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題名：股權結構、資本結構、公司風險與公司績效內生性之探討
書刊名：創新與管理
作者：李馨蘋 引用關係
作者(外文)：Lee, Shin-ping
出版日期：2009
卷期：7:1
頁次：頁29-52
主題關鍵詞：股權結構；資本結構；公司風險；公司績效；追蹤型資料之二階段最小平方法；Ownership structure；Capital structure；Corporate risk-taking；Corporate performance；Two stage least squares for the panel data
原始連結：連回原系統網址new window
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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)
  • 排除自我引用排除自我引用:1
  • 共同引用共同引用:165
  • 點閱點閱:71
企業朝向多元化及國際化的發展，組織規模日益擴大，使得企業所有權與經營權分離，然而近年來台灣少數企業，相繼發生重大危機及舞弊事件，造成投資人、債權人及其他利害關係人蒙受重大損失，探究其原因之一乃是公司發生代理衝突。本研究主要利用追蹤型資料之二階段最小平方法來分析台灣上市公司股權結構、資本結構、公司風險與公司績效四者是否同時具有內生效果。其實證結果顯示確實具有互相影響之效果存在，並發現機構法人持股比例會同時影響此四者。
This study uses two stage least squares for the panel data to assess the determinants and interrelationships among ownership structure, capital structure, corporate risk-taking, and corporate performance. The sample includes firm that are listed on the Taiwan Stock Exchange. Under our system of equations, ownership structure, capital structure, corporate risk-taking, and corporate performance are dependent on each other, and also on other exogenous variables, such as institution ownership.
期刊論文
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5.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
6.Gorton, G.、Schmi, F. A.(2000)。Universal Banking and the Performance of German Firms。Journal of Financial Economics，58，28-80。  new window
7.Lowe, J.、Taylor, P.、Jordan, J.(1998)。Strategy and Financial Policy in UK Small Firms。Journal of Business Finance & Accounting，25(1/2)，1-27。  new window
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11.John, Kose、Senbet, Lemma W.(1998)。Corporate Governance and Board Effectiveness。Journal of Banking and Finance，22(4)，371-403。  new window
12.Bromiley, Philip(1991)。Testing a Causal Model of Corporate Risk Taking and Performance。Academy of Management Journal，34(1)，37-59。  new window
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14.Cho, M. H.(1998)。Ownership Structure, Investment, and the Corporate Value: An Empirical Analysis。Journal of Financial Economics，47(1)，103-121。  new window
15.Abor, J.(2007)。Corporate Governance and Financing Decisions of Ghanaian Listed Firms。Corporate Governance: International Journal of Business in Society，7(1)，83-92。  new window
16.Wen, Y.、Rwegasira, K.、Bilderbeek, J.(2002)。Corporate Governance and Capital Structure Decisions of the Chinese Listed Firms。Corporate Governance: An International Review，10(2)，75-83。  new window
17.Jensen, Gerald R.、Solberg, Donald P.、Zorn, Thomas S.(1992)。Simultaneous Determination of Insider Ownership, Debt and Dividend Policies。Journal of Financial and Quantitative Analysis，27(2)，247-263。  new window
18.Chen, C. R.、Steiner, T. L.(1999)。Managerial Ownership and Agency Conflicts: A Nonlinear Simultaneous Equation Analysis of Managerial Ownership, Risk Taking, Debt Policy and Dividend Policy。The Financial Review，34(1)，119-136。  new window
19.Saunders, Anthony、Strock, Elizabeth、Travlos, Nickolaos G.(1990)。Ownership Structure, Deregulation, and Bank Risk Taking。The Journal of Finance，45(2)，643-654。  new window
20.Crutchley, C. E.、Hansen, R. S.(1989)。A test of the agency theory of managerial ownership, corporate leverage, and corporate dividends。Financial Management，18(4)，36-46。  new window
21.Friend, Irwin、Lang, Larry H. P.(1988)。An Empirical Test of the Impact of Managerial Self-interest on Corporate Capital Structure。Journal of Finance，43(2)，271-282。  new window
22.Kim, Wi Saeng、Sorensen, Eric H.(1986)。Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy。Journal of Financial and Quantitative Analysis，21(2)，131-144。  new window
23.Rozeff, Michael S.(1982)。Growth, beta and agency costs as determinants of dividend payout ratios。Journal of Financial Research，5(3)，249-259。  new window
24.Hovakimian, Armen、Hovakimian, Gayane、Tehranian, Hassan(2004)。Determinants of Target Capital Structure: The Case of Dual Debt and Equity Issues。Journal of Financial Economics，71(3)，517-540。  new window
