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題名：公司治理機制與外資持股偏好關聯性之探討
書刊名：管理與系統
作者：張裕任／王泰昌 引用關係／吳琮璠 引用關係
作者(外文)：Zhang, Yu-ren／Wang, Tay-chang／Wu, Chung-fern
出版日期：2009
卷期：16:4
頁次：頁505-532
主題關鍵詞：公司治理；外資持股；股權結構；董事會；Corporate governance；Foreigner ownership；Ownership structure；Board of directors
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(6) 博士論文(1) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:6
  • 共同引用共同引用:208
  • 點閱點閱:137
本研究以台灣上市上櫃公司爲研究對象，實證探討公司治理機制與外資持股偏好的關係，研究結果顯示：(1)管理者持股比重越高的公司，外資在其投資組合中會給於較高之權重，但當管理者持股超過某一臨界點後，管理者持股比率越高的公司，外資持股比重反而越低，顯示外資不願持有大額控制股東的公司；(2)積極推動獨立董事制度的企業，外資會給予正面評價，其股權結構中會有較高之外資持股比率；(3)董監事質押比重與外資持股偏好呈顯著負相關，反應外資不願持有潛在代理成本的公司；(4)外資不願意持有經理人具有絕對支配力的公司，反而偏好具有外部大額股東來制衡管理者的公司，大額股東持股率與外資持股偏好呈顯著正相關；(5)外資不願持有董事長兼任總經理的公司。
In this paper, we characterize foreign ownership using a data set of ownership and attributes of corporate governance of firms listed in Taiwan Stock Exchange market. The analysis reveals that: (1) the higher the extent of share held by the manager, the higher weight of foreigner portfolio in the firms, however when the insider ownership is over certain critical levels, increase of insider ownership will lead to a lower foreign ownership, implying that foreign investors tend to avoid firms that have big controlling shareholders; (2) foreigners give positive valuation to firms in aggressively promoting institution of independent directors, the firms which have more independent directors in the board of directors would have more foreign ownership in ownership structures; (3) there is negative relationship between share as collateral by the board of directors and foreign ownership, it indicates that foreign investors don't wish to hold firms which have potential agency cost; (4) foreigners don't prefer to hold the firms which have absolutely dominant manager, but prefer to hold the firms which have outside block stockholders; (5) foreigners don't hold the firms in which chairman and CEO is the same.
期刊論文
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研究報告
1.Chen、Hu(2001)。The Controlling Shareholder' s Personal Stock Loan and Firm Performance。Department of Finance, National Taiwan University。  new window
2.Claessens S.、Djankov, S.、Fan, J.、Lang, L. H. P.(1999)。On Expropriation of Minority Shareholders: Evidence from East Asia。Washington：World Bank。  new window
3.Claessens, S.(1993)。Equity Portfolio Investment in Developing Countries: A Literature Survey。Washington, D. C.：World Bank。  new window
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學位論文
1.高蘭芬(2002)。董監事股權質押之代理問題對會計資訊與公司績效之影響(博士論文)。國立成功大學。new window  延伸查詢new window
2.杜文嘉(2004)。公司治理與外資持股關聯性之研究(碩士論文)。國立臺灣大學。  延伸查詢new window
3.王嘉穎(2000)。我國上市公司財務危機與監理因素之關聯性研究--實質所有權之探討(碩士論文)。國立臺灣大學。  延伸查詢new window
4.沈育展(2001)。外資偏好投資之台灣上市公司特性—摩根台指之實證研究。  延伸查詢new window
5.吳志偉(2005)。「台灣股市外資與投信投資策略」。  延伸查詢new window
圖書
1.Baltagi, Badi H.(2001)。Econometric Analysis of Panel Data。Chichester, New York：John Wiley & Sons。  new window
 
 
 
 
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