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研究生:張容慈
研究生(外文):CHANG, JUNG-TZU
論文名稱:台灣上市櫃公司大股東持股比例對公司價值之影響
論文名稱(外文):The Effect of Large Shareholders Shareholding Relative Proportion to Firms Performance in Taiwan
指導教授:王元章王元章引用關係
指導教授(外文):WANG, YUNG-JANG
口試委員:李春安雲慕書
口試委員(外文):LI, CHUN-ANYUN, MU-SHU
口試日期:2017-06-21
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融系研究所
學門:商業及管理學門
學類:財務金融學類
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:52
中文關鍵詞:公司價值大股東相對持股Tobin^' s Q
外文關鍵詞:firm performancelarge shareholders shareholdingTobin^' s Q
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本研究主要欲了解大股東間相對持股規模、大股東類型是否相同、次大股東持股比對公司價值的影響,以西元2006年到2015年間台灣上市櫃公司(不含金融業)為研究樣本,分別以Tobin^' s Q與M/B衡量公司價值,透過縱橫資料分析法進行研究探討。
從固定效果模型的實證結果顯示:第一,四種股東相對規模變數對公司價值皆為負影響;第二,公司最大股東與次大股東之類型若相同,對公司價值為顯著負影響;第三,在次大股東持股比小於3%時,對公司價值為正影響,但當次大股東持股比大於3-5%後,與公司價值的關聯開始呈現負影響,顯示台灣上市櫃公司中次大股東之持股比例越高,會導致公司價值的降低。

The main purpose of this study is to examine the effect of large shareholders shareholding relative proportion, the same type of major shareholders, and the second largest shareholder shareholding to firms performance in Taiwan. The sample period runs from 2006 to 2015 of Taiwan’s listed firms (excluding the financial industry). Using Tobin^' s Q and M/B to measure firm performance respectively. This study collects a panel data set.
The empirical results from the fixed effect model show that: First, four kinds of shareholders relative scale variable are all negative impact to firm performance. Second, if the type of the first largest shareholder is the same as the second largest shareholder will also have negative impact to firm performance. Third, when the second largest shareholder shareholding is less than 3%, it have positive impact to firm performance, but when the second largest shareholder shareholding is over 3-5%, will begins to have a negative impact to firm performance. Indicating that the higher proportion of second largest shareholder shareholding in Taiwan listed companies, will lead to lower firm performance.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究架構 6
第二章 文獻回顧與探討 7
第一節 公司股權結構對公司各面向的影響 7
第二節 對公司價值造成影響之相關因素探討 13
第二節 股權結構對公司價值的影響 18
第三章 研究方法 22
第一節 研究樣本與資料來源 22
第二節 研究方法 24
第三節 模型之建構 25
第四節 延伸分析模型 28
第四章 實證結果分析 30
第一節 樣本敘述性統計分析 30
第二節 迴歸模型實證結果分析 33
第五章 結論與建議 47
第一節 結論 47
第二節 未來研究建議 48
參考文獻 49

參考文獻

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