臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：公司治理與財務健全度對企業價值影響之研究--多元適應性雲形迴歸之運用
書刊名：中山管理評論
作者：林妙雀／顏怡音／陳雪芳
作者(外文)：Lin, Miao-que／Yen, Yi-yin／Chen, Hsueh-fang
出版日期：2008
卷期：16:4
頁次：頁787-822
主題關鍵詞：公司治理；財務健全度；企業價值；多元適應性雲形迴歸；Corporate governance；Financial health；Business value；Multivariate adaptive regression splines；MARS
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(7) 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:7
  • 共同引用共同引用:131
  • 點閱點閱:84
過去對公司治理之研究，或因資料來源或研究方法限制，未能合理篩選出真正影響企業價值之公司治理構面。而新興的多變量無母數迴歸分析技術－多元適應性雲形迥歸(Multivariate Adaptive Regression Splines; MARS)，不僅無須符合傳統迴歸之基本假設，而且藉由較佳的演算程序，快速找出隱藏於高維度複雜資料結構中的最佳變數轉換和交互作用，可以進行自變數之篩選，並判別自變數之相對重要性。因此本研究搜集國內2000~2006年上市公司之公司治理資料，並利用MARS篩選出對企業價值最具重要影響之董監事會特性與股權結構變數，再以縱橫資料分析公司治理對企業價值之主效果，以及財務健全度之干擾效果。 本研究經由MARS篩選出，對企業價值最具影響之變數，分別為與董監事會特性有關之獨立董事席次與全部監事席次，以及與股權結構有關之監事持股比率、大股東持股比率、本國金融機構持股比率、本國自然人持股比率及外國自然人持股比率等。同時本研究採用固定效果模型驗證獨立董事席次及全部監事席次愈多、監事持股比率、大股東持股比率、本國金融機構持股比率及本國自然人持股比率愈高，對企業價值會產生顯著正向之影響。此外，當企業之財務健全度愈高，愈能強化董事會特性及股權結構，對企業價值之正向效益。
Previous researches on corporate governance had not been able to derive at the corporate governance dimensions that had solid effects on the business values due to limitations of data sources or study methods. On the other hand, the Multivariate Nonparametric Regression Analysis Technique-Multivariate Adaptive Regression Splines (MARS) is not required to conform to the basic hypotheses in the traditional regressions. It is also able to rapidly obtain the conversions and interactions among best variables hidden in the high dimensional and complex data structures by means of more optimum algorithms. The selection of independent variables and the relative importance of the independent variables can be conducted and then be determined by the MARS. Therefore, the corporate governance data are collected from the listed companies of the Taiwan Stock Exchange stock in 2000~2006. MARS is then used to select board characteristics and the ownership structure which are related variables in most influential to business values. The main effects of corporate governance on the business values and the moderating effects of financial health are then analyzed through the panel data. The most influential variables to the business value are selected by using MARS in this research. They include independent directors and supervisors under board characteristics as well as the holding ratio in supervisor/shareholder, domestic financial institution, domestic natural persons, and foreign natural persons under ownership structure. Meanwhile, the fixed-effect model is adopted in this research. It is verified that the higher the number of independent directors and supervisors as well as the holding ratio in supervisor/shareholder, the domestic financial institution, and the domestic natural persons. Moreover, this study produces significant and positive effects on the business value. Furthermore, the higher the company with financial health, board characteristics and ownership structure can be strengthened to create positive benefits in terms of business values.
