臺灣博碩士論文加值系統

本研究探討股東結構與股票市場流動性對公司績效的影響，藉由上海證券交易所(Shanghai Stock Exchange)和深圳證券交易所(Shenzhen Stock Exchange)共同出資發起設立中國證券指數公司(China Securities Index Co.,Ltd)，以其編制之滬深300指數(CSI300 index)組成之三百家公司作為研究標的，研究期間為2008年至2015年(共八年)。研究發現，不論是否納入固定效果或使用流動性替代變數進行穩健性測試，其結果顯示公司股票有較高的流動性，則公司績效顯著較佳。除此之外，法人持股比、流通法人持股比與公司績效存在顯著負相關，且存在顯著U型曲線關係。另外，在加入固定效果及穩健性測試後，流通內部人持股比與公司績效之間也存在顯著U型曲線關係。在控制變數方面，公司規模、槓桿比與公司績效之間存在顯著負相關，表示擁有較少資產或槓桿比較低的公司，其公司績效較佳。

This paper investigates the influence of stock market liquidity and ownership structure on firm performance by using three hundred companies listed on China Securities Index 300(CSI 300) index by the Shenzhen Stock Exchange and Shanghai Stock Exchange. The firm-year panel data acquires from China Stock Market and Accounting Research Database (CSMAR). Using data from 2008 to 2015, our study find that companies which have higher level of market liquidity may perform better. This result is robust to control firm fixed effects and apply alternative approaches of stock market liquidity. In addition, this research show that firms with low level of institution ownership perform better. Moreover, we find evidence that curvilinear relationships between institution ownership and firm performance. Those results are robust after controlling for firm fixed effects. The relationship between state ownership and firm performance is ambiguous, because of too many reforms of government policies during the research period. Furthermore, financial leverage and firm size have significant negative effect on firm performance, show that companies with low level of financial leverage or with smaller size may perform better.

摘要 i
Abstract ii
致謝 iii
目錄 iv
表目錄 vi
圖目錄 vii
1. 緒論 1
2.文獻回顧與研究假說 4
2.1.公司績效與股權結構 4
2.2.公司績效與股票市場流動性 6
3.資料來源與研究方法 8
3.1.樣本描述 8
3.2取樣條件 8
3.3變數定義 8
3.3.1公司治理 8
3.3.2股權結構 9
3.3.3股票市場流動性 11
3.3.4控制變數 13
3.4研究方法 14
4.實證結果 17
4.1資料描述 17
4.2敘述統計 17
4.3相關性分析 18
4.4迴歸分析 19
4.4.1簡單線性迴歸分析 19
4.4.2考慮股權平方項之迴歸分析 20
4.4.3考慮不同產業之迴歸分析 21
4.4.4考慮固定效果之迴歸分析 22
4.5採用股票市場流動性替代變數進行穩健性測試 23
5.結論 26
6.參考文獻 27
6.1英文文獻 27
6.2中文文獻 30
附錄 31

英文文獻
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中文文獻
1.紀信義, 翁慈青, 楊昌田, & 呂碧玉. (2015). 股權分置改革能否改善中國上市公司的盈餘資訊內涵?. 會計評論, (60), 111-149.
2.謝順峰, & 鍾銘泰. (2016). 當前中國大陸供給側改革成效初探-兼論對台資銀行之影響. 兩岸金融季刊, 4(4), 65-91.