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題名：董監事股權質押之代理問題對會計資訊與公司績效之影響
作者：高蘭芬
作者(外文)：Lan-Feng Kao
校院名稱：國立成功大學
系所名稱：會計學系碩博士班
指導教授：邱正仁
吳清在
學位類別：博士
出版日期：2002
主題關鍵詞：公司治理；會計盈餘；質押；控制股東；監督機制；Return-earnings relation；Corporate governance；Controlling shareholders；Collateralized shares；Monitoring mechanisms
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本論文的研究目的有二，首先探討董監事持股質押的代理問題對會計資訊與股票報酬相關性之影響，以驗證質押所引發的代理問題會降低公司盈餘資訊與股價報酬的相關性。其次，本論文探討董監事持股質押之代理問題對公司績效之影響，且進一步從公司治理的角度，探討三個控制機制—來自於機構投資人的監督、來自於債權人的監督以及股利政策，能否有效降低董監事持股質押的代理問題對公司績效的影響。
研究結果發現，當公司董監事持股質押比率愈高，公司盈餘資訊與股價變動的相關性愈低。由於董監事持股質押加深控制股東與外部股東之間的代理問題，造成當期盈餘對未來經營績效的預測力下降，加上盈餘管理的誘因增強，降低財務報導的可信度，都會造成盈餘資訊與股票報酬的相關性降低。
其次，本研究也發現董監事持股質押對盈餘資訊與股票報酬相關性的弱化效果，在虧損公司及股價表現不佳公司會較嚴重。當公司處於虧損狀態時或股價表現不佳時，公司股價較容易出現下跌壓力，使得擁有管理控制權之董監事，因為個人財務困難而剝奪公司資產以及盈餘管理的可能性增加，因此即使公司當期盈餘有好消息，市場也會因為潛在代理問題較嚴重，而降低對盈餘好消息的反應。
實證結果也發現董監事持股質押對盈餘資訊與股價報酬相關性的弱化效果，在非電子類股會較電子類股嚴重。台灣電子類股產品競爭性強，需要專業團隊，其法人股東大都不是來自同一家族企業，因此法人股東之間可以相互監督，董事會的監督功能也較強，因此潛在的代理問題較輕。這種來自監督機制所帶來的利益會降低董監事持股質押對盈餘資訊與股票報酬相關性的弱化效果。
本論文也發現董監事持股質押對公司績效有顯著的負面影響。如果將樣本再區分為集團公司與非集團公司兩個子樣本，則進一步發現，董監事持股質押與公司績效的負向關係，主要出現在集團公司，在非集團公司兩者的關係不顯著。該結果隱含董監事持股質押所帶來的代理問題，在集團公司比在非集團公司來得嚴重。
最後本論文的結果支持三個公司監督機制─機構投資人、債權人及股利政策，能有效降低董監事持股質押所引發的代理問題，進而改善公司的經營績效。實證結果發現，當公司機構投資人的持股比率愈高、負債比率愈高，以及股利率愈高，董監事持股質押比率對財務績效的負面影響愈小。此外，董監事持股質押所引發的代理問題在集團公司會較非集團公司嚴重，因此上述三個監督機制降低代理問題的利益，在集團公司會較非集團公司顯著。
The purposes of this dissertation are to examine the effect of the agency problem due to collateralized shares on the relation between accounting earnings and stock prices and the effect of the agency problem on the firm performance. I further investigate whether monitoring mechanisms including institutional investors, creditors and dividend policy can alleviate the agency problem due to shares as collateral by board of directors.
The empirical results show that the higher the extent of shares as collateral by the board of directors, the weaker the relation between the accounting earnings and stock prices. Collateralized shares will reinforce the agency problem between controlling shareholders and outside shareholders leading to lower prediction power of current earnings on future earnings. Furthermore, shares as collateral by the board of directors raise the incentives of earnings management. Earnings management will reduce the credibility of accounting numbers and thus will mitigate the relation between accounting earnings and stock returns.
Moreover, I also find that the effect of collateralized shares on the relation between accounting earnings and stock prices is even weaker for the firm experiencing losses or for the firms experiencing stock price decline. When firm experience losses or stock price decline, the managers might have higher incentives to expropriate outsider shareholders or to engage in earnings management. Hence, the stock market might not positively response to good news in earnings because of severe agency problems.
The effect of collateralized stock on the relation between accounting earnings and stock prices is also weaker for the non-electronic firms than for the electronic firms. Electronic firms typically face strong product competition and need professional supports. Under this scenario, institutional investors are generally not from the same family and can monitor one another more efficiently. Thus, monitoring from the board is stronger for the electronic firms and leads to less severe agency problems. The monitoring from the board lessens the adverse effect of shares as collateral by board of directors on price-earnings relation.
For the firm performance, this dissertation indicates that there is an inverse relationship between shares as collateral and firm performance. When the entire sample is divided into a subsample of conglomerate firms and a subsample of non-conglomerate firms, I further show that the inverse relationship exists only in conglomerate firms. The findings imply that agency problems resulting from shares as collateral by board of directors are more serious in conglomerate firms than in non-conglomerate firms.
Finally, this dissertation provides evidence that the monitoring from institutional investors, creditors and dividend policy can reduce the agency problems of shares as collateral effectively and thus can improve firm performance. Empirical findings indicate that institutional holdings, debt ratio and dividend payout ratio can mitigate the negative effect of agency problems on firm performance. In addition, monitoring mechanisms are more beneficial in conglomerate firms than in non-conglomerate firms.
中文部分
王嘉穎，民89，我國上市公司財務危機與監理因素之關聯性研究—實質所有權之探討，台灣大學會計學研究所碩士論文。
李春旺、劉維琪與高孔廉，民78，股價行為與規模效應：台灣股票市場實證研究，管理評論，頁99-121。
李德冠，民90，公司監理機制對於關係人交易影響之研究，輔仁大學金融研究所碩士論文。
沈仰斌與黃志仁，民90，子公司操作母公司股票：資料特性與操作行為，中國財務學刊，第九卷第三期，頁53-70。。
林宜勉與潘昭儀，民87，股利宣告內涵與Tobin’s Q理論，管理學報第十五卷第四期，頁587-621。
邱正仁、熊大中與高蘭芬，民91，財務危機與股權質押關聯性之研究，Working Paper，成功大學。
翁淑育，民89，台灣上市公司股權結構、核心代理問題及公司價值之研究，輔仁大學金融研究所碩士論文。
許加昂，民89，董監質押比率與公司經營績效、融資政策、股利政策關聯性之研究，台灣大學會計學研究所碩士論文。
陳宏姿，民90，董監事結構與企業財務績效關聯之研究，政治大學會計學研究所碩士論文。
楊麗弘，民89，台灣上市公司股權結構與經營績效研究---由董監事持股質押效果論之，長庚大學管理學研究所碩士論文。
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蔡彥卿、葉疏與李淑華，民86，股價對盈餘之反應幅度與期間是否受公司規模影響，管理學報，第十四卷第二期，頁227-240。

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