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題名：資本結構、股權結構與公司價值關聯性之實證研究：代理成本理論
書刊名：臺大管理論叢
作者：葉銀華 引用關係／邱顯比 引用關係
作者(外文)：Yeh, Yin-hua／Chiu, Shean-bii
出版日期：1996
卷期：7:2
頁次：頁57-89
主題關鍵詞：代理成本；資本結構；股權結構；Agency cost；Capital structure；Ownership structure
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(57) 博士論文(2) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:56
  • 共同引用共同引用:75
  • 點閱點閱:746
本文透過詳細的理論文獻分析，建立有關資本結構與股權結構決定因素的十六個可驗證假說，以及資本結構、股權結構對公司價值影響的假說。利用因素分析法為每一個理論因素選擇多重指標，並且利用三階段最小平方法來估計資本結構、股權結構與公司價值之關聯性聯立模型。主要發現包括：（1）根據負債與權益代理問題所設立的決定因素，對於資本結構與股權結構存在有顯著的影響，（2）支持資本結構對公司價值之負相關假說，以及股權結構對公司價值之利益收斂假說。可見國內證券市場缺乏解決代理問題的機能，而存在顯著的負債與權益代理成本，對公司價值產生負面的影響。（3）資本結構與股權結構具有相互影響的關係。
Based on the agency theory, this study first summarizes and develops hypotheses of factors that determine ownership structure, capital structure, firm value, respectively. Using the factor analysis and 3SLS model to test these hypotheses on the Taiwan stock market. The empirical results suggest: (1) those hypotheses of factors that determine ownership structure and capital structure are supported. (2) The ownership structure is positively, and the capital structure is negatively related to the firm value is also supported. That indicates the lack of mechanism of reducing agency problem on Taiwan stock market induces the significant debt and equity agency costs to have a negative effect on firm value. (3) There exists an interrelations between capital structure and ownership structure.
期刊論文
1.Hirshleifer, D.、Thakor, A. V.(1992)。Managerial conservatism, project choice, and debt。Review of Financial Studies，5(3)，437-470。  new window
2.Harris, M.、Raviv, A.(1990)。Capital Structure and the Informational Role of Debt。Journal of Finance，45(2)，321-349。  new window
3.Israel, R.(1992)。Capital and Ownership Structure, and the Market for Corporate Control。Review of Financial Studies，5，181-198。  new window
4.Campbell, T. S.、Kracaw, W. A.(1990)。Corporate risk management and the incentive effect of debt。Journal of Finance，45，1673-1684。  new window
5.Jensen, Gerald R.、Solberg, Donald P.、Zorn, Thomas S.(1992)。Simultaneous Determination of Insider Ownership, Debt and Dividend Policies。Journal of Financial and Quantitative Analysis，27(2)，247-263。  new window
6.Marsh, P.(1982)。The choice between equity and debt: An empirical study。Journal of Finance，37(1)，121-144。  new window
7.Bradley, Michael、Jarrell, Gregg A.、Kim, E. Han(1984)。On the Existence of an Optimal Capital Structure: Theory and Evidence。Journal of Finance，39(3)，857-878。  new window
8.Crutchley, C. E.、Hansen, R. S.(1989)。A test of the agency theory of managerial ownership, corporate leverage, and corporate dividends。Financial Management，18(4)，36-46。  new window
9.Agrawal, A.、Nagarajan, N. J.(1990)。Corporate capital structure, agency cost and ownership control: the case of all-equity firms。Journal of Finance，45，1325-1331。  new window
10.Baysinger, B.、Hoskisson, R. E.(1990)。The composition of of Boards of directors and strategic control: effects on corporate strategy。Academy of Management Review，15，72-87。  new window
11.Beck, P. J.、Zorn, T. S.(1982)。Managerial incentives in a stock market economy。Journal of Finance，37，1151-1167。  new window
12.Demsetz, H.、Lehn, K.(1985)。The structure of corporate owners hip: Causes and consequences。Journal of Political Economy，93，1155-1177。  new window
13.Fama, E. F.、Jensen, M. C.(1983)。Agency problem and residual claims。Journal of Law and Economics，26(2)，327-349。  new window
14.Friend, I.、Hasbrouck, J.、Lang, L.(1988)。An empirical test of the impact of managerial self-interest on corporate capital structure。Journal of Finance，43，271-281。  new window
