重大資本支出後的經營績效：成長機會與公司治理的角色_

:::

詳目顯示

第 1 筆 / 總合 1 筆

/1頁

來源文獻資料
摘要
外文摘要
引文資料

題名：	重大資本支出後的經營績效：成長機會與公司治理的角色
書刊名：	臺大管理論叢
作者：	黃旭輝／黃一祥／張志向
作者(外文)：	Huang, Hsu-huei／Huang, I-hsiang／Chang, Chih-hsiang
出版日期：	2011
卷期：	22:1
頁次：	頁297-325
主題關鍵詞：	資本支出；公司治理；成長機會；Capital expenditure；Corporate governance；Growth opportunity
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(7) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:7 共同引用:0 點閱:30

本文主要想回答二個問題，首先，公司在重大資本支出後的經營績效是否會優於其產業的水準？其次，什麼樣的公司在資本支出後會有較佳的績效表現？我們以1999 至2003年固定資產淨值增加20% 以上的267 個台灣上市公司作為研究樣本。實證結果顯示，就整體樣本而言公司在歷經重大資本支出後的經營績效並未一致性的優於或低於產業的水準。其次，我們也發現成長機會、內部人持股、獨立董事和家族企業對於資本支出後的經營績效具有顯著正向的影響，若公司的董事會規模較小以及薪酬制度的激勵效果較大，其資本支出後的績效表現也較佳。最後，我們發現治理機制較佳的公司對低成長公司在資本支出後的績效提升更為顯著。

以文找文

This paper seeks to answer the following questions. Does corporate performance outperform the market after substantial capital expenditure? Which firms perform better after substantial capital expenditure? Our sample includes 267 companies listed on the Taiwan Stock Exchange whose net fixed assets have increased by more than 20% during 1999-2003. Our evidence shows that companies do not consistently outperform the market after substantial capital expenditure. Furthermore, we find that companies with higher growth opportunities, higher insider shareholdings, independent directors, a smaller board of directors, a more incentive-based compensation structure or that are family-controlled perform better after incurring capital expenditure. We also find that the performance of firms with independent directors, higher managerial shareholdings or that are family-controlled is enhanced more significantly in the case of low-growth companies.

