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：不同公司治理情境之股權評價：類神經模糊專家系統之應用
書刊名：管理與系統
作者：高惠松 引用關係／李建然 引用關係／陳樹衡 引用關係
作者(外文)：Kao, Hui-sung／Lee, Jan-zan／Chen, Shu-heng
出版日期：2012
卷期：19:3
頁次：頁373-408
主題關鍵詞：公司治理；Ohlson股權評價模型；類神經模糊；Corporate governance；Ohlson model；Neuro-Fuzzy
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(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:328
  • 點閱點閱:76
本研究利用類神經模糊的優點，論證公司治理情境如何影響公司價值，且可改善普通最小平方法（ordinary least squares; OLS）的不足之處。首先，利用因素分析粹取董事會組成與股權結構的主要因素，再以因素分析區分公司特性之差異，將同質特性公司加以聚類，最後，採用類神經模糊專家系統估計Ohlson股權評價模式。實證結果發現，當帳面價值高、異常盈餘高、股權集中度高、經營效率性高、經濟誘因高以及適度獨立性時，大公司之公司價值愈高；但槓桿公司僅在股權集中度高、經營效率性高以及獨立性低時，公司價值明顯隨帳面價值及異常盈餘增加而上升。在缺乏規模經濟的公司，經濟誘因影響帳面價值與異常盈餘對公司價值的關係，當經濟誘因低時，異常盈餘對公司價值的影響超過帳面價值，因此，缺乏規模經濟的公司較可藉由異常盈餘去增加公司價值。在高科技的公司，經營效率性、經濟誘因以及獨立性是影響公司價值的重要變數，當經營效率性高、經濟誘因高以及獨立性低時，帳面價值對公司價值的影響超過異常盈餘。從本研究實證結果發現公司治理的情境會影響公司價值，不同的公司型態各有不同的公司治理因素影響公司價值，我們可藉由類神經模糊專家系統清楚發現公司價值高的公司治理情境。
This study used advantage of Neuro-Fuzzy to discuss that how does the situation of corporate governance impact the firm value in Ohlson model. Neuro-Fuzzy could complete the insufficient of OLS (ordinary least squares) model to estimate Ohlson model. First, we used factor analysis to gather main factors of board component and ownership structure. There are four factors including the concentration of ownership, efficiency of management, economic incentive and independent character. Second, we used cluster analysis to discriminate firm type based on firm characteristics. We find that it has four firm types in this paper. That is including large firm, leverage firm, less scale economic firm, and high technology firm. Last, we used Neuro-Fuzzy to estimate Ohlson model. The finding of this paper indicates as follows. The firm value of large firm is high when high book value, high abnormal earnings, high the concentration of ownership, high efficiency of management, high economic incentive and moderate independent. But in the high the concentration of ownership, high efficiency of management and low independent situation of corporate governance, the firm value of leverage firm increasing depend on book value and abnormal earnings. In less scale economic firm, economic incentive affects the relationship between book value and abnormal earnings reflect to firm value. The effect of abnormal earnings more than one of book value on firm value when economic incentive is low. Thus, less scale economic firms could use abnormal earnings to manipulate firm value. In high technology firms, efficiency of management, economic incentive and independent character are more important variable to affect firm value. The effect of book value more than one of abnormal earnings on firm value when high efficiency of management, high economic incentive and low independent. The findings of this paper demonstrated that the situation of corporate governance influence firm value. There are different variables of corporate governance to affect firm value in distinct firm type. We could find clearly the situations of high firm value through Neuro-Fuzzy analysis.
