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研究生:王郁文
研究生(外文):Yu-Wen Wang
論文名稱:公司治理對資本結構之影響-印尼上市公司之實證
論文名稱(外文):The effects of corporate governance on capital structure: An empirical study of Indonesia listed firms.
指導教授:洪榮華洪榮華引用關係林翠蓉林翠蓉引用關係
指導教授(外文):Jung-Hua HungTsui-Jung Lin
學位類別:碩士
校院名稱:國立中央大學
系所名稱:企業管理學系
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:2018
畢業學年度:106
語文別:中文
論文頁數:60
中文關鍵詞:資本結構董事會特徵所有權結構印尼伊斯蘭教
外文關鍵詞:Capital StructureBoard characteristicsOwnership structureIndonesiaIslam
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印尼在新興市場中 屬於相對龐大的經濟體 ,其文化背景以信仰伊斯蘭教為主與西 ,其文化背景以信仰伊斯蘭教為主與西 ,其文化背景以信仰伊斯蘭教為主與西 ,其文化背景以信仰伊斯蘭教為主與西 方國家資本市場有所差異,因此文以伊斯 蘭教義對公司管理實務的影響探討方國家資本市場有所差異,因此文以伊斯 蘭教義對公司管理實務的影響探討方國家資本市場有所差異,因此文以伊斯 蘭教義對公司管理實務的影響探討方國家資本市場有所差異,因此文以伊斯 蘭教義對公司管理實務的影響探討方國家資本市場有所差異,因此文以伊斯 蘭教義對公司管理實務的影響探討蘭宗教規範在董事會特徵及所有權結構 對公司治理產生何種影響 ,進而探討是否對公司治理產生何種影響 ,進而探討是否對公司治理產生何種影響 ,進而探討是否公 司的資本結構。 司的資本結構。 本文主要探討公司治理對資結構 的影響,並以 的影響,並以 的影響,並以 2012年至 2016年印尼 資本市場 上市公司作為研究樣本,進行實證分析 。資料來源為印尼證券交易所( IDX-Indonesia Stock Exchange)以及 Eikon with Datastream for Office(原 Darastream),2012年 至 2016年之財務報表 。研究結果顯示, 遵循伊斯蘭教法的公司 ,其 負債比率較低;董 事會特徵中包含董規模及獨立性,在遵循伊斯蘭教法的公司無發揮其監督 事會特徵中包含董規模及獨立性,在遵循伊斯蘭教法的公司無發揮其監督 事會特徵中包含董規模及獨立性,在遵循伊斯蘭教法的公司無發揮其監督 事會特徵中包含董規模及獨立性,在遵循伊斯蘭教法的公司無發揮其監督 事會特徵中包含董規模及獨立性,在遵循伊斯蘭教法的公司無發揮其監督 作用;另外,發現機構投資人在遵循伊斯蘭教法的公司 作用;另外,發現機構投資人在遵循伊斯蘭教法的公司 作用;另外,發現機構投資人在遵循伊斯蘭教法的公司 作用;另外,發現機構投資人在遵循伊斯蘭教法的公司 作用;另外,發現機構投資人在遵循伊斯蘭教法的公司 作用;另外,發現機構投資人在遵循伊斯蘭教法的公司 扮演了重要的角色,伊斯蘭宗教 扮演了重要的角色,伊斯蘭宗教 扮演了重要的角色,伊斯蘭宗教 因素 對公司治理的影響 可能是透過機構投資人 ,進而 影響公司的資本結構決策。
This research investigates the effects of Islamic doctrine and corporate governance on the capital structure of Indonesian listed, and the study period is from 2012 to 2016. The empirical results show that the debt ratios of companies that follow Islamic law (sharia) are relatively low, compared with their counterparts. In Sharia-compliant companies, we find that board characteristics, including board sizes and board independence, do not play their supervisory role. However, institutional investors do play an important role in Sharia-compliant companies and institutional investors are the channel through which Islamic religious factor affects Sharia-compliant firms’ capital structure.
摘要 i
Abstract ii
目錄 iii
表目錄 iv
第一章 緒論 1
1-1 研究動機與目的 1
1-2 研究流程 6
第二章文獻探討與假說建立 7
2-1 公司治理結構及伊斯蘭教對於印尼上市公司資本結構的影響 7
2-2 董事會規模對遵循伊斯蘭教法公司資本結構的影響 9
2-3 獨立董事的比率對遵循伊斯蘭教法公司資本結構的影響 11
2-4 所有權結構對遵循伊斯蘭教法公司資本結構的影響 12
第三章 研究方法 14
3-1 資料來源與樣本篩選 14
3-2 研究方法與研究模型 14
3-2-1 研究方法 14
3-2-2 研究模型 14
第四章 實證結果與分析 20
4-1 基本敘述性統計分析 20
4-2 迴歸分析 25
4-3 穩健性分析 34
第五章 結論與建議 39
5-1 研究結論與管理意涵 39
5-2 研究限制與建議 40
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