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題名：強制設置獨立董監事與新股折價關聯性之研究
書刊名：會計評論
作者：邱垂昌 引用關係／張裕任／郭麗雪
作者(外文)：Chiou, Chei-Chang／Zhang, Yu-Ren／Kuo, Li-Hsueh
出版日期：2007
卷期：45
頁次：頁97-134
主題關鍵詞：獨立董事；獨立監察人；新股折價；資訊不對稱理論；Independent directors；Independent supervisors；IPOs underpricing；Information asymmetry theory
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(22) 博士論文(1) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:22
  • 共同引用共同引用:185
  • 點閱點閱:53
我國上市(櫃)審查準則規定公司至少需設立二位獨立董事及一位獨立監察人，且至少有一位獨立董事和獨立監察人必須具有財務或會計背景。過去文獻甚少從「獨立性」角度探討公司治理與新股折價之關聯性。本研究將以此議題為中心，運用代理理論與資訊不對稱理論，探討獨立董監事之設置、會計師背景獨立董事與獨立監察人多寡等公司治理因素與承銷價被低估情形之關係。本研究以2000至2003年期間上市櫃之IPOs公司共405家為研究樣本。實證結果顯示：（一）獨立董事佔董事會席位比率與IPOs公司承銷價被低估情形有顯著負向關係，獨立監察人人數與折價幅度之關係則較不確定；（二）會計師背景獨立董事佔董事會比率與IPOs公司折價幅度，並無顯著關聯性存在；（三）會計師背景之獨立監察人人數與IPOs公司承銷價被低估情形，並無顯著關係。
With a sample of 405 initial public offerings (IPOs) in Taiwan Stock Exchange, this paper empirically investigates whether the mandatory set-up of independent directors and supervisors help explain the magnitude of IPOs underpricing. The results show that there is a negative and significant correlation between the engagement of independent directors and the underpricing of IPOs. However, the relation between the engagement of independent supervisors and the underpricing of IPOs is uncertain. In addition, the proportion of independent directors with CPA background to all directors and the number of independent supervisors having CPA backgrounds do not significantly affect the underpricing of IPOs.
期刊論文
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會議論文
1.邱垂昌、黃文燕(2006)。自願設立獨立董事、公司資訊透明度、審計品質與公司績效關聯性之研究：代理理論vs.訊號發射理論。2006臺灣財務金融學會年會暨財務金融保險不動產學術研討會。世新大學管理學院。  延伸查詢new window
2.邱垂昌、莊俊銘(2004)。獨立董監事、公司資訊透明度與公司價值關聯性之研究。國立政治大學會計系。  延伸查詢new window
研究報告
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學位論文
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圖書
1.Blue Ribbon Committee(1999)。Report and Recommendations of the Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees。New York, NY：New York Stock Exchange。  new window
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其他
1.(20031224)。證券市場。  延伸查詢new window
2.(20031229)。證券市場。  延伸查詢new window
3.(20031005)。證券期貨投資。  延伸查詢new window
4.(1989)。Michigan Business Corporation Act，http://www.michiganlegislature.org/documents/mcl/pdf/mcl-act-284-of-1972.pdf。  new window
5.New Zealand Exchange Limited(2003)。NSX listing rule amendments: Corporate governance，http://www/nzx.com/externalwebsire/regulated/listed_issuer/lrchanges corpgov.pdf。  new window
圖書論文
1.王文宇(1997)。美國金融機構之管理與監控。財經法論集--柯芳枝教授六秩華誕祝賀論文集。臺北：三民書局。  延伸查詢new window
2.Jog, V.(1997)。The climate for Canadian initial public offerings。Financing Growth in Canada。University of Calgary Press。  new window
 
 
 
 
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