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題名：臺灣地區上市公司董監事、關係人持股比率和公司托賓Q關係之研究
書刊名：管理評論
作者：俞海琴 引用關係／周本鄂
出版日期：1994
卷期：13:1
頁次：頁79-98
主題關鍵詞：股權結構；代理成本；公司績效；托賓Q；Ownership structure；Agency cost；Corporate performance；Tobin's Q
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(37) 博士論文(10) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:35
  • 共同引用共同引用:8
  • 點閱點閱:102
本文是探討臺灣地區上市公司股權結構與公司Tobin's Q間之關係。文中將企業經營者股權結構依持有者身分之不同劃分為經理人、董事、監察人、關係人、董事暨監察人、董事暨監察人暨經理人及大股東七類，並分別探討各內部人士持股比率之不同，對公司經營績效之影響。本文之研究期間係自民國76年1月1日至80年12月31日，研究樣本是所有上市公司但不含金融保險類股及官股之公司，總樣本觀測值有619個，資料分析方法則為迴歸分析及共變數分析。文中發現董事暨監察人暨經理人及大股東對公司經營績效之影響最為顯著，故外部投資人可以此項持股比率高低，當成放射企經營績效的優劣指標。
This paper attempts to analyze the relationship between ownership structure and Tobin's Q in Taiwanese stock-listed company. In this paper, we try to separate the ownership structure of shareholders into seven types based on their status played in the company. Then, we will use the annual financial reports of stock-listed company to examine the effects of the different share-holding ratios of above types on the performance of corporate opertions. The important conclusions of this paper reveal that the share-holding ratios of directors who are also controlling people and professional managers, and stockholder who hold over 10% of outstanding stocks make significantly positive influences on Tobin's Q. Therefore, if the outside investors want to evaluate the performance of stock-listed corporation, they can adopt the above ratios as a signalling indicators.
期刊論文
1.林炯垚(1988)。半強勢效率市場檢定之實証方法。管理評論，7(1)，27-43。new window  延伸查詢new window
2.Agrawal, A.、Mandelker, Gershon N.(1987)。Managerial Incentives and Corporate Investment and Financial Decision。Journal of Finance，42(4)，823-837。  new window
3.Alchian, A. A.、Demsetz, H.(1972)。Production, Information Cost, and Economic Organization。American Economic Review，62(5)，777-795。  new window
4.Benston, G.(1985)。The Self-Serving Management Hypothesis: Some Evidence。Journal of Accounting & Economics，7(1)，67-84。  new window
5.DeAngelo, H.、DeAngelo, L.、Rice, E. M.(1984)。Going Private: Minority Freezeouts and Stockholder Wealth。Journal of Law and Economics，27(2)，33-69。  new window
6.Demsetz, D.、Lehn, K.(1985)。The Structure of Corporate Ownership: Causes and Consequenses。Journal of Political Economy，93(6)，1155-1177。  new window
7.Elliott, J. W.(1972)。Control, Size, Growth and Financial Performance in The Firm。Journal of Financial and Quantitative Analysis，7(1)，1309-1320。  new window
8.Fama, Eugene F.、Jensen, Michael C.(1983)。Separation of Ownership Structure and Control。Journal of Law and Economics，26(2)，301-325。  new window
9.Fisher, F. M.、McGowon, J. J.(1983)。On the Misuse of Accounting Rate of Return to Infer Monopoly Profit。American Economic Review，73(1)，82-97。  new window
10.Hill, C. W. L.、Shnell, Scott A.(1989)。Effects on Ownership Structure and Control on Corporate Productivity。Academy of Management Journal，32(1)，25-46。  new window
11.Hart, Oliver D.(1983)。The Market Mechanism as an Incentive Scheme。The Bell Journal of Economics，14(2)，366-382。  new window
12.Hopper, W. K.(1989)。Equity Ownership Concentration and Private Value: Evidence from Private Equity Financing。Journal of Financial Economics，23(1)，3-28。  new window
13.Kamerschen, D. R.(1983)。The Influence of Ownership and Control on Profit Rates。The American Economic Review，60，5-50。  new window
