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題名:從代理理論的角度探討董事會特性、股權結構與負債之關聯性
書刊名:管理與系統
作者:洪榮華 引用關係陳香如 引用關係柯璟瑩
作者(外文):Hung, Jung-huaChen, Hsiang-juKe, Ching-ying
出版日期:2005
卷期:12:4
頁次:頁33-53
主題關鍵詞:代理問題董事會特性股權結構負債集團Agency problemsBoard characteristicsOwnership structureDebtBusiness groups
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(24) 博士論文(2) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:19
  • 共同引用共同引用:176
  • 點閱點閱:126
本文從代理問題的角度,檢視董事會特性及股權結構與負債之關聯性,同時探討負債、內部人持股、機構人持股與股利政策等監督機制之替代效果,並進一步驗證集團與非集團企業之差異性。以上市公司為對象,資料從1995到2001年,透過聯立模型以3SLS實證發現:(1)內部人持股、機構人持股與負債間互呈顯著正相關,符合管理據守、利益衝突與策略合力假說;其他股權結構、董事會特性變數與負債間則多不顯著,顯示國內公司治理尚有很大的進步空間。(2)股利與負債政策間互呈顯著負相關,兩者為替代的監督機制。(3)集團與非集團樣本可能因融資方式與條件不同,而有不同的融資考量。
The purposes of this paper are to examine the impact of board characteristics and ownership structure on debt, to verify the substitution effects among debts, insider ownership, institutional ownership and dividends, and to discuss the differences in debt determination between business groups and non-groups. We collected data from listed firms between 1995 and 2001. The 3SLS results showed insignificant with all board characteristics and some ownership variables. It implies that (1) corporate governance couldn’t function effectively in Taiwan; (2) both insider and institutional ownership had positive effects on debt, and vice versa. It was consistent with the management entrenchment, conflict of interest and strategic alignment hypotheses. However, debt had monitoring substitution effects for dividends. Business groups and non-groups differed in debt determinations due to their different financing practices.
期刊論文
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18.Shleifer, Andrei、Vishny, Robert W.(1986)。Large shareholders and corporate control。Journal of Political Economy,94(3 Part 1),461-488。  new window
19.Yermack, David(1996)。Higher market valuation of companies with a small board of directors。Journal of Financial Economics,40(2),185-211。  new window
20.Agrawal, Anup、Knoeber, Charles R.(1996)。Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders。The Journal of Financial and Quantitative Analysis,31(3),377-397。  new window
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23.王元章(20011000)。內部人持股、風險、股利、負債、投資與公司價值。證券市場發展季刊,13(3)=51,29-70。new window  延伸查詢new window
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32.周行一、陳錦村、陳坤宏(19960700)。家族企業、聯屬持股與公司價值之研究。中國財務學刊,4(1),115-139。new window  延伸查詢new window
33.Myers, Stewart C.、Majluf, Nicholas S.(1984)。Corporate Financing and Investment Decisions When Firms Have Information That Investor Do Not Have。Journal of Financial Economics,13(2),187-221。  new window
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圖書
1.馬秀蘭、吳德邦(2002)。統計學:以SPSS for Windows為例。新文京開發出版有限公司。  延伸查詢new window
2.Hair, J. F.、Anderson, R. E.、Tatham, R. L.、Black, W. C.(1995)。Multivariate data analysis with readings。Upper Saddler River, NJ:Prentice-Hall。  new window
 
 
 
 
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