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研究生:王軒陽
研究生(外文):Syuan-Yang Wang
論文名稱:家族企業與錯誤評價之關聯性
論文名稱(外文):The Association between Family Firms and Mispricing
指導教授:張瑞當張瑞當引用關係
指導教授(外文):Ruey-Dang Chang
口試委員:方俊儒張允文
口試委員(外文):Chun-Ju FangYuen-Wen Chang
口試日期:2016-05-24
學位類別:碩士
校院名稱:國立中興大學
系所名稱:會計學研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2016
畢業學年度:104
語文別:中文
論文頁數:43
中文關鍵詞:內含價值錯誤評價家族企業
外文關鍵詞:intrinsic valuemispricingfamily firms
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本研究以公司之真實價值(內含價值)和市場價值的比率,探討和家族企業之關聯性,以瞭解家族企業較容易被市場高估或低估,並加入外部監督獨立董事和會計師變數,探討外部監督之效果。研究對象為2006年至2013年國內上市櫃公司,實證結果發現,家族企業之公司價值較不會被市場低估;然而,家族企業持股比例愈高,其公司價值反而較會被市場低估,其主要可能原因為,一般投資大眾對家族企業有較正面的評價,但家族成員持股比例過高,代理問題可能擴大而導致投資大眾對該公司之評價下降。另外,本研究也發現由會計師產業專家查核之家族企業,其公司之價值較不會被低估,但未發現獨立董事和錯誤評價之間的關聯性,可能原因是獨立董事制度對公司治理效果不彰,無法提昇市場對獨立董事席次較高的家族企業之正面評價。

By using the ratio of a corporation’s intrinsic value to its market value (Mispricing), the study examines the association between mispricing and family firms. The purpose of the study is to investigate whether the intrinsic value of family firms is tend to be overestimated or underestimated by the market. In addition, independent directors and CPA-related variables are entered into the model to examine the effect of external monitoring on the above association. Empirical data of listed and OTC companies are obtained from the TEJ data bank from 2006-2013. Empirical results indicate that the intrinsic value of family firms isn’t tend to be underestimated by the market. However, while the proportion of family shareholdings is higher, the family firms’ intrinsic value is tend to be underestimated. The main reason may be that most investors are more optimistic on family firms. On the other hand, while the proportion of family shareholdings is higher, the agency problem between controlling shareholders and other shareholders can exacerbate and resulting in family firms being undervalued. Moreover, the study also shows that the family firms audited by industry specialization of CPA isn’t tend to be undervalued. But there’s no significant relation between the proportion of independent directors in the board and mispricing. It may be that the effect of independent directors on corporation governance is poor; therefore, the market value of family firms having higher proportion of independent directors in the board couldn’t increase.

目錄
第一章、緒論 1
第一節、研究背景與動機 1
第二節、研究目的 2
第三節、研究架構與流程 3
第二章、文獻探討與假說發展 5
第一節、家族企業與錯誤評價 5
第二節、家族持股比例 7
第三節、獨立董事 9
第四節、會計師產業專家 10
第三章、研究設計 13
第一節、樣本來源與資料選取 13
第二節、變數定義與衡量 13
第三節、實證模型 18
第四章、實證結果 20
第一節、敘述性統計 20
第二節、相關係數 20
第三節、迴歸分析結果 24
第四節、增額測試 29
第五節、敏感性測試 30
第五章、結論與建議 32
第一節、結論 32
第二節、研究貢獻 33
第三節、研究限制與建議 33
參考文獻 34

表目錄


表1 樣本篩選彙總表 13
表2 敘述性統計值 21
表3 樣本公司產業分布 22
表4 錯誤評價與各變數Pearson及Spearman相關係數表 23
表5 錯誤評價與家族企業之迴歸結果 24
表6 錯誤評價與家族持股比例之迴歸結果 25
表7 錯誤評價與獨立董事席次比例之迴歸結果 26
表8 錯誤評價與會計師產業專家之迴歸結果 28
表9 增額測試-錯誤評價與家族企業及家族持股比例之迴歸結果 29
表10 敏感性測試-錯誤評價與會計師產業專家之迴歸結果 30

圖目錄

圖一、研究架構圖 4



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湯麗芬,2010,家族企業特質與盈餘品質之關聯性,當代會計,11卷(3期):371-410頁。

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