期刊論文
1.李天行、唐筱菁(20040400)。整合財務比率與智慧資本於企業危機診斷模式之建構--類神經網路與多元適應性雲形迴歸之應用。資訊管理學報，11(2)，161-189。new window  延伸查詢new window
2.Louwers, T.(1998)。The Relation between Going-concern Opinions and the Auditor's Loss Function。Journal of Accounting Research，36(1)，143-155。  new window
3.Crutchley, C. E.、Jensen, M. R. H.、Jahera , J. S.、Raymond, J. E.(1999)。Agency problems and the simultaneity of financial decision making: The role of institutional ownership。International Review of Financial Analysis，8(2)，177-197。  new window
4.Moh'd, M. A.、Perry, L. G.、Rimbey, J. N.(1998)。The Impact of Ownership Structure on Corporate Debt Policy: A Time-Series Cross-Sectional Analysis。Financial Review，33(3)，85-98。  new window
5.Hertzel, Michael G.、Smith, Richard L.(1993)。Market Discounts and Shareholder Gains for Placing Equity Privately。Journal of Finance，48(2)，459-485。  new window
6.Agarwal, V.、Taffler, J.(2007)。Twenty-five Years of the Taffler Z-score Model: Does It Really Have Predictive Ability?。Accounting and Business Research，37(4)，285-300。  new window
7.Altman, Edward I.、Narayanan, Paul(1997)。An International Survey of Business Failure Classification Models。Financial Markets, Institutions & Instruments，6(2)，1-57。  new window
8.Pantzalis, Christos(2001)。Does Location Matter? An Empirical Analysis of Geographic Scope and MNC Market Valuation。Journal of International Business Studies，32(1)，133-155。  new window
9.Mather, P.、Ramsay, A.(2007)。Do Board Characteristics Influence Impression Management through Graph Selectivity around CEO Changes?。Australian Accounting Review，17(2)，84-95。  new window
10.Contractor, F. J.、Kundu, S. K.、Hsu, C. C.(2003)。A three-stage theory or international expansion: The link between multinationality and performance in the service sector。Journal of International Business Studies，34(1)，5-18。  new window
11.葉銀華、馬君梅(19990300)。股權結構、公司價值與內部監督機制--上海證券市場實證研究。亞太管理評論，4(1)，37-50。new window  延伸查詢new window
12.Rosenstein, Stuart、Wyatt, Jeffrey G.(1997)。Inside Directors, Board Effectiveness, and Shareholder Wealth。Journal of Financial Economics，44(2)，229-250。  new window
13.陳美華、洪世炳(20050600)。公司治理、股權結構與公司績效關係之實證研究。企業管理學報，65，129-153。new window  延伸查詢new window
14.Huson, Mark R.、Parrino, Robert、Starks, Laura T.(2001)。Internal Monitoring Mechanisms and CEO Turnover: A Long-term Perspective。The Journal of Finance，56(6)，2265-2297。  new window
15.Brickley, James A.、Coles, Jeffrey L.、Terry, Rory L.(1994)。Outside directors and the adoption of poison pills。Journal of Financial Economics，35(3)，371-390。  new window
16.Weir, Charlie、Laing, David(2001)。Governance Structures, Director Independence and Corporate Performance in the UK。European Business Review，13(2)，86-95。  new window
17.Wruck, K. H.(1989)。Equity Ownership Concentration and Firm Value: Evidence from Private Equity Financings。Journal of Financial Economics，23(1)，3-28。  new window
18.邱志洲、李天行、周宇超、呂奇傑(20020300)。整合鑑別分析與類神經網路在資料探勘上之應用。工業工程學刊，19(2)，9-22。new window  延伸查詢new window
19.Craven, P.、Wahba, G.(1979)。Smoothing noisy data with spline functions, estimating the correct degree of smoothing by the method of generalized cross-validation。Numberische Mathematik，31，317-403。  new window
20.Claessens, S.、Djankov, S.、Fan, J. P.、Lang, L. H.(2002)。Disentangling the incentive & entrenchment effects of large shareholdings。The Journal of Finance，57(6)，2741-2771。  new window
21.王元章、陳瑞璽(20030700)。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，15(2)=58，65-100。new window  延伸查詢new window
22.洪榮華、陳香如、柯璟瑩(20051000)。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。管理與系統，12(4)，33-53。new window  延伸查詢new window
23.Kesner, Idalene F.(1987)。Directors' Stock Ownership and Organizational Performance: An Investigation of Fortune 500 Companies。Journal of Management，13(3)，499-508。  new window
