(3.232.129.123) 您好!臺灣時間:2021/03/06 00:55
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果

詳目顯示:::

我願授權國圖
: 
twitterline
研究生:許綺芳
研究生(外文):Chi-fang Hsu
論文名稱:多重大股東及最終控制股東控制權與現金流量請求偏離程度對負債結構的影響
論文名稱(外文):The effect of multiple large shareholders and deviation between ultimate owners’ control and cash-flow rights on debt structure
指導教授:李建強李建強引用關係
指導教授(外文):Chien-chiang Lee
學位類別:碩士
校院名稱:國立中山大學
系所名稱:財務管理學系研究所
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:2018
畢業學年度:106
語文別:中文
論文頁數:59
中文關鍵詞:負債到期期限多重大股東最終控制股東控制權與現金流量請求偏離程度銀行貸款公司治理公司價值
外文關鍵詞:Deviation between control and cash-flow rightsMultiple large shareholdersBank loansFirm valueCorporate governanceDebt maturity
相關次數:
  • 被引用被引用:0
  • 點閱點閱:65
  • 評分評分:系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔系統版面圖檔
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本研究的主要目的在使用台灣的上市公司資料,探討多重大股東及最終控制股東控制權與現金流量請求偏離程度對公司價值及負債結構的影響。過去文獻在探討負債結構時,分別以負債到期期限與銀行貸款比例來做為分析企業負債結構之變數,不同的,本文同時將兩項負債變數皆納入迴歸式分析,並討論其是否可做為公司治理優劣之指標。研究樣本以2008-2016年台灣上市公司且擁有一位以上之大股東做為研究對象。本文採用Panel data model加入固定效果進行分析,並以兩階段最小平方法來解決模型的可能內生性問題。
本研究結果顯示,為當大股東人數愈多會積極扮演監理公司的角色;最終控制股東控制權與現金流量請求偏離程度對公司價值無顯著影響,此結果可能與在大股東積極監管下,使最終控制股東謀取私利的機會大幅下降;股權分散程度與公司價值成顯著正相關,此結論與過去文獻相左,其原因可能與台灣企業結構有關;提高短期負債比例可消除代理問題並提高資訊透明度。整體而言,企業若想加強內部監理,可以增加大股東人數、提高短期限負債。另外,若投資人想藉由企業所揭露之負債訊息來判定該企業公司治理的優劣時,還須將其他因素納入考量,例如:大股東人數、最終控制股東控制權與現金流量請求偏離程度等因素。
This study investigates the relation between the governance role of large shareholder and the structure of corporate debt using data of Taiwan listed firms from 2008 to 2016. The results show that the number of large shareholder has a significant negative impact on long-maturity debt and bank loans, and largest ultimate owner with excess control rights has no relation with debt maturity structure. In addition, we found that short-maturity debt mitigates agency problem and enhances corporate performance. Overall, our findings are consistent with the hypothesis that multiple large shareholders aggressively play the governance role. According to this study, decision-makers can increase firm value by adding the number of large shareholders, and investors can pay more attention on the ratio of short-maturity debt and the number of large shareholders.
論文審定書 i
中文摘要 ii
英文摘要 iii
第壹章 緒論 1
第貳章 文獻探討 3
第一節 公司治理對公司之影響 3
第二節 多重大股東對公司之影響 4
第三節 最終控制股東對公司之影響 5
第四節 負債到期期限與籌資對象 7
第參章 研究方法與設計 10
第一節 研究假說 10
第二節 研究方法 12
第三節 樣本資料 26
第肆章 實證結果與分析 28
第一節 敘述統計分析 28
第二節 多重大股東與最終控制股東控制權與現金流量請求偏離程度對公司價值之影響 34
第三節 多重大股東與最終控制股東控制權與現金流量請求偏離程度對負債結構之影響 37
第四節 穩健性檢定 44
第伍章 結論與建議 48
參考文獻 50
古裕彥,《二篇關於財務槓桿之研究-台灣公司的分量迴歸分析(嘉義: 國立中正大學財務金融研究所博士論文,2015年),頁1-92。
李建興、沈中華、顏碧霞、黃玉珂,《台灣上市公司重大訊息揭露現況與精進方案之探討》(台北: 台灣證券交易所公司,2011年),頁1-204。
林翠蓉、張力、侯啟娉、曾韻如、許雅棠,〈家族所有權、公司治理與公司績效關係之實證研究〉,《績效與策略研究》,第8卷第1期,2011年,頁59-78。
戴怡蕙,〈股份控制權和盈餘分配權的偏離程度會影響以績效為基準的考核制度誘因效果嗎?〉,《會計評論》,第65期,2017年,頁1-43。
Andres, C. (2008). Large shareholders and firm performance—An empirical examination of founding-family ownership. Journal of Corporate Finance, 14(4), pp. 431-445.
