002,董監事股權質押對會計盈餘與股票報酬相關性之影響,臺大管理論叢,第 13 卷第 1 期:PP. 127-162 。
2. 3.林寶人,2010,臺灣上市櫃家族企業與公司績效,會計學報,第3卷第1期,PP. 53-82。
3. 4.蘇淑慧、呂倩如、金成隆,2009,家族公司與盈餘品質關係之研究:所有權、管理權與控制權,臺大管理論叢第19卷第S2期,PP. 35-70。
4. 7.李馨蘋、莊宗憲,2007,公司治理機制與公司績效之實證研究,東吳經濟商學學報,第五十七期,PP. 1-27。
5. 8.陳美華、洪世炳,2005 ,公司治理、股權結構與公司績效關係之實證研究,企業管理學報,第 65 期,PP.129-153 。
6. 9.林有志、邱炳雲與高茂峰,2008,更換經理人對公司經營績效之影響,會計與公司治理,第五卷,第2期:PP.1-28。
7. 12.黃寶玉 倪衍森 柯沂均,2013,臺灣電子業公司治理與盈餘管理對公司績效之影響,中華管理評論,第十六卷,第一期。
8. 13.曾玉琦、方俊儒、張瑞當,2007,核心代理問題與盈餘管理:董事會結構與外部監督機制之探討,管理學報,第二十四卷,第一期,PP. 17-39。
9. 14.李秀英、方俊儒、龍春伶,2008,獨立董監事對公司績效與盈餘品質之影響 -控制股東之調節效果,會計與公司治理,第五卷,第一期,PP. 55-80。
10. 15.高蘭芬、 陳怡凱、陳美蓮,2011,代理問題與盈餘穩健性,會計評論,第52期,PP. 103-136。
11. 17.柯承恩, 2000 ,我國公司治理體系之問題與改進建議,會計研究月刊,第 173 期,PP. 75-81。
12. 20.李佳玲、葉穎蓉與何晉滄,2005,績效、公司治理與高階管理者離職關係之實證研究,中山管理評論,PP. 75-106。
13. 25.許溪南、歐陽豪與陳慶芳,2007,公司治理、盈餘管理與財務預警模型之建構,會計與公司治理,第4卷第1期:85-121。
14. 26.張麗娟,2010,從董事會結構、公司治理與企業存活率看財務危機之區別預測能力,中華管理評論國際學報,第13卷第1期:1-25。
15. 29.趙莊敏、戴德昇,2006,臺灣銀行股權結構、董事會特性與其經營成本效率之相關性研究,臺灣金融財務季刊,第七輯第三期,PP. 95-125。