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題名:從核心代理問題的角度探討股權結構,董事會特性對公司價值及盈餘管理之影響
作者:張椿柏
作者(外文):Chun-po Chang
校院名稱:國立中正大學
系所名稱:財務金融所
指導教授:王元章
學位類別:博士
出版日期:2010
主題關鍵詞:控制權核心代理問題非線性關係所有權盈餘管理Core Agency ProblemControlling RightEarnings ManagementOwnership RightNonlinear Relationship
原始連結:連回原系統網址new window
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主題一:
本文從核心代理問題的角度,檢視台灣上市(櫃)公司股權結構,董事會特性與公司價值之關聯性,同時探討內部人持股、機構人持股等監督機制之效果。實證結果發現:(1)管理者持股與公司價值呈正相關,支持利益收斂假說;而家族持股愈高則會導致公司價值的下降。(2)控制權與現金流量請求權偏離程度愈大,公司價值愈小,顯示核心代理問題確會使公司價值下降。(3)管理者持股比率和家族持股比率皆與公司價值存有非線性關係,經理人持股比率在25%以下,持股比率與公司價值呈正相關,但持股比率大於25%時,持股比率與公司價值呈負向顯著關係。而家族持股比率在20%以下時,家族持股比率與公司價值呈正相關,但當家族持股比率介於20%-50%時,家族持股比率與公司價值則呈負相關,然而家族持股比率大於50%甚至更高時,兩者關係會再次轉為正相關(4)經理人與股東間的權益代理問題相較於家族股東與少數股東間之核心代理問題,前者對公司價值負面影響幅度較大,即核心代理問題之代理成本較小。
主題二:
本文從核心代理問題的角度,檢視台灣上市(櫃)公司股權結構,董事會特性與盈餘管理之關聯性,同時探討機構投資人及外部董事等監督機制之效果。實證結果發現:(1)管理者持股與盈餘管理呈負相關,支持利益收斂假說。(2)控制權與現金流量請求權偏離程度愈大,盈餘管理程度愈大,顯示核心代理問題確會使盈餘管理行為增加。(3)管理者持股比率與盈餘管理存有非線性關係,管理者持股比率在6.25%以下與盈餘管理呈負向顯著關係,管理者持股比率介於6.25%-25%與盈餘管理呈正向顯著關係。(4)控制權與現金流量請求權偏離程度,對盈餘管理的影響僅出現在有調升盈餘動機之樣本,顯示權益代理問題或核心代理問題與盈餘管理的關係,在企業面臨虧損或避免盈餘為負時會較明顯,即管理者或控制股東,會為了達到盈餘門檻使盈餘平滑化,而使其有強烈動機進行盈餘管理。(5)盈餘管理會隨董監事股權質押及董事長兼任總經理更加明顯,但能藉由董監持股、機構投資人持股及外部董事比率提高而獲得改善。
Issue one:
The purpose of this paper is to examine the effect of ownership structure and board characteristics on firm performance from the perspective of core agency problem. In addition, we also investigate the monitoring effect of insider ownership, and institutional ownership. The empirical results indicate as follows:First, managerial ownership is positively related to firm performance and hence supports convergence-of-interest hypothesis, but the family ownership is negatively related to firm performance. Second, as controlling right deviates from cash flow right, firm performance is getting worse, that is, core agency problems become more serious in the firm. Third, both managerial ownership and family ownership have an inverted U-shape relationship with firm performance. Finally, classical owner-manager conflict is more costly than that of conflict between family and minority shareholders in family firms.
Issue two:
The purpose of this paper is to examine the effect of ownership structure and board characteristics on earnings management from the perspective of core agency problem. In addition, we also investigate the monitoring effect of the institutional investors, and the outside directors. The empirical results indicate as follows:First, managerial ownership is negatively related to earnings management and hence supports convergence of interest hypothesis. Second, when managers of the companies have more control rights than cash flow right, which results in a core agency problem, manager are more likely to manage earnings. Third, the managerial ownership has an U-shape relationship with earnings management. Fourth, before reached the goal of earnings, manager have more earnings management behavior. Finally, the pledged share ratio of directors and chairman served CEO have positive relationship with earning management, but the shares of board directors, institutional ownership and the number of the outside directors have negative relationship with earning management.
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