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題名:我國實施減資之上市櫃公司其公司治理對公司績效之影響
書刊名:臺灣管理學刊
作者:黃劭彥 引用關係林琦珍 引用關係黃怡倫
作者(外文):Huang, Shaio-yanLin, Chi-chenHuang, Yi-lun
出版日期:2012
卷期:12:2
頁次:頁227-250
主題關鍵詞:減資公司治理公司績效Capital decreaseCorporate governanceFirm performance
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(4) 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:4
  • 共同引用共同引用:87
  • 點閱點閱:86
我國減資之類型可以細分為三種: (1)現金減資 (2)彌補虧損減資 (3)買回庫藏股減資。目前多數文獻及相關研究,集中於庫藏股的實施對於市場上之宣告買回效果之影響。另外對減資公司之各類研究,多數仍著重於彌補虧損之減資以及買回庫藏股之減資類型。但自民國 91年起,辦理現金減資之公司家數逐年增加,因此,本研究加入辦理現金減資之類型。另外,將彌補虧損減資公司,研究其後續是否有再辦理增資之情形,進一步列入探討。本研究結果發現,辦理現金減資及庫藏股減資公司,由於此類公司其營運狀況相較穩定,董事長兼任總經理、管理當局持股比率與國內法人機構持股比率對公司績效有正向影響。而彌補虧損減資公司由於減資後一年之績效,無法立即恢復其財務體質,因此公司治理機制無法於短暫期間之內,予以提升其公司績效。
The objectives of capital decrease can be categorized into three aspects: The first aspect is eliminating accumulated losses. The second aspect is returning cash to the shareholder. The third aspect is stock repurchases. Previous studies only investigated the market reaction on stock repurchase announcement. However, capital decrease has become an important policy in Taiwan recently. Specially, refunding capital to shareholders is becoming more and more popular. This study discusses how corporate governance affects the operating performance among three difference capital decrease aspects. First, when company chooses refunding capital to the shareholders and stock repurchases, the operating performance is positively related to the institutional shareholdings. However, there is no relationship between corporate governance mechanism and operating performance in the eliminating accumulated loss companies. This result can change the investor’s view that “capital decrease”was a bad news in the past.
期刊論文
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16.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
17.Brickley, James A.、Coles, Jeffrey L.、Jarrell, Gregg(1997)。Leadership structure: Separating the CEO and Chairman of the Board。Journal of Corporate Finance,3(3),189-220。  new window
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學位論文
1.洪世馨(2003)。設立外部董事與企業經營績效之關係(碩士論文)。國立成功大學。  延伸查詢new window
 
 
 
 
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