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題名:應用Ohlson會計評價模型探究公司治理之價值攸關性--以臺灣上市公司電子業為例
書刊名:臺大管理論叢
作者:陳振遠 引用關係張智堯王蘭芬 引用關係李文智 引用關係
作者(外文):Chen, Roger C. Y.Chang, Chih-yaoWang, Lan-fenLee, Wen-chih
出版日期:2005
卷期:15:2
頁次:頁123-141
主題關鍵詞:公司治理Ohlson股權評價模型Corporate governanceOhlson equity valuation model
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(26) 博士論文(10) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:25
  • 共同引用共同引用:221
  • 點閱點閱:249
過去有關企業評價議題之研究,都僅侷限於財務報表相關資訊之應用,本研究採Ohlson(1995)股權評價模式,將會計報表所無法涵蓋的資訊如公司治理觀念,納入評價模式中。以台灣上市電子公司為研究對象,探討公司治理特性所傳遞的訊息與企業價值的攸關性,實證結果發現,公司治理變數中,機構董監事比例、外部董事比例及參與管理對股權價值的影響為顯著正相關,顯示機構董監事與外部董事的比例愈高,愈能提升董事會的專業性與獨立性,並有效的發揮其監督功能,進而為公司創造價值。此外,本文並應用模型設定檢定(model specification test),測試考慮公司治理特性之Ohlson股權評價模式,研究結果發現Ohlson股權評價模式中應考慮公司治理變數,其股權評價模式才能更為完整。
Previous studies analyze a firm's market value as it relates to financial statements only. This study applies Ohlson's (1995) valuation model to examine the relationship between equity market value and corporate governance features that financial statements cannot reveal. Using a sample of all listed companies in electronic sector trading on the TSE (Taiwan Stock Exchange), this research discusses whether corporate governance affects the value relevance of equity market value. Our findings indicate that the independence and the professionalism of the board of directors can create marginal market value through effective supervision function. Additionally, this research employs the method of model specification test and finds that the inclusion of these corporate governance indicators can enhance the validity of the Ohlson valuation model.
期刊論文
1.Connors, N.(1989)。Outside Board Members: A Breath of Fresh Air。CFO: The Magazine for Chief Financial Officers,5(7),48-52。  new window
2.Rechner, P. L.、Dalton, D. R.(1991)。CEO duality and organizational performance: a longitudinal analysis。Strategic Management Journal,12(2),155-160。  new window
3.Aboody, D.(1996)。Market Valuation of Employee Stock Options。Journal of Accounting and Economics,22(1-3),357-391。  new window
4.Chen, C. Y.(2003)。Investment Opportunities and Relation between Equity Value and Employees' Bonus。Journal of Business Finance & Accounting,30(7/ 8),941-973。  new window
5.Simpson, W. G.、Gleason, A.(1999)。Board Structure, Ownership, and Financial Distress in Banking Firms。International Review of Economics and Finance,8(3),281-292。  new window
6.Collins, D. W.、Maydew, E. L.、Weiss, I.(1997)。Changes in the Value-relevance of Earnings and Book Value over the past Forty Years。Journal of Accounting and Economics,24(1),39-67。  new window
7.Weisbach, Michael S.(1988)。Outsider Directors and CEO Turnover。Journal of Financial Economics,20(1/2),431-460。  new window
8.Amir, Eli、Lev, Baruch(1996)。Value-relevance of Nonfinancial Information: The Wireless Communications industry。Journal of Accounting and Economics,22(1-3),3-30。  new window
9.Easton, Peter D.、Harris, Trevor S.(1991)。Earnings As an Explanatory Variable for Returns。Journal of Accounting Research,29(1),19-36。  new window
10.Mandelker, Gershon N.、Agrawal, Anup(1990)。Large Shareholders and the Monitoring of Managers: The Case of Antitakeover Charter Amendments。Journal of Financial and Quantitative Analysis,25(2),143-161。  new window
11.Oswald, Sharon L.、Jahera, John S. Jr.(1991)。The Influence of Ownership on Performance: An Empirical Study。Strategic Management Journal,12(4),321-326。  new window
12.Barth, M. E.、Clement, M. B.、Foster, G.、Kasznik, R.(1998)。Brand values and capital market valuation。Review of Accounting Studies,3(1/2),41-68。  new window
13.Ball, Ray、Brown, Philip(1968)。An Empirical Evaluation of Accounting Income Numbers。Journal of Accounting Research,6(2),159-178。  new window
14.Morck, Randall、Shleifer, Andrei、Vishny, Robert W.(1988)。Management Ownership and Market Valuation: An Empirical Analysis。Journal of Financial Economics,20(1/2),293-315。  new window
15.Ohlson, James A.(1995)。Earnings, Book Values, and Dividends in Equity Valuation。Contemporary Accounting Research,11(2),661-687。  new window
16.Core, John E.、Holthausen, Robert W.、Larcker, David F.(1999)。Corporate governance, chief executive officer compensation, and firm performance。Journal of Financial Economics,51(3),371-406。  new window
17.Fama, Eugene F.(1980)。Agency Problems and the Theory of the Firm。Journal of Political Economy,88(2),288-307。  new window
18.Finkelstein, S.、D'Aveni, R. A.(1994)。CEO Duality as a Double-edged Sword: How Boards of Directors Balance Entrenchment Avoidance and Unity of Command。Academy of Management Journal,37(5),1079-1108。  new window
19.Pound, John(1988)。Proxy contests and the efficiency of shareholder oversight。Journal of Financial Economics,20(1/2),237-265。  new window
20.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
21.Demsetz, Harold、Lehn, Kenneth(1985)。The Structure of Corporate Ownership: Causes and Consequences。Journal of Political Economy,93(6),1155-1177。  new window
22.Easton, Peter D.(1985)。Accounting Earnings and Security Valuation: Empirical Evidence of the Fundamental Links。Journal of Accounting Research,23(Supplement),54-77。  new window
23.Baysinger, Barry D.、Hoskisson, Robert E.(1990)。The composition of boards of directors and strategic control: effects on corporate strategy。Academy of Management Review,15(1),72-87。  new window
24.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics,3(4),305-360。  new window
25.李存修(1990)。企業轉投資對財務槓桿及資金成本之影響。東海學報,31,371-381。new window  延伸查詢new window
26.Crutchley, C. E.、Garner, J. L.、Marshall, B. B.(2002)。An Examination of Board Stability and the Long-term Performance of Initial Public Offerings。Financial Management,31(3),63-90。  new window
會議論文
1.李榮鎮、陳賢名(2004)。公司治理與公司經營績效關聯性之實證研究。0。  延伸查詢new window
研究報告
1.Edwards, Jeremy S. S.、Weichenrieder, Alfons J.(2001)。Ownership Concentration and Share Valuation: Evidence from Germany。0。  new window
學位論文
1.吳昆皇(1995)。上市公司董事會組成與特性對企業經營績效之關聯性研究(碩士論文)。國立臺灣大學。  延伸查詢new window
圖書
1.葉銀華、李存修、柯承恩(2013)。公司治理與評等系統。台北:智商文化。new window  延伸查詢new window
2.Theil, M.(1971)。Principles of Economics。Principles of Economics。New York, NY。  new window
 
 
 
 
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