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題名:公司治理之價值攸關性研究
作者:劉政淮 引用關係
作者(外文):Liou, Chenghwai
校院名稱:國立臺北大學
系所名稱:企業管理學系
指導教授:方文昌
學位類別:博士
出版日期:2006
主題關鍵詞:企業評價公司治理剩餘淨利Ohlson 股權評價模型business valuationcorporate governanceresidual incomeOhlson equity valuation model
原始連結:連回原系統網址new window
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  • 點閱點閱:227
過去有關企業評價之研究,大多僅侷限於會計資訊與價值攸關性之範疇,難以跳脫財務報表相關資訊應用之窠臼,缺乏對於超額盈餘與非財務資訊之解釋能力。本研究透過結合會計資訊與市場經營績效之衡量,將財務報表所無法涵蓋的公司治理變數,納入企業評價模型中,以探討公司股權結構與公司治理等因素,與企業價值的攸關性。Ohlson(1995)提出的股權評價模型,因該理論係建立於剩餘淨利之觀念,已隱含滿足企業投資者對資金成本的要求,此與公司治理機制係確保資金提供者的合理報酬觀念相符,而其著重於企業長期價值創造的假說,似乎又與公司治理的最終目的不謀而合。故本研究採Ohlson(1995)股權評價模式,以台灣上市公司為研究對象,探討公司治理特性所傳遞的訊息內涵與企業價值的攸關性,經由結合財務與非財務資訊以有效的解釋企業之股權價值。
實證結果顯示,在線性董事會規模結構下,董監質押比、董事會規模與內部董事比等三項,均對經營績效有顯著的負相關,而外部(獨立)董事與經營績效間為顯著的正相關,與以往文獻一致,而機構法人、雙元性、董事會穩定性與股份盈餘偏離差等四項,卻未達顯著水準;再將經營績效作為工具變數後,公司治理變數對企業價值的解釋能力提高,並使雙元性與董事會穩定性兩變數達顯著水準,惟董監質押比與雙元性等兩項治理變數,卻變為正向的顯著相關,外部董事與董事會穩定性,反而負向影響企業價值。若進一步將董事會人數視為非線型的截段式迴歸,以 表示的解釋能力稍微提高。結果顯示,董事會人數在五人以下時,其對市場價值成正相關,而當董事會人數增加為7人以上時,其對市場價值則呈現顯著的負相關,與國外文獻之結論一致,均反應我國特殊股權結構與管理型態的經營環境。
Existent studies on business valuation focus almost exclusively on the value relevance of accounting information and rarely examine the association between nonfinancial information and firm value. This study will integrate accounting information and corporate governance variables in the business valuation model to understand the value relevance of ownership structure and other corporate governance factors. Corporate governance is one of the mechanisms to ensure a reasonable rate of return for the investors. Built upon the concepts of residual income, Ohlson’s (1995) equity valuation model implicitly meets investors’ required rates of return, which is congruous with the spirit of corporate governance mechanism. Particularly, consistent with the final objective of corporate governance, Ohlson’s model places emphasis on the creation of long-run value. Based upon the Ohlson equity valuation model, this study will examine the firms listed in the Taiwan Stock Exchange to understand the influence of corporate governance on firm value. Hopefully, by using both financial and nonfinacial information, this study will provide a more adequate explanation of firm equity value.
Consistent with the evidence in literature, the empirical findings show that under a linear structure of board size, collateralized shares by the board of directors, board size and the ratio of inside directors have significant and negative effects on firm performance, whereas outside directors have positive effects on firm performance.
On the other hand, institutional investors, duality, board stability and wedge of stockholder and cash flow are not significantly related to firm value. Using firm performance as an instrument variable enhances the overall explanatory power of the model and the coefficients on duality and board stability become significant. However, collateralized shares by the board of directors and duality turn out to have positive while outside directors and board stability turn out to have negative effects on firm value. This study further adopts a non-linear structure of board size and finds the explanatory power of the model increases slightly. When there are less than five directors, firm value increases in board size. On the contrary, when there are more than seven directors, firm value decreases in board size. The evidence of a non-linear effect of board size on firm value is consistent with the findings in other countries.
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