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題名:股票上櫃過程董事會改造之研究
作者:謝錦堂 引用關係
作者(外文):Jiintarng Shieh
校院名稱:國立臺北大學
系所名稱:企業管理學系
指導教授:郭崑謨
黃營杉
學位類別:博士
出版日期:2000
主題關鍵詞:股票上櫃過程董事會企業改造董事會功能構造董事會結構特徵the process of initial public offerings on OTCBODcorporate restructuringthe fuctions of BODthe structures of BOD
原始連結:連回原系統網址new window
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公司於初次申請股票上櫃前,須由證券商輔導滿12個月。證券商輔導之目的在使公司符合「上櫃審查準則」之規定,藉此引領公司進行重大的企業改造。過去有關組織變革之研究,對於公司經歷一段短期革命式變革程序後,其經營狀況之解釋方面少有著墨。尤其對變革前有關公司特性,能否系統性地解釋變革結果之相關研究付之闕如,此為本研究之動機。
由於股票上櫃過程可引導公司股權改變,進而反應在董事會構造特徵的改造上。然而,董事會究竟具有那些構造特徵?及改造前有那些公司特性,可以解釋股票上櫃改造過程董事會構造特徵之改變?此為本研究亟待瞭解的問題。因此,本研究之目的有二:1.探討董事會研究之相關文獻,由過去實證或理論主張之董事會構造特徵,建立分類架構; 2.建立股票上櫃過程董事會改造之實證模式,以檢驗改造前有那些公司特性對董事會改造具有顯著之解釋貢獻,期以檢驗結果建立股票上櫃過程董事會改造之預測模式。
本研究首先針對二家輔導證券商與二家上櫃公司的主管進行探索性訪談,以確立研究方向。而以85年12月底前之上櫃公司為研究對象,
扣除不適合列為研究之對象,及資料蒐集之主客觀限制,因而以63家上櫃公司作為分析樣本。
本研究以董監事與董事長的持股比率改變、董監事人數改變、領導結構改變,作為董事會改造之衡量變數。以組織改變之結構慣性理論與組織上層理論,做為解釋董事會改造現象之理論基礎,從而建立研究假說。分析股票上櫃過程董事會之改造時,係以配對統計檢定方法進行之。接著,應用線性部份調整模型,以建立迴歸模型檢驗研究假說,並建立董事會改造之預測模式。
研究結果發現,上櫃公司的董監事與董事長之持股比率,經歷股票上櫃過程後,分別均呈現明顯改變。而董監事人數與領導結構,則沒有明顯改變。董監事之持股比率平均下降13.46%,而董事長之持股比率平均下降2.17%。此外,分析各公司之改變幅度時,發現公司間之改變幅度顯著不同。因此,進而以改造前公司股本、公司年齡、董事長教育程度,分別解釋董監事與董事長的持股比率之改變幅度。經分析發現僅改造前公司股本,分別能顯著地解釋董監事與董事長的持股比率之改變。因此,為了能夠提供實務界規劃股權分配,及主管機關釐訂政策之參考,本研究進一步以改造前公司股本,分別建立股票上櫃過程董監事與董事長的持股比率改變之預測模式,並分別以改造前董監事與董事長之持股比率,以及產業別作為干擾變數。經交叉效度程序考驗模式之預測正確性,發現二個模式均具有相當程度之預測效果,惟董監事持股比率改變幅度模式之預測效度,高於董事長持股比率改變幅度模式,因為二者之MSPR值接近估計模式之MSE值,而前者之U統計值低於後者。
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