25.廖秀梅、李建然、吳祥華(20060900)。董事會結構特性與公司績效關係之研究--兼論臺灣家族企業因素的影響。東吳經濟商學學報，54，117-160。new window  延伸查詢new window
26.Brickley, James A.、Lease, Ronald C.、Smith, Clifford W. Jr.(1988)。Ownership Structure and Voting on Antitakeover Amendments。Journal of Financial Economics，20，267-291。  new window
27.Lipton, Martin、Lorsch, Jay W.(1992)。A Modest Proposal for Improved Corporate Governance。The Business Lawyer，48(1)，59-77。  new window
28.Shleifer, Andrei、Vishny, Robert W.(1986)。Large shareholders and corporate control。Journal of Political Economy，94(3 Part 1)，461-488。  new window
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30.Yermack, D.(1996)。Higher market valuation for firms with a small board of directors。Journal of Financial Economics，40(2)，185-211。  new window
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32.Titman, Sheridan、Wessels, Roberto(1988)。The determinants of capital structure choice。The Journal of Finance，43(1)，1-19。  new window
33.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
34.Demsetz, Harold、Villalonga, Belén(2001)。Ownership Structure and Corporate Performance。Journal of Corporate Finance，7(3)，209-233。  new window
35.Kester, W. Carl(1986)。Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Corporations。Financial Management，15(1)，5-16。  new window
36.葉銀華、邱顯比(19960800)。資本結構、股權結構與公司價值關聯性之實證研究：代理成本理論。臺大管理論叢，7(2)，57-89。new window  延伸查詢new window
37.Pound, John(1988)。Proxy contests and the efficiency of shareholder oversight。Journal of Financial Economics，20(1/2)，237-265。  new window
38.Ang, James S.、Cole, Rebel A.、Lin, James Wuh(2000)。Agency Costs and Ownership Structure。Journal of Finance，55(1)，81-106。  new window
39.沈中華、陳錦村、吳孟紋(20050200)。更早期預警模型：臺灣銀行道德指標的建立及影響。管理學報，22(1)，1-28。new window  延伸查詢new window
40.Claessens, Stijn、Djankov, Simeon、Fan, Joseph P. H.、Lang, Larry H. P.(2002)。Disentangling the Incentive and Entrenchment Effects of Large Shareholdings。The Journal of Finance，57(6)，2741-2771。  new window
41.Demsetz, Harold、Lehn, Kenneth(1985)。The Structure of Corporate Ownership: Causes and Consequences。Journal of Political Economy，93(6)，1155-1177。  new window
42.Barnhart, Scott W.、Rosenstein, Stuart(1998)。Board Composition, Managerial Ownership, and Firm Performance: An Empirical Analysis。The Financial Review，33(4)，1-16。  new window
43.Jensen, Michael C.(1986)。Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers。The American Economic Review，76(2)，323-329。  new window
44.Jensen, Michael C.(1993)。The modern industrial revolution, exit, and the failure of internal control systems。The Journal of Finance，48(3)，831-880。  new window
45.Hill, C. W. L.、Snell, S. A.(1988)。External control, corporate strategy, and firm performance in research-intensive industries。Strategic Management Journal，9(6)，577-590。  new window
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48.Fosberg, R. H.(2004)。Agency Problem and Debt financing: Leadership Structure Effects。Corporate Governance，4(1)，31-38。  new window
49.Majumdar, S. K.、Chhibber, P.(1999)。Capital Structure and Performance: Evidence from A Transition Economy on an Aspect of Corporate Governance。Public Choice，98(3/4)，287- 305。  new window
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學位論文
1.王玉珍(2002)。股權結構、董事會組成、資本結構與企業績效關係之研究(碩士論文)。國立中央大學。  延伸查詢new window
2.林玉霞(2002)。臺灣上市公司代理問題、公司治理與股東價值之研究(碩士論文)。中原大學。  延伸查詢new window
3.吳芝嫻(2005)。以公司治理角度探討企業財務危機相關因素之研究(碩士論文)。大葉大學。  延伸查詢new window
4.胡書展(2005)。財務危機公司盈餘操縱行為與預測模型之探討(碩士論文)。國立政治大學。  延伸查詢new window
5.郭于滿(2006)。董監事任期與公司績效之關聯性研究(碩士論文)。元智大學。  延伸查詢new window
6.洪麗芳(2004)。股權結構、財務決策與公司績效關聯性之研究(碩士論文)。中原大學。  延伸查詢new window
7.楊燿禎(2000)。管理者持股、風險與財務決策關聯性之研究(碩士論文)。國立東華大學。  延伸查詢new window
8.劉綠萍(2003)。董監事股權質押的代理問題與公司價值關聯性之研究(博士論文)。國立臺北大學。new window  延伸查詢new window
9.林宓穎(2002)。上市公司財務危機預警模式之研究(碩士論文)。國立政治大學。  延伸查詢new window
10.張雅琳(2004)。我國企業獨立董事機制與經營績效之關聯性研究(碩士論文)。大葉大學。  延伸查詢new window
11.柯璟瑩(2003)。董事會特性、股權結構與負債關聯性之研究(碩士論文)。國立中央大學。  延伸查詢new window
 
 
 
 
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