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題名：私募公司之公司治理與長期績效
書刊名：會計與財金研究
作者：楊馥如 引用關係／王偉權 引用關係／林惠雪 引用關係／蔡珮蓉
作者(外文)：Yang, Fu-ju／Wang, Wei-chuan／Li, Huei-hsieh／Tsai, Pei-rung
出版日期：2012
卷期：5:2
頁次：頁1-22
主題關鍵詞：私募；公司治理；最小平方法；Private placement；Corporate governance；Ordinary least squares
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:16
  • 點閱點閱:42
本研究以國內在2007年至2010年間實施私募之公司為研究樣本，並以資產報酬率、股東權益報酬率與股價報酬率為依變數，藉由最小平方法探討私募公司之公司治理與長期績效。研究結果顯示：（1）資產報酬率與設有監察人或審計委員會制度（SUP）、總經理薪酬（M_COM）、內部股東持股比例（INOWN）及機構投資人持股比例（INSHOLD）呈現正相關。（2）股東權益報酬與監察人或審計委員會（SUP）和總經理薪酬（M_COM）呈現正相關。（3）股價報酬率與CEO兼任董事長呈現正相關。當企業有完善的公司治理制度下，私募對於公司之長期績效是有所助益的。
To examine and analyze the relationship between the corporate governance and long run performances of private placement, we select return on assets, return on equity, and stock return rates as independent variables. The ordinary least squares is applied and the companies of private placement from 2007 to 2010 are used as research examples. The results are as follows. Firstly, return on assets are positively related with the setting of supervisors or audit committee (SUP), the compensations to general managers (M_COM), the ownership of inside shareholders (INOWN) and the ownership of institutional shareholders (INSHOLD). Secondly, return on equity is positively related with setting of supervisors or audit committee (SUP) and the compensations to general managers (M_COM). Finally, stock rate of return is positively related with the duality of CEO and chairman of the board (DUAL). When a company has mature corporate governance, then private placement is positively correlated to a company's long run performance.
期刊論文
1.方俊儒、李秀英、龍春伶(2008)。獨立董監事對公司績效與盈餘品質之影響--控制股東之調節效果會計與公司治理。會計與公司治理，5(1)，55-80。  延伸查詢new window
2.Cremers, K. J. M.、Vinay, B. N.(2005)。Governance mechanism and equity prices。Journal of Finance，60(6)，2859-2894。  new window
3.Farooque, O. A.、Zijl, T. V.、Dunstan, K.、Karim, A. W.(2007)。Ownership structure and corporate performance: Evidence from bangladesh。Asia-Pacific Journal of Accounting and Economics，14(2)，127-150。  new window
4.Guthrie, K.、Sokolowsky, J.(2010)。Large shareholders and the pressure to manage earnings。Journal of Corporate Finance，16(3)，302-319。  new window
5.Hertzel, M.、Lemmon, M.、Linck, J.、Rees L.(2002)。Long-term Performance Following Private Placements of Equity。Journal of Finance，57(6)，2595-2617。  new window
6.Huang, R.、Tompkins, J. G.(2010)。Corporate governance and investor reactions to seasoned equity offerings。Managerial Finance，36(7)，603。  new window
7.Karathanassisa, G. A.、Drakos, A. A.(2004)。A note on equity ownership and corporate value in Greece。Managerial and Decision Economics，25(8)，537-547。  new window
8.Mashayekhi, B.、Bazaz, M. S.(2008)。Corporate governance and firm performance in Iran。Journal of Contemporary Accounting and Economics，4(2)，156-172。  new window
9.Omran, M. M.、Bolbol, A.、Fatheldin, A.(2008)。Corporate governance and firm performance in Arab equity markets: Does ownership concentration matter?。International Review of Law and Economics，28(1)，32-45。  new window
10.Sueyoshi, T.、Goto, M.、Omi, Y.(2010)。Corporate governance and firm performance: Evidence from Japanese manufacturing industries after the lost decade。Journal of Operational Research，203(3)，724-736。  new window
11.Vafeas, N.、Theodorou, E.(1998)。The relationship between board structure and firm performance in the U.K. British。Accounting Review，30(4)，383-407。  new window
12.Basu, S.、Hwang, L.、Mitsudome, T.、Weintrop, J.(2007)。Corporate Governance, Top Executive Compensation and Firm Performance in Japan。Pacific-Basin Finance Journal，15(1)，56-79。  new window
13.林秀柑、方文碩、王冠閔(20091200)。集團核心企業董事會特性與經營績效之研究。臺灣企業績效學刊，3(1)，25-48。new window  延伸查詢new window