期刊論文
1.Barzegar, B.、Babu, K. N.(2008)。The Effects of Ownership Structure on Firm Performance: Evidence from Iran。ICFAI Journal of Applied Finance，14(3)，43-55。  new window
2.Caspar, R.(2007)。Can Institutional Investors Fix the Corporate Governance Problem? Some Danish Evidence。Journal of Management & Governance，11(4)，405-428。  new window
3.Kim, W. S.、Lyn, E. O.(1988)。Excess Market Value, Market Power, and Inside Ownership Structure。Review of Industrial Organization，3(4)，1-25。  new window
4.Minguez-Vera, A.、Martin-Ugedo, J. F.(2007)。Does Ownership Structure Affect Value? A Panel Data Analysis for the Spanish Market。International Review of Financial Analysis，16(1)，81-98。  new window
5.Tan, R. S. K.、Chng, P. L.、Tan, T. W.(2001)。CEO Share Ownership and Firm Value。Asia Pacific Journal of Management，18(3)，355-371。  new window
6.林昱成、林金賢、陳雪如、莊家豪(20070100)。類神經模糊專家系統在訴訟預警模型之應用：以公司治理觀點。會計評論，44，95-126。new window  延伸查詢new window
7.Holderness, Clifford G.(2003)。A Survey of Blockholders and Corporate Control。Economic Policy Review，9(1)，51-64。  new window
8.Patibandla, M.(2006)。Equity pattern, corporate governance and performance: A study of India's corporate sector。Journal of Economic Behavior & Organization，59(1)，29-44。  new window
9.高蘭芬、陳振遠、李焮慈(2006)。資訊透明度及席次控制權與現金流量權偏離對公司績效之影響--以臺灣電子業為例。臺灣管理學刊，6(2)，81-104。  延伸查詢new window
10.Hudson, C. D.、Jahera, J. S. Jr.、Lloyd, W. P.(1992)。Further Evidence on the Relationship between Ownership and Performance。The Financial Review，27(2)，227-239。  new window
11.Byrd, J. W.、Hickman, K. A.(199210)。Do Outside Directors Monitor Managers? Evidence from Tender off Bids。Journal of Financial Economics，32(2)，195-221。  new window
12.Chaganti, R.、Damanpour, F.(1991)。Institutional ownership, capital structure, and firm performance。Strategic Management Journal，12(7)，479-491。  new window
13.Bhagat, S.、Brickley, J. A.、Coles, J. L.(1994)。The Costs of Inefficient Bargaining and Financial Distress: Evidence from Corporate Lawsuits。Journal of Financial Economics，35(2)，221-247。  new window
14.Leech, D.、Leahy, J.(1991)。Ownership Structure, Control Type Classifications and the Performance of Large British Companies。The Economic Journal，101(409)，1418-1437。  new window
15.Rosenstein, Stuart、Wyatt, Jeffrey G.(1997)。Inside Directors, Board Effectiveness, and Shareholder Wealth。Journal of Financial Economics，44(2)，229-250。  new window
16.Brown, Lawrence D.、Caylor, Marcus L.(2006)。Corporate Governance and Firm Valuation。Journal of Accounting and Public Policy，25(4)，409-434。  new window
17.McConnell, John J.、Servaes, Henri(1990)。Additional Evidenceon Equity Ownership and Corporate Value。Journal of Financial Economics，27(2)，595-612。  new window
18.Bushman, Robert M.、Chen, Qi、Engel, Ellen、Smith, Abbie(2004)。Financial Accounting Information, Organizational Complexity and Corporate Governance Systems。Journal of Accounting and Economics，37(2)，167-201。  new window
19.Coles, Jeffery L.、Daniel, Naveen D.、Naveen, Lalitha(2008)。Boards: Does one size fit all?。Journal of Financial Economics，87(2)，329-356。  new window
20.Bhagat, Sanjai、Bernard, Black(1999)。The uncertain relationship between board composition and firm performance。Business Lawyer，54(3)，921-963。  new window
21.Firstenberg, P. B.、Malkiel, B. G.(1980)。Why corporate boards need independent directors。Management Review，69(4)，26-38。  new window
22.Hopfield, J. J.(1982)。Neural Networks and Physical Systems with Emergent Collective Computational Abilities。Proceedings of the National Academy of Sciences of the United States of America，79(8)，2554-2558。  new window
