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題名：臺灣股東投票權價值決定因素之實證研究
書刊名：財務金融學刊
作者：黃一祥 引用關係
作者(外文)：Huang, I-hsiang
出版日期：2002
卷期：10:1
頁次：頁53-90
主題關鍵詞：股東投票權價值；管理者私益；管理權的競爭程度；資產管理效率；The value of voting rights；Private benefits from corporate control；The intensity of control contests；The managerial efficiency of corporate assets
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  • 被引用次數被引用次數:期刊(1) 博士論文(0) 專書(0) 專書論文(0)
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  • 共同引用共同引用:93
  • 點閱點閱:36
本文以臺灣上市公司於民國83到87年股東大會有董監事改選者為對象，採用Dodd and Warner (1983) 方法估計投票權價值進行橫斷面迴歸分析，探討臺灣股東投票權價值的決定因素。本文發現臺灣投票權價值為管理者私益與管理權競爭程度的遞增函數，並且和資產管理效率具顯著的反向關係，在控制預期報酬產生模式與流動性變數的可能影響後，實證結果並無改變。本文的發現與Manne (1962，1964) 及公司代理理論之預期一致。
This paper empirically examines the determinants of the value of voting rights by using a sample of corporations listed on Taiwan Stock Exchange that have held reelections for their boards of directors between 1994 and 1998. The method of Dodd and Warner(1983) is used to calculate the value of voting rights. The cross-sectional analysis indicates that the value of corporate votes is increase with the private benefits from corporate control and the intensity of control contests. In addition, the managerial efficiency of corporate assets is negatively related to the value of voting rights. The result is robust to numerous controls for the expected return model and the liquidity effect. Our findings are consistent with agency theory explanation of the value of corporate votes.
期刊論文
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28.Michaely, Roni、Vila, Jean-Luc(1996)。Trading volume with private valuation: Evidence from the ex-dividend day。Review of Financial Studies，9，471-509。  new window
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30.Song, Moon H.、Walkling, Ralph A.(1993)。The impact of man­agerial ownership on acquisition attempts and target shareholder wealth。Journal of Financial and Quantitative Analysis，28，439-457。  new window
31.Zingales, Luigi(1994)。The value of the voting right: A study of the Milan stock exchange experience。Review of Financial Studies，7(1)，125-148。  new window
32.劉玉珍(19910500)。臺灣地區股票上市公司變現能力與股票報酬關係之實證研究。管理科學學報，8(1)，37-51。  延伸查詢new window
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34.Barclay, Michael J.、Holderness, Clifford G.(1989)。Private benefits from control of public corporations。Journal of Financial Economics，25(2)，371-395。  new window
35.Manne, Henry G.(1965)。Mergers and the Market for Corporate Control。Journal of Political Economy，73(2)，110-120。  new window
36.Fama, Eugene F.、French, Kenneth R.(1993)。Common risk factors in the returns on stocks and bonds。Journal of Financial Economics，33(1)，3-56。  new window
37.黃一祥(19991100)。臺灣股東投票權價值假說之實證研究。證券市場發展季刊，11(2)=42，67-104。new window  延伸查詢new window
38.Stulz, René M.(1988)。Managerial control of voting rights: Financing policies and the market for corporate control。Journal of Financial Economics，20(1/2)，25-54。  new window
39.Jensen, Michael C.、Ruback, Richard S.(1983)。The market for corporate control: The scientific evidence。Journal of Financial Economics，11(1-4)，5-50。  new window
40.La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei、Vishny, Robert W.(1998)。Law and Finance。Journal of Political Economy，106(6)，1113-1155。  new window
41.Jensen, Michael C.(1986)。Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers。The American Economic Review，76(2)，323-329。  new window
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學位論文
1.汪青萍(1994)。「委託書收購、經理人職位異動暨股東財富」實證關係之探討(碩士論文)。國立中央大學。  延伸查詢new window
2.邱美惠(1992)。委託書收購對股東財富暨經理人職位安全之影響(碩士論文)。國立中央大學。  延伸查詢new window
圖書
1.Palepu, Krishna G.、Bernard, Victor L.、Healy, Paul M.(1996)。Introduction to business analysis and valuation。Ohio：South-Western Publishing Co.。  new window
2.Berle, Adolf Augustus Jr.、Means, Gardiner C.(1932)。The Modern Corporation and Private Property。Macmillan Publishing Company。  new window
 
 
 
 
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