24.Chung, Kee H.、Pruitt, Stephen W.(1994)。A Simple Approximation of Tobin's Q。Financial Management，23(3)，70-74。  new window
25.De Veaux, R. D.、Gordon, A. L.、Comiso, J. C.、Bacherer, N. E.(1993)。Modeling of topographic effects on Antarctic sea ice using multivariate adaptive regression splines。Journal of Geophysical Research，98(C11)，20307-20319。  new window
26.Vellido, Alfredo、Lisboa, Paulo J. G.、Vaughan, J.(1999)。Neural networks in business: A survey of applications (1992-1998)。Expert Systems with Applications，17(1)，51-70。  new window
27.Lewis, P. A. W.、Stevens, J. G.(1991)。Nonlinear modeling of time series using multivariate adaptive regression splines (MARS)。Journal of American Statistical Association，86(416)，864-877。  new window
28.Brickley, James A.、James, Christopher M.(1987)。The Takeover Market, Corporate Board Composition, and Ownership Structure: The Case of Banking。The Journal of Law and Economics，30(1)，161-180。  new window
29.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
30.Rajan, Raghuram G.、Zingales, Luigi(1998)。Financial Dependence and Growth。American Economic Review，88(3)，559-586。  new window
31.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
32.Friedman, Jerome H.(1991)。Multivariate Adaptive Regression Splines。The Annals of Statistics，19(1)，1-67。  new window
33.Friedman, J. H.、Roosen, C. B.(1995)。An Introduction to Multivariate Adaptive Regression Splines。Statistical Methods in Medical Research，4(3)，197-217。  new window
34.Fama, Eugene F.、Jensen, Michael C.(1983)。Separation of ownership and control。The Journal of Law & Economics，26(2)，301-325。  new window
35.La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei(1999)。Corporate ownership around the world。Journal of Finance，54(2)，471-517。  new window
36.Hausman, Jerry A.(1978)。Specification tests in econometrics。Econometrica: Journal of the Econometric Society，46(6)，1251-1271。  new window
37.Yermack, David(1996)。Higher market valuation of companies with a small board of directors。Journal of Financial Economics，40(2)，185-211。  new window
38.Tobin, James(1969)。A General Equilibrium Approach to Monetary Theory。Journal of Money, Credit and Banking，1(1)，15-29。  new window
39.Griffin, W. L.、Fisher, N. I.、Friedman, J. H.、Ryan, C. G.(1997)。Statistical Techniques for the Classification of Chromites in Diamond Exploration Samples。Journal of Geochemical Exploration，59(3)，233-249。  new window
40.李春安、吳欽衫、葉麗玉(20030100)。所有權結構與公司非法行為關係之研究--以臺灣股票上市公司為例。證券市場發展季刊，14(4)=56，75-137。new window  延伸查詢new window
41.Altman, Edward I.(1968)。Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy。The Journal of Finance，23(4)，589-609。  new window
42.Fama, Eugene F.(1980)。Agency Problems and the Theory of the Firm。Journal of Political Economy，88(2)，288-307。  new window
43.Gompers, Paul A.、Ishii, Joy L.、Metrick, Andrew(2003)。Corporate Governance and Equity Prices。The Quarterly Journal of Economics，118(1)，107-156。  new window
44.Weisbach, Michael S.(1988)。Outside directors and CEO turnover。Journal of Financial Economics，20(1/2)，431-460。  new window
45.Shleifer, Andrei、Vishny, Robert W.(1997)。A survey of corporate governance。The Journal of Finance，52(2)，737-783。  new window
46.Kotabe, Masaaki、Srinivasan, Srini S.、Aulakh, Preet S.(2002)。Multinationality and Firm Performance: The Moderating Role of R&D and Marketing Capabilities。Journal of International Business Studies，33(1)，79-97。  new window
47.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
48.De Gooijer, J. G.、Ray, B. K.、Krager, H.(1998)。Forecasting Exchange Rates Using Time Series MARS。Journal of International Money and Finance，17(3)，513-534。  new window