Attig, N., El Ghoul, S., & Guedhami, O. (2009). Do multiple large shareholders play a corporate governance role? Evidence from East Asia. Journal of Financial Research, 32(4), pp. 395-422.
Attig, N., El Ghoul, S., Guedhami, O., & Rizean, S. (2013). The governance role of multiple large shareholders: Evidence from the valuation of cash holdings. Journal of Management and Governance, 17(2), pp. 419-451.
Attig, N., Guedhami, O., & Mishra, D. (2008). Multiple large shareholders, control contests, and implied cost of equity. Journal of Corporate Finance, 14(5), pp. 721-737.
Bebchuk, L., Kraakman, R., & Triantis, G. (2000). Stock pyramids, cross-ownership, and dual class equity: The creation and agency costs of separating control from cash flow rights. Harvard Law and Economics Discussion Paper No. 249, 295-315.
Ben-Nasr, H., Boubaker, S., & Rouatbi, W. (2015). Ownership structure, control contestability, and corporate debt maturity. Journal of Corporate Finance, 35(C), pp. 265-285.
Bennedsen, M., & Nielsen, K. M. (2010). Incentive and entrenchment effects in European ownership. Journal of Banking and Finance, 34(9), pp. 2212-2229.
Bennedsen, M., & Wolfenzon, D. (2000). The balance of power in closely held corporations. Journal of Financial Economics, 58(1-2), pp. 113-139.
Bhattacharya, S., & Chiesa, G. (1995). Proprietary information, financial intermediation, and research incentives. Journal of Financial Intermediation, 4(4), pp. 328-357.
Bhojraj, S., & Sengupta, P. (2003). Effect of corporate governance on bond ratings and yields: The role of institutional investors and outside directors. Journal of Business, 76(3), pp. 455-475.
Boubaker, S. (2007). Ownership-control discrepancy and firm value: Evidence from France. Multinational Finance Journa, 11(3/4), pp. 211-252.
Brockman, P., Martin, X., & Unlu, E. (2010). Executive compensation and the maturity structure of corporate debt. Journal of Finance, 65(3), pp. 1123-1161.
Cai, C., Hillier, D., & Wang, J. (2016). The cost of multiple large shareholders. Financial Management, 45(2), pp. 401-430.
Chen, K. C., Chen, Z., & Wei, J. K. (2009). Legal protection of investors, corporate governance, and the cost of equity capital. Journal of Corporate Finance, 15(3), pp. 273-289.
Chen, Y., Hasan, I., Saffar, W., & Zolotoy, L. (2017). Executive equity risk-taking incentives and firm''s choice of debt structure. Retrieved from SSRN: https://ssrn.com/abstract=3055467
Claessens, S., & Fan, Joseph P. H. (2002). Corporate governance in Asia: A survey. International Review of Finance, 3(2), pp. 71-103.
Claessens, S., Djankov, S., & Lang, Larry H. P. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1–2), pp. 81-112.
Datta, S., Iskandar-Datta, M., & Raman, K. (2005). Managerial stock ownership and the maturity structure of corporate debt. Journal of Finance, 60(5), pp. 2333-2350.
Demsetz, H., & Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 7(3), pp. 209-233.
Denis, D. J., & Mihov, V. T. (2003). The choice among bank debt, non-bank private debt, and public debt: evidence from new corporate borrowings. Journal of Financial Economics, 70(1), pp. 3-28.
Diamond, D. (1991). Monitoring and reputation: The choice between bank loans and directly placed debt. Journal of Political Economy, 99(4), pp. 689-721.
