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題名：董監事股權質押與公司治理之研究
書刊名：中山管理評論
作者：陳安琳 引用關係／高蘭芬 引用關係／陳怡凱／陳烷鈺
作者(外文)：Chen, An-lin／Kao, Lan-feng／Chen, Yi-kai／Chen, Wan-yu
出版日期：2013
卷期：21:2
頁次：頁299-337
主題關鍵詞：董監事股權質押；控制股東；公司治理；Share collateralization；Controlling shareholders；Corporate governance
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(11) 博士論文(6) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:11
  • 共同引用共同引用:114
  • 點閱點閱:179
本研究探討董監事股權質押是否造成公司控制股東與小股東之間的代理問題。本研究也探討，對於高質押的公司而言，扣除股權質押後的董監事實際持股對績效的影響是否顯著高於董監事名目持股。實證結果發現：（1）董監事股權質押比率與控制股東盈餘席次偏離程度有關。（2）董監質押比率越高的公司，其信用風險也越高，且監察人缺乏獨立性的情形也越嚴重。（3）對高質押公司而言，扣除質押股數後的董監事實際持股比率才是董監事監督能力的適當衡量。
This study explores how director share collateralization induces agency problems between the controlling shareholders and the minority shareholders. This study also examines if the effect of directors' real ownership defined as their nominal ownership subtracting their share collateralization on firm performance dominates that of nominal ownership for firms with high director share collateralization. Our empirical results show that director share collateralization exaggerates the deviation between cash flow rights and share controlling rights. Firm credit risk increases and supervisor independency decreases with director share collateralization. Finally, for firms with high director share collateralization, directors' real ownership instead of the nominal ownership is a suitable measure for the monitoring power from directors and supervisors.
期刊論文
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13.林美鳳、金成隆、林良楓(20091200)。股權結構、會計保守性與信用評等關係之研究。臺大管理論叢，20(1)，289-329。new window  延伸查詢new window
14.陳瑞斌、劉立倫、翁慈青(20060900)。公司治理與分析師預測誤差／離散性關係之研究。臺灣金融財務季刊，7(3)，53-93。new window  延伸查詢new window
15.Singh, Manohar、Davidson, Wallace N. III(2003)。Agency Costs, Ownership Structure and Corporate Governance Mechanisms。Journal of Banking and Finance，27(5)，793-816。  new window
16.邱正仁、熊大中、高蘭芬(20021000)。A Study on the Relationship between Financial Distress and Collateralized Shares。中華會計學刊，3(1)，79-111。new window  延伸查詢new window
17.Ashbaugh-Skaife, Hollis D.、Collins, Daniel W.、LaFond, Ryan(2006)。The Effects of Corporate Governance on Firms' Credit Ratings。Journal of Accounting and Economics，42(1/2)，203-243。  new window
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24.La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei(1999)。Corporate ownership around the world。Journal of Finance，54(2)，471-517。  new window
25.Yermack, David(1996)。Higher market valuation of companies with a small board of directors。Journal of Financial Economics，40(2)，185-211。  new window
26.Petersen, Mitchell A.(2009)。Estimating standard errors in finance panel data sets: Comparing approaches。The Review of Financial Studies，22(1)，435-480。  new window
27.Kao, Lan-Feng、Chiou, Jeng-Ren、Chen, An-Lin(2004)。The agency problems, firm performance and monitoring mechanisms: The evidence from collateralized shares in Taiwan。Corporate Governance: An International Review，12(3)，389-402。  new window
28.Core, John E.、Holthausen, Robert W.、Larcker, David F.(1999)。Corporate governance, chief executive officer compensation, and firm performance。Journal of Financial Economics，51(3)，371-406。  new window
29.Boyd, Brian K.(1994)。Board Control and CEO Compensation。Strategic Management Journal，15(5)，335-344。  new window
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31.Weisbach, Michael S.(1988)。Outside directors and CEO turnover。Journal of Financial Economics，20(1/2)，431-460。  new window
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34.Beasley, Mark S.(1996)。An Empirical Analysis of the Relation between the Board of Director Composition and Finacial Statement Fraud。The Accounting Review，71(4)，443-465。  new window
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會議論文
1.Yeh, Y. H.、Lee, T. S.(2000)。Corporate governance and performance: The case of Taiwan。Seventh Asia Pacific Finance Association Annual Conference。Shanghai。  new window
學位論文
1.徐中原(2006)。最終控制股東結構與股票市場績效之關聯性(碩士論文)。中興大學。  延伸查詢new window
2.楊淑昭(2005)。董監事淨持股與公司經營績效關聯性之研究(碩士論文)。逢甲大學。  延伸查詢new window
3.呂春綢(2004)。我國獨立董監制度與公司績效關係研究(碩士論文)。國立臺北大學。  延伸查詢new window
4.洪昕琳(2006)。董監事質押與持股比率對財務危機之影響--以臺灣上市公司2001-2005年為例(碩士論文)。朝陽科技大學。  延伸查詢new window
5.熊大中(2000)。我國企業財務危機與董監股權質押關連性之研究(碩士論文)。國立成功大學。  延伸查詢new window
6.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
7.林欣慧(2007)。公司治理與負債資金成本之關係(碩士論文)。中原大學。  延伸查詢new window
其他
1.林宛瑩，許崇源，戚務君(2004)。盈餘透明度、控制權偏離與財務報表重編，國立政治大學會計學系。  延伸查詢new window
2.林瑞青，柯承恩，蔡彥卿(2005)。由集團企業之業務連結與公司治理觀點探討公司績效決定因素，銘傳大學會計學系。  延伸查詢new window
3.陳薔旬，蘇裕惠(2001)。財務預測準確度：財務預測更新與盈餘管理，東吳大學會計所。  延伸查詢new window
 
 
 
 
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