23.Karamanou, Irene、Vafeas, Nikos(2005)。The Association between Corporate Boards, Audit Committees, and Management Earnings Forecasts: An Empirical Analysis。Journal of Accounting Research，43(3)，453-486。  new window
24.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
25.Feltham, Gerald A.、Ohlson, James A.(1995)。Valuation and clean surplus accounting for operating and financial activities。Contemporary Accounting Research，11(2)，689-731。  new window
26.Feltham, G. A.、Ohlson, J. A.(1996)。Uncertainty resolution and the theory of depreciation measurement。Journal of Accounting Research，34(2)，209-234。  new window
27.Myers, James N.(1999)。Implementing Residual Income Valuation with Linear Information Dynamics。The Accounting Review，74(1)，1-28。  new window
28.Krivogorsky, V.(2006)。Ownership, Board Structure, and Performance in Continental Europe。The International Journal of Accounting，41(2)，176-197。  new window
29.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
30.Chung, Kee H.、Pruitt, Stephen W.(1996)。Executive ownership, corporate value, and executive compensation: A unifying framework。Journal of Banking and Finance，20(7)，1135-1159。  new window
31.Lipton, Martin、Lorsch, Jay W.(1992)。A Modest Proposal for Improved Corporate Governance。The Business Lawyer，48(1)，59-77。  new window
32.Oswald, Sharon L.、Jahera, John S. Jr.(1991)。The Influence of Ownership on Performance: An Empirical Study。Strategic Management Journal，12(4)，321-326。  new window
33.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
34.Claessens, Stijn、Djankov, Simeon、Lang, Larry H. P.(2000)。The Separation of Ownership and Control in East Asian Corporations。Journal of Financial Economics，58(1/2)，81-112。  new window
35.Luan, Chin-Jung、Tang, Ming-Je(2007)。Where is Independent Director Efficacy?。Corporate Governance: An International Review，15(4)，636-643。  new window
36.林宛瑩、許崇源(20080600)。臺灣集團企業之控股型態及公司治理衡量指標之研究與建議。交大管理學報，28(1)，269-312。new window  延伸查詢new window
37.Fama, Eugene F.、Jensen, Michael C.(1983)。Separation of ownership and control。The Journal of Law & Economics，26(2)，301-325。  new window
38.La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei(1999)。Corporate ownership around the world。Journal of Finance，54(2)，471-517。  new window
39.Ohlson, James A.(1995)。Earnings, Book Values, and Dividends in Equity Valuation。Contemporary Accounting Research，11(2)，661-687。  new window
40.Dalton, Dan R.、Daily, Catherine M.、Johnson, Jonathan L.、Ellstrand, Alan E.(1999)。Number of directors and financial performance: a meta-analysis。Academy of Management Journal，42(6)，674-686。  new window
41.Yermack, David(1996)。Higher market valuation of companies with a small board of directors。Journal of Financial Economics，40(2)，185-211。  new window
42.McCulloch, W. S.、Pitts, W.(1943)。A Logical Calculus of the Ideas Immanent in Nervous Activity。Bulletin of Mathematical Biophysics，5(4)，115-133。  new window
43.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
44.Bhagat, Sanjai、Black, Bernard S.(2002)。The Non-Correlation Between Board Independence and Long-Term Firm Performance。Journal of Corporation Law，27(2)，231-273。  new window
45.Hermalin, Benjamin E.、Weisbach, Michael S.(1991)。The Effects of Board Composition and Direct Incentives on Firm Performance。Financial Management，20(4)，101-112。  new window
46.陳振遠、張智堯、王蘭芬、李文智(20050600)。應用Ohlson會計評價模型探究公司治理之價值攸關性--以臺灣上市公司電子業為例。臺大管理論叢，15(2)，123-141。new window  延伸查詢new window
47.Pound, John(1988)。Proxy contests and the efficiency of shareholder oversight。Journal of Financial Economics，20(1/2)，237-265。  new window
48.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
