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研究生:林賢明
研究生(外文):Sian-Ming Lin
論文名稱:公司治理對企業價值之影響考慮成長機會的效應
論文名稱(外文):The Impact of Corporate Governance onFirm Value:Considering Growth Opportunities
指導教授:陳耀宗陳耀宗引用關係
口試日期:2017-06-14
學位類別:碩士
校院名稱:國立臺灣大學
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:2017
畢業學年度:105
語文別:中文
論文頁數:64
中文關鍵詞:公司治理品質企業價值成長機會代理成本
外文關鍵詞:Corporate GovernanceGrowth OpportunitiesFirm ValueAgency Cost
相關次數:
  • 被引用被引用:3
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  • 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:1
由於台灣財報舞弊層出不窮,投資人往往因為地雷股而讓自身財富遭受損失,使得公司治理的議題持續受到關注。本研究以2010年至2015年台灣上市櫃公司為研究樣本,樣本期間為6年。探討公司治理品質、成長機會與企業價值之關聯性。本研究以Tobin’s Q衡量企業價值;以Brown and Caylor (2006)所建構公司治理品質分數(Gov-score)衡量公司治理品質;以銷售成長率、總資產成長率與研究發展投入率衡量成長機會。實證結果為:(1)公司成長機會與企業價值為顯著正相關;(2)公司治理品質與企業價值為顯著正相關;(3)公司治理品質與成長機會交乘項為顯著正相關,即當公司擁有較多成長機會時,公司治理品質對企業價值的正面效應愈明顯。
Recent financial scandals such as Enron, WorldCom, and Procomp Informatics raised a global concern about the importance of corporate governance. Using Taiwanese listed companies selected from TEJ database during year 2010-2015, this essay examines the impact of corporate governance (measured by Gov-score ) on firm value (measured by Tobin’s Q)by using the growth opportunities as a moderator. I find a positive impact of corporate governance on firm value. Moreover, I find that, as a company has more growth opportunities, the positive effect of corporate governance on firm value is strengthened.
第一章 緒論 1
第一節 研究動機與背景 1
第二節 預期研究貢獻 3
第三節 論文架構與研究流程 4
第二章 文獻探討 6
第一節 代理理論 6
第二節 公司治理的定義 8
第三節 公司治理之重要規定 11
第四節 公司價值 12
第五節 公司治理與公司價值 13
第六節 成長機會相關文獻 17
第七節 成長機會與代理成本 19
第八節 代理成本與公司治理 21
第三章 研究假說 25
第四章 研究方法 28
第一節 樣本選取與資料來源 28
第二節 研究模型 28
第三節 變數定義與衡量 32
第五章 實證結果分析 37
第一節 敘述性統計 37
第二節 相關係數分析 39
第三節 迴歸分析 41
第四節 額外分析 49
第六章 結論與建議 55
第一節 結論 55
第二節 研究限制與建議 56
參考文獻 57

表目錄
表4-1 樣本年度分布 28
表4-2 公司治理品質分數(Gov-score)剔除項目原因說明表 33
表4-3 修正後公司治理品質分數(Gov-score) 34
表5-1 敘述統計量 38
表5-2 Pearson 相關係數分析 40
表5-3 成長機會與企業價值迴歸分析結果 44
表5-4 公司治理、成長機會與企業價值迴歸分析結果(一) 45
表5-5 公司治理、成長機會與企業價值迴歸分析結果(二) 46
表5-6 公司治理、成長機會與企業價值迴歸分析結果(三) 47
表5-7 公司治理、成長機會與企業價值迴歸分析結果(四) 48
表5-8 穩健性測試(一) 51
表5-9 穩健性測試(二) 52
表5-10 穩健性測試(三) 53
表5-11 穩健性測試(四) 54

圖目錄
圖1-1 研究架構 5
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