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研究生:陳松山
研究生(外文):CHEN, SUNG-SHAN
論文名稱:管理者品質、資本預算決策與企業績效
論文名稱(外文):Management Quality, Capital Budgeting Decision and Corporate Performance
指導教授:黃德舜黃德舜引用關係王明昌王明昌引用關係
指導教授(外文):HUANG, DEREK-TESHUNWANG, MING-CHANG
口試委員:洪榮華陳國泰陳志遠張瑞當
口試委員(外文):HUNG, JUNG-HUACHEN, KUO-TAYCHEN, CHIH-YUANCHANG, RUEY-DANG
口試日期:2017-06-22
學位類別:博士
校院名稱:國立中正大學
系所名稱:企業管理系研究所
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:2017
畢業學年度:105
語文別:中文
論文頁數:55
中文關鍵詞:管理者品質資本預算決策企業績效經濟附加價值調節效果
外文關鍵詞:Management QualityCapital Budgeting DecisionCorporate PerformanceEconomic Value Added (EVA)Moderator Effect
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管理者對資本預算決策具決定性的影響力,故管理者品質攸關企業資本預算決策的能力,而企業績效則是由一連串資本預算投資績效所累積而成。本研究試圖探討管理者品質、資本預算決策與企業績效之關聯性。本研究參考Chemmanur and Paeglis (2005) 發展出來對管理者品質的衡量變數,使用共同因素分析法將管理者品質的特徵變數分成「管理團隊專業核心能力」及「管理團隊合作及財務導向能力」兩個面向,並萃取每個面向的成份分數,加以迴歸分析其與資本預算決策、企業績效之間的關聯性。也利用調節效果之檢定驗證管理者品質為資本預算決策與企業績效之間的調節變數。研究結果顯示,管理者品質及資本預算決策分別對企業績效呈現顯著正相關。另外本研究經過調節效果驗證結果顯示,管理者品質確為資本預算決策與企業績效兩個變數之間的調節變數,本研究樣本公司以臺灣上市上櫃之製造業及服務業(排除金融業)公司為範圍。研究期間為2006年至2011年共6年,共3917筆資料。
Top Managers have a decisive influence on capital budgeting decision, so the management quality is crucial to the capital budgeting decision. The corporate performance is accumulated by the performance of a series of capital investment. This study attempts to explore the relationship among management quality, capital budgeting decision and corporate performance. We referred to the variables that have been developed by Chemmanur and Paeglis (2005) to evaluate the management quality, and use common factor analysis to divide the characteristic variables of the management quality into TPCC (Team Professional Core Competence) and TCFO (Team Cooperation and Financial Orientation). In this study, we extract each factor score of each dimension and analysis the relevance among management quality, capital budgeting decision, and corporate performance. We also examine the mediation effect of management quality. The results of this study showed that management quality and capital budgeting decision were positively correlated with corporate performance. The other finding indicated that management quality was the moderator variable between capital budgeting decision and corporate performance. The samples of the study were taken from the Taiwanese-listed manufacturing and services companies excluding banking firms. The study period is from 2006 to 2011, a total of 3917 data.
第一章 緒論 1
第二章 文獻探討與研究假說 5
第一節 管理者品質與企業績效 5
第二節 資本預算決策與企業績效 11
第三節 管理者品質、資本預算決策與企業績效 13
第三章 研究方法 15
第一節 樣本篩選與資料來源 15
第二節 研究變數操作性定義與衡量 16
第三節 實證模型 20
第四節 調節效果之檢定 25
第四章 實證結果分析 27
第一節 敘述性統計 28
第二節 相關係數分析 30
第三節 迴歸分析 34
第四節 調節效果之驗證分析 39
第五章 結論 41
第一節 研究結論 42
第二節 管理意涵與貢獻 45
第三節 研究建議 46
參考文獻 48
中文部份: 48
英文部份: 49


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1. 王泰昌、劉嘉雯(2000),經濟附加價值(EVA)的意義與價值,中華管理評論, 第3卷第4期,頁15-31。
2. 林秀娟、陳順宇(2015),不同測量方式下潛在調節效果估計的比較,人力資源管理學報,第15卷第3期,頁53-74。
3. 林秀鳳、李建然(2008),管理特質對企業績效之影響,中山管理評論,第16卷第4期,頁703-742。
4. 陳松山、劉振家、王明昌、黃德舜(2011),電子資訊業人力資本、管理者品質與經濟附加價值,評價學報,第5期,頁35-56。
5. 曾昭玲、卓佳蓁(2011),企業融資決策與經濟附加價值之關聯性研究-以台灣半導體產業為例,會計評論,第53期,頁35-73。
6. 張淑清、呂欣樺(2015),研發支出與管理團隊特性對公司績效之影響,會計學報,第6卷第1期,頁1-34。
7. 張清福、王文英、李佳玲(2007),資訊科技投資與企業績效之因果關係模型探討:以臺灣資訊電子業為實証對象,會計評論,第44期,頁1-26。
8. 黃德舜、劉振家(2009),經濟附加價值與市場附加價值關係之再驗證:臺灣上市企業權益調整項的影響,評價學報,第2期,頁1-13。
9. 黃正忠(2015),企業非財務績效之價值與揭露,內部稽核,第88期,頁40-45。
10. 黃旭輝(2002),成長機會與可支配現金流量對海外投資宣告影響之研究-大陸與東南亞投資的實證,管理評論,第21卷第2期,頁103-119。
11. 黃旭輝、黃一祥、張志向(2011),重大資本支出後的經營績效:成長機會與公司治理的角色,臺大管理論叢,第22卷第1期,頁297-325。
12. 蕭友華、黃德舜、嚴仁鴻(2008),品牌資產與經濟附加價值之關係研究-以高科技產業公司為例,中小企業發展季刊,第8期,頁125-159。
 
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