49.Demsetz, Harold(1983)。The structure of Ownership and the Theory of the Firm。The Journal of Law & Economics，26(2)，375-390。  new window
50.La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei、Vishny, Robert W.(2002)。Investor protection and corporate valuation。The Journal of Finance，57(3)，1147-1170。  new window
51.Weisbach, Michael S.(1988)。Outside directors and CEO turnover。Journal of Financial Economics，20(1/2)，431-460。  new window
52.Zadeh, Lotfi Asker(1965)。Fuzzy sets。Information and Control，8(3)，338-353。  new window
53.Klein, P.、Shapiro, D.、Young, J.(2005)。Corporate governance, family ownership and firm value: The Canadian evidence。Corporate Governance: An International Review，13(6)，769-784。  new window
54.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
55.Dayton, K.(1984)。Corporate Governance: The Other Side of the Coin。Harvard Business Review，62(1)，34-37。  new window
56.Demsetz, H.、Lehn, K.(1985)。The Structure of Ownership: Causes and Consequence。Journal of Political Economy，93(6)，1155-1177。  new window
57.Fosberg, R.(1989)。Outside Directors and Managerial Monitoring。Akron Business and Economic Review，20(2)，24-32。  new window
58.Ghosh, S.(2007)。Bank Monitoring, Managerial Ownership and Tobin's Q: An Empirical Analysis for India。Managerial & Decision Economics，28(2)，129-143。  new window
59.Wruck, K. H.(1989)。Equity Ownership Concentration and Private Value: Evidence from Private Equity Financings。Journal of Financial Economics，23(1)，3-28。  new window
60.Han, B.(2006)。Insider Ownership and Firm Value: Evidence from Real Estate Investment Trusts。Journal of Real Estate Finance & Economics，32(4)，471-493。  new window
61.Neun, S. P.、Santerre, R. E.(1986)。Dominant Stockownership and Profitability。Managerial & Decision Economics，7(3)，207-210。  new window
62.Dunn, D. J.(1987)。Directors aren't doing Their Jobs。Fortune，117-119。  new window
63.Shen, M. J.、Hsu, C. C.、Chen, M. C.(2006)。A Study of Ownership Structures and Finn Values Under Corporate Governance: The Case of Listed and OTC Companies in Taiwan's Finance Industry。Journal of American Academy of Business，8(1)，184-191。  new window
會議論文
1.陳曉蓉、陳儀娟(2007)。獨立董監事制度與特性對於公司治理與公司績效之影響--以台灣上市公司為例。第八屆管理學域學術研討會，147-174。  延伸查詢new window
研究報告
1.Bebchuk, L.、Cohen, A.、Ferrell, A.(2005)。What Matters in Corporate Governance?。Harvard Law School。  new window
2.Bhagat, S.、Black, B.(1996)。Do Independent Directors Matter?。New York：Center for Law Economic studies, Columbia University。  new window
3.Hermanlin, B. E.、Weisbach, M. S.(2001)。Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature。  new window
圖書
1.Vance, Stanley C.(1983)。Corporate Leadership: Boards, Directors and Strategy。McGraw-Hill。  new window
2.葉銀華、李存修、柯承恩(2013)。公司治理與評等系統。台北：智商文化。new window  延伸查詢new window
3.林震岩(2007)。多變量分析：SPSS的操作與應用。臺北市：智勝文化公司。  延伸查詢new window
4.Hebb, Donald Olding(1949)。The Organization of Behavior: A Neurophysiological Theory。New York：John Wiley and Sons。  new window
5.Mueller, Dennis C.(1986)。Profits in the Long-Run。Cambridge：Cambridge University Press。  new window
6.孫永祥(2002)。公司治理結構：理論與實證研究。上海：上海人民出版社。  延伸查詢new window
7.秉昱科技(2006)。糢糊邏輯與類神經模糊：在商業和財政的應用。台北。  延伸查詢new window
8.Turban, E.(1995)。Decision Support Systems and Expert Systems。Englewood Cliffs：Prentice-Hall。  new window
9.Pfeffer, J.(1972)。Size and Composition of Corporate Boards of Directors: The Organization and its Factions and Working paper。  new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
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：597（臺灣：589，外國：8） ／ 本年度總使用人次：2071125 ／ 訪客人次（自102年09月）：67884908
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