49.林宜勉、陳瑞斌(2000)。公司特性與股權結構對負債政策之影響。亞太管理評論，5(2)，199-219。new window  延伸查詢new window
50.Bose, S.(1996)。Classification Using Splines。Computational Statistics and Data Analysis，22(4)，505-525。  new window
51.Salancik, G.、Pfeffer, J.(1980)。Effects of Ownership & Performance on Executive Tenure in the US Corporations。Academy of Management Journal，23(4)，653-664。  new window
52.Nguyen-Cong, V.、Van Dang, G.、Rode, B. M.(1996)。Using Multivariate Adapative Regression Splines to QSAR Studies of Dihydroartemisinin Derivatives。European Journal of Medical Chemistry，31(10)，797-803。  new window
53.Chahine, S.(2007)。Block-holder Ownership, Family Control and Post-listing Performance of French IPOs。Managerial Finance，33(6)，388-400。  new window
54.Goergen, M.、Renneboog, L.(2007)。Does Ownership Matter? A Study of German and UK IPOs。Managerial Finance，33(6)，368-387。  new window
55.Calandro, J., Jr.(2007)。Considering the Utility of Altman's Z-score as a Strategic Assessment and Performance Management Tool。Strategy and Leadership，35(5)，37-43。  new window
56.Taffler, R. J.、Lu, J.、Kausar, A.(2004)。In denial? Stock Market Under-reaction to Going-concern Audit Report Disclosures。Journal of Accounting & Economics，38(1-3)，263-296。  new window
57.Koh, P. S.、Laplante, S. K.、Yen, H. T.(2007)。Accountability and Value Enhancement Roles of Corporate Governance。Accounting and Finance，47(2)，305-333。  new window
58.Chao, C. M.、Dai, D. S.(2006)。A Study on the Relationships between Ownership Structure, Board Characteristics, and Cost Efficiency of Taiwan Banks。臺灣金融財務季刊，7(3)，95-125。  new window
59.Larcker, D. F.、Richardson, S. A.、Tuna, Ì.(2007)。Corporate Governance, and Accounting Outcomes, the Organizational Performance。The Accounting Review，82(4)，963-1008。  new window
60.Kang, J. K.、Shivdasani, A.(1996)。Does the Japanese Governance System Enhance Shareholder Wealth? Evidence from the Stock-price Effects of Top Management Turnover。Review of Financial Studies，9(4)，1061-1095。  new window
會議論文
1.陳靜怡、陳麒文、李天行(2003)。整合類神經網路與多元適應性雲形迴歸於失業率預測之應用。0。  延伸查詢new window
研究報告
1.Prowse, S.(1998)。Corporate Governance: Emerging Issues and Lessons from East Asia。0。  new window
學位論文
1.黃明輝(2002)。資料探勘在財務領域的運用--以債券型基金之績效評估為例(碩士論文)。輔仁大學。  延伸查詢new window
2.Werbos, P.(1974)。Beyond regression: New tools for prediction and analysis in the behavioral sciences(博士論文)。University of Harvard。  new window
3.許峻源(2001)。類神經網路與多元適應性雲形迴歸於資料探勘分類模式之應用，沒有紀錄。  延伸查詢new window
圖書
1.吳當傑(2004)。公司治理理論與實務。臺北：財團法人孫運璿學術基金會。  延伸查詢new window
2.黃臺心(2005)。計量經濟學。台北：雙葉書廊。  延伸查詢new window
3.Greene, W. H.(2000)。Econometric Analysis。New York：Macmillan。  new window
4.Freeman, James A.、Skapura, David M.(1992)。Neural networks algorithms, applications, and programming techniques。Addison-Wesley Publishing Company。  new window
5.Wooldridge, Jeffrey M.(2002)。Econometric Analysis of Cross Section and Panel Data。Cambridge, Massachusetts：MIT Press。  new window
6.Steinberg, D.、Bernard, B.、Phillip, C.、Kerry, M.(1999)。MARS User Guide。San Diego, CA：Salford Systems。  new window
7.Bacon, Jeremy(1973)。Corporate Directorship Practices: Membership and Committees of The Board。The Conference Board。  new window
8.葉怡成(2002)。顣神經網路模式應用與實作。顣神經網路模式應用與實作。臺北市。  延伸查詢new window
其他
1.Iskander, Magdi R.，Chamlou, Nadereh(2002)。Corporate Governance: A Framework for Implementation Overview，0。  new window
圖書論文
1.Rumelhart, D. E.、Hinton, G. E.、Williams, R. J.(1986)。Learning Internal Representations by Error Propagation。Parallel Distributed Processing。Cambridge：MIT Press。  new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關書籍
 
無相關著作
 
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：1147（臺灣：1130，外國：17） ／ 本年度總使用人次：1855660 ／ 訪客人次（自102年09月）：67661012
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上