14.Navissi, F.、Naiker, V.(2006)。Institutional ownership and corporate value。Managerial Finance，32(3)，247-256。  new window
15.Gillan, S. L.、Starks, L. T.(2000)。Corporate Governance Proposals and Shareholder Activism: the Role of Institutional Investors。Journal of Financial Economics，57(2)，270-305。  new window
16.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
17.Core, John E.、Guay, Wayne R.、Larcker, David F.(2003)。Executive equity compensation and incentives: A survey。Economic Policy Review，9(1)，27-50。  new window
18.丁秀儀(20080400)。首度上市公司是否存在公司治理效果？。證券市場發展，20(1)=77，191-227。new window  延伸查詢new window
19.Maug, Ernst(1998)。Large Shareholders as Monitors: Is There a Trade-off between Liquidity and Control?。Journal of Finance，53(1)，65-98。  new window
20.Cronqvist, Henrik、Nilsson, Mattias(2003)。Agency costs of controlling minority shareholders。Journal of Financial and Quantitative Analysis，38(4)，695-719。  new window
21.Tian, L.、Estrin, S.(2008)。Retained State Shareholding in Chinese PLCs: Does Government Ownership Always Reduce Corporate Value?。Journal of Comparative Economics，36(1)，74-89。  new window
22.Krishnamurthy, S.、Spindt, P. A.、Subramaniam, V.、Woidtke, T.(2005)。Does Investor Identity Matter in Equity Issues? Evidence from Private Placements。Journal of Financial Intermediation，14(2)，210-238。  new window
23.Fama, Eugene F.、Jensen, Michael C.(1983)。Separation of ownership and control。The Journal of Law & Economics，26(2)，301-325。  new window
24.Hermalin, B. E.、Weisbach, M. S.(2003)。Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature。Economic Policy Review，9(1)，7-26。  new window
25.Bhagat, Sanjai、Bolton, Brian(2008)。Corporate Governance and Firm Performance。Journal of Corporate Finance，14(3)，257-273。  new window
26.De Andres, P.、Azofra, V.、Lopez, F.(2005)。Corporate Boards in OECD Countries: Size, Composition, Functioning and Effectiveness。Corporate Governance: An International Review，13(2)，197-210。  new window
27.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
28.Barclay, M. J.、Holderness, C. G.、Sheehan, D. P.(2007)。Private Placements and Managerial Entrenchment。Journal of Corporate Finance，13(4)，461-484。  new window
29.Core, J. E.、Holthausen, R. W.、Larcker, D. F.(1999)。Corporate Governance, Chief Executive Officer Compensation, and Firm Performance。Journal of Financial Economics，51(3)，371-406。  new window
30.Coles, J. L.、Daniel, N. D.、Naveen, L.(2008)。Boards: Does One Size Fit All?。Journal of Financial Economics，87(2)，329-356。  new window
31.Holderness, C. G.(2003)。A Survey of Blockholders and Corporate Control。Economic Policy Review，9(1)，51-64。  new window
32.Hossain, M.、Prevost, A.、Rao, R.(2001)。Corporate Governance in New Zealand--The Effect of the 1993 Companies Act on the Relation between Board Composition and Firm Performance。Pacific Basin Finance Journal，9，119-145。  new window
33.Liu, Q.、Lu, Z.(2007)。Corporate Governance and Earnings Management in the Chinese Listed Companies--A Tunneling Perspective。Journal of Corporate Finance，13(5)，881-906。  new window
34.Krivogorsky, V.(2006)。Ownership, Board Structure, and Performance in Continental Europe。The International Journal of Accounting，41(2)，176-197。  new window
學位論文
1.林嘉慧(2007)。台灣上市公司私募股權現況與績效之探討(碩士論文)。東吳大學。  延伸查詢new window
2.吳毓萍(2008)。上市(櫃)公司現金增資與私募股權發行後長期績效之比較(碩士論文)。國立高雄第一科技大學。  延伸查詢new window
3.陳乃銓(2011)。私募公司經營績效之探討－以台灣上市公司為例(碩士論文)。開南大學。  延伸查詢new window
4.黃莉茹(2007)。私募股權之宣告效果－公司治理機制、盈餘管理行為與無形資產之影響(碩士論文)。臺灣大學。  延伸查詢new window
5.喻美馨(2011)。上市公司私募股價異常報酬與經營績效探討(碩士論文)。東吳大學。  延伸查詢new window
6.蔡蓓華(2009)。私募長短期績效探討(碩士論文)。國立政治大學。  延伸查詢new window
7.楊光文(2006)。台灣私募股權現況研究(碩士論文)。國立臺北大學。  延伸查詢new window
8.林郁姍(2008)。私募股權與長短期股票報酬之探討(碩士論文)。國立中興大學。  延伸查詢new window
 
 
 
 
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