以文找文

期刊論文
1.	Gupta, A.、McGowan, C. B.、Misra, L.、Missirian, A.(1991)。Gains from corporate multinationalism: Evidence from the China experience。Financial Review，26(3)，387-407。
2.	Stein, Jeremy C.(1988)。Takeover Threats and Managerial Myopia。Journal of Political Economy，96(1)，61-80。
3.	Chen, H. Y.、Hu, Michael Y.、Shieh, Joseph C. P.(1991)。The wealth effect of international joint ventures: The case of U.S. investment in China。Financial Management，20(4)，31-41。
4.	Connors, N.(1989)。Outside Board Members: A Breath of Fresh Air。CFO: The Magazine for Chief Financial Officers，5(7)，48-52。
5.	Echevarria, D. P.(1997)。Capital investment and the profitability of fortune 500 industrials: 1971-1990。Studies in Economics and Finance，18(1)，3-35。
6.	Eisenberg, M. A.(1975)。Legal Models of Management Structure in Modern Corporations: Officers, Directors, and Accountants。California Law Review，63(2)，375-439。
7.	Kim, W. S.(2003)。Wealth effect of international investments and agency problems for Korean multinational firms。Journal of International Financial Management and Accounting，14(3)，194-217。
8.	Kiymaz, H.(2003)。Wealth effect for U.S. acquirers from foreign direct investments。Journal of Business Strategies，20(1)，7-22。
9.	Kiymaz, H.、Mukherjee, T. K.(2001)。Parameter shifts when measuring wealth effects in cross-border mergers。Global Finance Journal，12(2)，249-266。
10.	Lambert, R.、Larcker, D.(1985)。Executive compensation, corporate decision making and shareholder wealth: A review of the evidence。Midland Corporate Finance Journal，2，6-22。
11.	Mangel, R.、Singh, H.(1993)。Ownership Structure, Board Relationships and CEO Compensation in Large U.S. Corporations。Accounting and Business Research，23(91A)，339-362。
12.	Markides, C. C.(1995)。Diversification, Restructuring and Economic Performance。Strategic Management Journal，16(2)，101-118。
13.	Williamson, O. E.(1983)。Organization Form, Residual Claimants, and Corporate Control。The Journal of Law and Economics，26(2)，351-366。
14.	Lausten, M.(2002)。CEO turnover, firm performance and corporate governance: Empirical evidence on Danish firms。International Journal of Industrial Organization，20(3)，391-414。
15.	Murphy, Kevin J.(1985)。Corporate performance and managerial remuneration: an empirical review。Journal of Accounting and Economics，7(1-3)，11-42。
16.	Chung, I. Yung、Koford, K. J.、Lee, Insup(1993)。Stock market views of corporate multinationalism: Some evidence from announcements of international joint ventures。Quarterly Reviews of Economics and Finance，33(3)，275-293。
17.	Lee, I.、Wyatt, S. B.(1990)。The Effects of International Joint Ventures on Shareholder Wealth。Financial Review，25(4)，641-649。
18.	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。
19.	McConnell, John J.、Servaes, Henri(1990)。Additional Evidenceon Equity Ownership and Corporate Value。Journal of Financial Economics，27(2)，595-612。
20.	Chen, S. S.、Ho, Kim Wai、Lee, Cheng-few、Yeo, Gilliam H. H.(2000)。Investment opportunities, free cash flow and market reaction to international joint ventures。Journal of Banking & Finance，24(11)，1747-1765。
21.	Chen, Sheng-Syan(2006)。The Economic Impact of Corporate Capital Expenditures: Focused Firms versus Diversified Firms。Journal of Financial and Quantitative Analysis，41(2)，341-355。
22.	Lang, Larry H. P.、Stulz, René M.、Walkling, Ralph A.(1991)。A Test of the Free Cash Flow Hypothesis: The Case of Bidder Returns。Journal of Financial Economics，29(2)，315-335。
23.	Stein, Jeremy C.(1989)。Efficient capital markets, inefficient firms: a model of myopic corporate behavior。The Quarterly Journal of Economics，104(4)，655-669。
24.	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。
25.	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。
26.	Lipton, Martin、Lorsch, Jay W.(1992)。A Modest Proposal for Improved Corporate Governance。The Business Lawyer，48(1)，59-77。
27.	Freund, Steven、Prezas, Alexandros P.、Vasudevan, Gopala K.(2003)。Operating Performance and Free Cash Flow of Asset Buyers。Financial Management，32(4)，87-106。
28.	Jain, Bharat A.、Kini, Omesh(1994)。The Post-Issue Operating Performance of IPO Firms。Journal of Finance，49(5)，1699-1726。
29.	La Porta, Rafael、Lopez-de-Silanes, Florencio、Shleifer, Andrei、Vishny, Robert W.(1999)。The Quality of Government。The Journal of Law, Economics, and Organization，15(1)，222-279。
30.	Chung, Kee H.、Charoenwong, Charlie(1991)。Investment Options, Assets in Place, and the Risk of Stocks。Financial Management，20(3)，21-33。
31.	Titman, Sheridan、Wei, Kuo-Chiang John、Xie, Feixue(2004)。Capital investments and stock returns。Journal of Financial and Quantitative Analysis，39(4)，677-700。
32.	Fama, Eugene F.、Jensen, Michael C.(1983)。Separation of ownership and control。The Journal of Law & Economics，26(2)，301-325。
33.	Grossman, Sanford J.、Hart, Oliver D.(1983)。An Analysis of the Principal-Agent Problem。Econometrica: Journal of the Econometric Society，51(1)，7-45。
34.	Yermack, David(1996)。Higher market valuation of companies with a small board of directors。Journal of Financial Economics，40(2)，185-211。
35.	Hölmstrom, Bengt(1979)。Moral Hazard and Observability。The Bell Journal of Economics，10(1)，74-91。
36.	Lewellen, Wilbur、Loderer, Claudio、Martin, Kenneth(1987)。Executive compensation contracts and executive incentive problems: An empirical analysis。Journal of Accounting and Economics，9(3)，287-310。
37.	Fama, Eugene F.(1980)。Agency Problems and the Theory of the Firm。Journal of Political Economy，88(2)，288-307。
38.	Pound, John(1988)。Proxy contests and the efficiency of shareholder oversight。Journal of Financial Economics，20(1/2)，237-265。
39.	Jensen, Michael C.(1993)。The modern industrial revolution, exit, and the failure of internal control systems。The Journal of Finance，48(3)，831-880。
40.	Weisbach, Michael S.(1988)。Outside directors and CEO turnover。Journal of Financial Economics，20(1/2)，431-460。
41.	James, Harvey S.(1999)。Owner as Manager, Extended Horizons and the Family Firm。International Journal of the Economics of Business，6(1)，41-55。
42.	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。
43.	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。
44.	Morck, R.、Yeung, B.(1992)。Internalization: An event study test。Journal of International Economics，33(1)，41-56。
45.	Doukas, J.、Travlos, N. G.(1988)。The effect of corporate multinationalism on shareholders' wealth: Evidence from international acquisitions。Journal of Finance，43(5)，1161-1175。
46.	Ding, D.、Sun, Q.(1997)。The information content of FDI announcement: Evidence from an emerging market。International Review of Financial Analysis，6(1)，63-76。
47.	Hu, M.、Chen, H.、Shieh, J.(1992)。Impact of U.S.--China joint ventures on stockholders' wealth by degree of international involvement。Management International Review，32(2)，135-148。
48.	Brailsford, T. J.、Yeoh, D.(2004)。Agency problems and capital expenditure announcements。Journal of Business，77(2)，223-256。
49.	Kim, S.(2001)。The near-term financial performance of capital expenditures: A managerial perspective。Managerial Finance，27(8)，48-62。

圖書
1.	Berle, Adolf Augustus Jr.、Means, Gardiner C.(1932)。The Modern Corporation and Private Property。Macmillan Publishing Company。
2.	Bacon, Jeremy(1973)。Corporate Directorship Practices: Membership and Committees of The Board。The Conference Board。

推文
推薦
引用網址
引用嵌入語法
轉寄

top

:::

相關期刊
相關論文
相關專書
相關著作
熱門點閱

1.	從企業成長觀點探討社會責任績效之價值創造
2.	董事任期對資本支出的影響
3.	縣市長選舉對股市之影響
4.	企業社會責任與公司治理對財務報表重編之影響
5.	臺灣會計領域研究之回顧與展望
6.	公司治理、資本支出決策與公司價值
7.	負盈餘公司盈餘資訊、投資活動與持續經營能力之攸關性--持續性負盈餘與暫時性負盈餘
8.	影響企業社會責任績效之重要因素為何？
9.	購併、撤資決策與公司成長機會關聯性之研究
10.	IPO價格變動特性之研究

1.	Islamic Law. Corporate Governance, Growth Opportunities, and Dividend Policy in Indonesia Stock Market

無相關書籍

無相關著作

無相關點閱

QR Code

臺灣人文及社會科學引文索引資料庫系統

詳目顯示

臺灣人文及社會科學引文索引資料庫