14.Lang、Litzenberger, Robert H.、Larry, H. P.(1989)。Dividend Announcements。Journal of Financial Economics，24(1)，181-191。  new window
15.Leland, H. E.、Pyle, D. H.(1977)。Information Asymmetries, Financial Structure and Financial Intermediator。Journal of Finance，32(2)，371-387。  new window
16.Lloyd, W. P.、Jahera, John S.、Goldstein, Steven J.(1986)。The Relation between Returns, Ownership Structure and Market Value。Journal of Financial Research，9(2)，171-177。  new window
17.Lloyd, W. P.、Hand, John H.、Modani, N. K.(1987)。The Effect Degree of Ownership Control on Firm Diversification Market Value, and Merger Activity。Journal of Business Research，15(4)，303-312。  new window
18.McFarland, Henry(1988)。Evaluating q as an Alternative to the Rate of Return in Measuring Profitability。Review of Economics and Statistics，70(4)，614-622。  new window
19.McConnell, J. J.、Servaes, H.(1990)。Additional Evidence on Equity Ownership and Corporate Value。Journal of Financial Economics，27，595-612。  new window
20.Niehaus, Gregory R.(1989)。Ownership Structure and Inventory Method Choice。The Accounting Review，64(2)，269-284。  new window
21.Stevens, Jerry(1990)。Tobin's Q and The Structure-Performance Relationship: Comment。American Economic Review，80，618-623。  new window
22.Scott、Pascoe(1986)。Beyond Firm and Industry Effect on Profit Ability in Imperfect Market。Review of Economics & Statistics，68(2)，284-292。  new window
23.Brickley, James A.、James, Christopher M.(1987)。The Takeover Market, Corporate Board Composition, and Ownership Structure: The Case of Banking。The Journal of Law and Economics，30(1)，161-180。  new window
24.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
25.Shepherd, William G.(1986)。Tobin's Q and the Structure-Performance Relationship: Comment。American Economic Review，76(5)，1203-1209。  new window
26.Stulz, René M.(1988)。Managerial control of voting rights: Financing policies and the market for corporate control。Journal of Financial Economics，20(1/2)，25-54。  new window
27.Fama, Eugene F.(1980)。Agency Problems and the Theory of the Firm。Journal of Political Economy，88(2)，288-307。  new window
28.Lindenberg, Eric B.、Ross, Stephen A.(1981)。Tobin's q ratio and industrial organization。The Journal of Business，54(1)，1-32。  new window
29.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
研究報告
1.俞海琴(1993)。台灣地區上市公司代理成本高低與融資決策之關係。  延伸查詢new window
2.Bergstrom, C.、Rydqvist, Kristian(1988)。The Determinants of Corpoeate Ownership: An Empirical Study on Swedish Data。Northwestern University。  new window
學位論文
1.李俊德(1983)。我國企業董事會功能之研究(碩士論文)。國立政治大學。  延伸查詢new window
2.呂永正(1987)。由代理成本的觀點驗證台灣上市公司所有權變動與融資決策之關係(碩士論文)。東海大學。  延伸查詢new window
3.楊蕉霙(1990)。所有權結構與公司價值間關係之研究(碩士論文)。國立中山大學。  延伸查詢new window
4.張明峰(1991)。所有權結構對公司績效影響之研究(碩士論文)。國立政治大學。  延伸查詢new window
5.戴淵明(1986)。公司控制型態與其經營績效關係之研究--臺灣地區上市公司之實證分析(碩士論文)。國立中興大學。  延伸查詢new window
圖書
1.Barnea, A.、Haugen, R. A.、Senbet, L. W.(1985)。Agency Problems and Financial Contracting。Englewood Cliffs, New Jersey：Prentice-Hall Inc.。  new window
2.Berle, Adolf Augustus Jr.、Means, Gardiner C.(1932)。The Modern Corporation and Private Property。Macmillan Publishing Company。  new window
單篇論文
1.Chen, Haiyang(1990)。Ownership Structure and Performance: Some New Evidence。  new window
 
 
 
 
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