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題名:公司治理-股東利益權衡與投資人保護
作者:陳瑞璽
作者(外文):Ruey-Shii Chen
校院名稱:國立中正大學
系所名稱:財務金融研究所
指導教授:王元章
學位類別:博士
出版日期:2004
主題關鍵詞:公司治理最終控制投資人保護現金流量權控制權Corporate GovernanceUltimate ContorlShareholders ProtectionCash Flow RightsControl Rights
原始連結:連回原系統網址new window
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股權結構透過代理問題對公司價值產生影響,良好的股權結構有助於公司內部治理減少代理成本並因而提升公司價值。本文在集中股權下,建立四個可驗證之假說,並以1999及2002年台灣上市公司資料進行實證,探討大股東與小股東間之代理問題。本文建立的四個假說為:(一)控制股東之現金流量權愈高有愈高的公司價值。(二)控制股東控制權與現金流量權分離程度愈大則公司價值愈低。(三)當控制股東掠奪時,控制權與現金流量權分離程度低的非控制股東會聯合以制衡掠奪,此時會增加公司價值。(四)不存在控制股東的公司,依控制權與現金流量權分離程度可形成掠奪與制衡兩群體,群體控制權相對大小會影響公司價值。
本文實證結果支持前三個假說,但不支持假說四,此表示增加直接持股有利於公司價值,間接持股則對公司價值不利,股東以交叉持股或金字塔結構等型式間接持股不但會增加控制股東掠奪公司資源以私用之行為,同時亦會減少非控制股東之制衡。
本文亦發現不同規模的公司其控制股東控制權之臨界值不同,大規模公司之股東其控制公司所需之最低控制權會較小規模的公司低。最後關於投資人保護之實證,本文並未得到1999至2002年台灣在改善投資人保護環境之相關努力具有顯著成效之證據
一、中文文獻
王元章、陳瑞璽 (2003),「股權結構、投資支出與公司價值-考慮動態股權結構下之實證研究」,《證券市場發展季刊》,第十五卷,第二期,頁65-100。new window
林純瓊 (1994),「股權結構、資本結構與經營績效─Jensen、Meckling 與Fama理論之驗證」,《中國財務學刊》,第一卷,第二期,頁1-20。new window
俞海琴、周本鄂 (1994),「臺灣地區上市公司董監事、關係人持股比率和公司托賓Q關係之研究」,《管理評論》,第十三卷,第一期,頁79-98。new window
張訓華 (1991),「股權結構、董事會組成輿企業當年財務績效─以77年度會計報酬率為準」,東吳大學管理科學研究所未出版碩士論文。
許武利 (2002),「委託書爭奪戰對股東財富之影響」,國立中山大學財務管理研究所未出版碩士論文。
葉銀華、蘇裕惠、柯承恩與李德冠 (2003),「公司治理機制對於關係人交易的影響」,《證券市場發展季刊》,第十五卷,第四期,頁69-106。new window
蔡佩怡 (1998),「委託書收購對股東財富影響的再探討」,輔仁大學金融研究所未出版碩士論文。
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