Faccio, M., & Lang, Larry H. P. (2002). The ultimate ownership of Western European corporations. Journal of Financial Economics, 65(3), pp. 365-395.
Faccio, M., Lang, Larry H. P., & Young, L. (2001). Dividends and expropriation. American Economic Review, 91(1), pp. 54-78.
Fan, Joseph P. H., & Wong, T. (2005). Do external auditors perform a corporate governance role in emerging markets? Evidence from East Asia. Journal of Accounting Research, 43(1), pp. 35-72.
Houston, J., & James, C. (1996). Bank information monopolies and the mix of private and public debt claims. Journal of Finance, 51(5), pp. 1863-1889.
James, H. S. (1999). Owner as manager, extended horizons and the family firm. International Journal of the Economics of Business, 6(1), pp. 41-55.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), pp. 305-360.
Johnson, Shane A. (2003). Debt maturity and the effects of growth opportunities and liquidity risk on leverage. Review of Financial Studies, 16(1), pp. 209-236.
La Porta, R., Lopez‐De‐Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), pp. 471-517.
La Porta, R., Lopez‐De‐Silanes, F., & Shleifer, A. (2002). Government ownership of banks. Journal of Finance, 57(1), pp. 265-301.
Laeven, L., & Levine, R. (2008). Complex ownership structures and corporate valuations. Review of Financial Studies, 21(2), pp. 579-604.
Lin, C., Ma, Y., Malatesta, P., & Xuan, Y. (2013). Corporate ownership structure and the choice between bank debt and public debt. Journal of Financial Economics, 109(2), pp. 517-534.
Maury, B., & Pajuste, A. (2005). Multiple large shareholders and firm value. Journal of Banking and Finance, 29(7), pp. 1813-1834.
Mishra, D. R. (2011). Multiple large shareholders and corporate risk taking: Evidence from East Asia. Corporate Governance: An International Review, 19(6), pp. 507-528.
Myers, S. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), pp. 147-175.
Ortiz-Molina, H., & Penas, M. F. (2008). Lending to small businesses: The role of loan maturity in addressing information problems. Small Business Economics, 30(4), pp. 361-383.
Paligorova, T., & Xu, Z. (2012). Complex ownership and capital structure. Journal of Corporate Finance, 18(4), pp. 701-716.
Park , C. (2000). Monitoring and structure of debt contracts. Journal of Finance, 55(5), pp. 2157-2195.
Pindado, J., Requejo, I., & de la Torre, C. (2011). Family control and investment–cash flow sensitivity: Empirical evidence from the Euro zone. Journal of Corporate Finance, 17(5), pp. 1389-1409.
Rajan, R. G. (1992). Insiders and outsiders: The choice between informed and arm''s-length debt. Journal of Finance, 47(4), pp. 1367-1400.
Shleifer , A., & Vishny, R. W. (1997). A survey of corporate governance. Journal of Finance, 52(2), pp. 737-83.
Stohs, M. H., & Mauer, D. C. (1996). The determinants of corporate debt maturity structure. Journal of Business, 69(3), pp. 279-312.
Stulz, R. (2004). Does financial structure matter for economic growth? A corporate finance perspective. In A. Demirgüç-Kunt, & R. Levine, Financial structure and economic growth: A cross-country comparison of banks, markets, and development (pp. 143-188).
Su, K., & Li, P. (2013). The Effects Of Ultimate Controlling Shareholders On Debt Maturity Structure. Journal of Applied Business Research, 29(2), pp. 553-560.
Velnampy, T. (2013). Corporate governance and firm performance: A study of Sri Lankan manufacturing companies. Retrieved from Research Repository at University of Jaffna: http://repo.lib.jfn.ac.lk/ujrr/handle/123456789/641
Yeh, Y. H. (2005). Do controlling shareholders enhance corporate value? Corporate Governance: An International Review, 13(2), pp. 313-325.
Zwiebel, J. (1995). Block investment and partial benefits of corporate control. Review of Economic Studies, 62(2), pp. 161-185.
電子全文 電子全文(網際網路公開日期:20230628)
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top
系統版面圖檔 系統版面圖檔