15.Garvey, G. T.(1992)。Leveraging the underinvestment problem: how high debt and management shareholdings solve the agency costs of free cash flow。Journal of Financial Research，15，149-165。  new window
16.SmirIock, M.、Marshall, W.(1983)。Monopoly Power and Expense Preference Behavior: Theory and Evidence to the Contrary。Bell Journal of Economics，14，166-178。  new window
17.Smith, C.、Warner, J.(1979)。On financial contracting。Journal of Financial Economics，7，117-161。  new window
18.何憲章、邱顯比、葉銀華(19940700)。股權結構與利益輸送之理論模型。臺大管理論叢，5(2)，1-22。new window  延伸查詢new window
19.邱毅、張訓華(19910500)。股權結構、董事會組成與企業財務績效。臺北市銀月刊，22(5)=260，11-32。  延伸查詢new window
20.Diamond, D. W.(1989)。Reputation Acquisition in Debt Markets。Journal of Political Economy，97(4)，828-862。  new window
21.Kim, W. S.、Sorensen, E. H.(1986)。Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy。Journal of Financial and Quantitative Analysis，21，131-144。  new window
22.Maksimovic, Vojislav、Zeclmer, Josef(1991)。Debt, agency costs, and industry equilibrium。The Journal of Finance，46(5)，1619-1643。  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.Leland, Hayne E.、Pyle, David H.、Brealey, Richard(1977)。Informational Asymmetries, Financial Structure, and Financial Intermediation。The Journal of Finance，32(2)，371-387。  new window
25.Smith, Clifford W.、Stulz, René M.(1985)。The determinants of firms' hedging policies。Journal of Financial and Quantitative Analysis，20(4)，391-405。  new window
26.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
27.Lehn, Kenneth、Poulsen, Annette(1989)。Free Cash Flow and Stockholder Gains in Going Private Transactions。The Journal of Finance，44(3)，771-787。  new window
28.Stulz, René M.(1990)。Managerial Discretion and Optimal Financing Policies。Journal of Financial Economics，26(1)，3-27。  new window
29.Fama, Eugene F.、Jensen, Michael C.(1983)。Separation of ownership and control。The Journal of Law & Economics，26(2)，301-325。  new window
30.Myers, Stewart C.(1977)。Determinants of Corporate Borrowing。Journal of Financial Economics，5(2)，147-175。  new window
31.Titman, Sheridan、Wessels, Roberto(1988)。The determinants of capital structure choice。The Journal of Finance，43(1)，1-19。  new window
32.Kester, W. Carl(1986)。Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Corporations。Financial Management，15(1)，5-16。  new window
33.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
34.Fama, Eugene F.(1980)。Agency Problems and the Theory of the Firm。Journal of Political Economy，88(2)，288-307。  new window
35.Jensen, Michael C.(1986)。Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers。The American Economic Review，76(2)，323-329。  new window
36.Harris, Milton、Raviv, Artur(1988)。Corporate Control Contests and Capital Structure。Journal of Financial Economics，20(1/2)，55-86。  new window
37.Myers, Stewart C.、Majluf, Nicholas S.(1984)。Corporate Financing and Investment Decisions When Firms Have Information That Investor Do Not Have。Journal of Financial Economics，13(2)，187-221。  new window
38.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
學位論文
1.黃英陶(1988)。代理問題對公司資本結構影響之研究(碩士論文)。國立成功大學。  延伸查詢new window
2.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，高雄。  延伸查詢new window
3.張明峰(1991)。股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
4.彭懷真(1989)。台灣企業業主的”關係”及其轉變--一個社會學的分析(博士論文)。東海大學。new window  延伸查詢new window
圖書
1.Jöreskog, K. G.、Sörbom, D.(1987)。LISREL: Analysis of Linear Structural Relationships by the Method of Maximum Likelihood。Chicago：International Educational Services。  new window
圖書論文
1.Friend, I.、Hasbrouck, J.(1988)。Determinants of capital structure。Research in Finance。New York：JAI Press。  new window
 
 
 
 
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