dc.contributor.advisor | 戚務君 | zh_TW |
dc.contributor.advisor | Chi, Wu-Chun | en_US |
dc.contributor.author (Authors) | 劉威廷 | zh_TW |
dc.contributor.author (Authors) | Liu, Wei-Ting | en_US |
dc.creator (作者) | 劉威廷 | zh_TW |
dc.creator (作者) | Liu, Wei-Ting | en_US |
dc.date (日期) | 2005 | en_US |
dc.date.accessioned | 18-Sep-2009 09:02:18 (UTC+8) | - |
dc.date.available | 18-Sep-2009 09:02:18 (UTC+8) | - |
dc.date.issued (上傳時間) | 18-Sep-2009 09:02:18 (UTC+8) | - |
dc.identifier (Other Identifiers) | G0093353004 | en_US |
dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/34218 | - |
dc.description (描述) | 碩士 | zh_TW |
dc.description (描述) | 國立政治大學 | zh_TW |
dc.description (描述) | 會計研究所 | zh_TW |
dc.description (描述) | 93353004 | zh_TW |
dc.description (描述) | 94 | zh_TW |
dc.description.abstract (摘要) | 本研究利用2000年至2004年的資料,分析獨立董事與監察人的設置 (以下簡稱為獨立董監) 與公司債務資金成本的關聯性。在以利息費用除以付息負債做為代理變數的前提之下,本研究的實證結果顯示,無論以當期利率水準、次期利率水準或者利率水準的變化做為被解釋變數,均顯示聘任獨立董監的企業會享有較低的債務資金成本。此外,進一步的分析也發現,無論以簡單的單變量模型、普通最小平方法或者利用縱橫面資料 (panel data) 模型,都得一致性地得到獨立董監得以有助於減緩公司與債權人間代理成本的實證結果。就控制變數而言,與預期相同,較完備的公司治理、較高的企業規模以及較佳的營運績效均與債務資金成本具有負向的關聯性。 | zh_TW |
dc.description.abstract (摘要) | Corporate governance has become an imperative issue recently, especially the focus on the independent director system. Securities and Futures Commission has requested that those applying to be listed companies should set up the independent director systems for the purpose of building better corporate governance systems. In the framework of corporate governance formulated by the World Bank, as an essential capital provider or financial statement user, creditor plays an indispensable role. But few literatures has conducted to evaluate the relationship between the cost of debt financing and corporate governance, much less with the independent directors. Therefore, this study based on a sample of listed companies data in Taiwan Economic Journal over the period of 2000 to 2004 is to explore the relationship between independent directors and cost of debt and expected to provide the financial institutions determining the borrowing rate with some empirical results. The results indicate the cost of debt, whether based on the level analysis or change analysis of ordinary least square model or panel data analysis, is inversely related to the independent directors with significance at 1% level, suggesting that the enterprise with independent directors having the lower cost of debt in favor of the hypothesis. The analysis also indicates the relationship of the control variables of board characteristics, such as the ratio of the stock held by the board and supervisors is inversely with cost of debt、the higher ratio of the pledged shares held by the board and supervisors with the higher cost of debt and the enterprise with the combined titles of the chairman and CEO has higher cost of debt, follow our expectation again. | en_US |
dc.description.tableofcontents | 第一章 緒論 1第一節 研究動機與目的 1第二節 研究問題 3第三節 研究架構 4第二章 文獻探討 6第一節 代理理論與公司治理 6ㄧ、代理理論 6二、公司治理概述 9第二節 董事會特性相關文獻 12一、獨立董事與監察人 12二、董監事持股比率 14三、董監事持股質押比率 15四、董事長兼任總經理 16第三節 資金成本相關文獻 17一、權益資金成本 17二、債務資金成本 18第三章 研究方法 21第一節 研究假說 21第二節 研究變數 22第三節 資料來源與選取 25第四節 資料分析方法 26ㄧ、敘述性統計分析 26二、相關係數分析 26三、迴歸分析 26第四章 實證研究結果及分析 28第一節 敘述性統計分析 28ㄧ、樣本篩選過程 28二、各變數之敘述統計分析 29第二節 相關係數分析 32一、自變數間共線性分析 32二、自變數與應變數間相關係數分析 32第三節 迴歸分析 34ㄧ、應變數一與應變數二「當期」之實證分析 34二、應變數一與應變數二「次期」之實證分析 35三、應變數一與應變數二「變化」之實證分析 36第四節 額外之檢測分析 38一、排除短期借款之檢測 38二、考量前期債務資金成本因素之檢測 38三、Panel Data分析 39第五章 研究結論與建議 42第一節 研究結論 42一、上市(櫃)公司債務資金成本之概況 42二、上市(櫃)公司獨立董監事與董事會控制變數之概況 43三、企業是否聘任獨立董監事與債務資金成本之關係 43四、董監事持股比率與債務資金成本之關係 43五、董監事持股質押比率與債務資金成本之關係 44六、董事長與總經理是否為同一人與債務資金成本之關係 44第二節 研究限制 45第三節 未來研究方向建議 45參考文獻 47 | zh_TW |
dc.format.extent | 224801 bytes | - |
dc.format.extent | 232685 bytes | - |
dc.format.extent | 224885 bytes | - |
dc.format.extent | 264663 bytes | - |
dc.format.extent | 238217 bytes | - |
dc.format.extent | 296026 bytes | - |
dc.format.extent | 329518 bytes | - |
dc.format.extent | 645959 bytes | - |
dc.format.extent | 257723 bytes | - |
dc.format.extent | 249922 bytes | - |
dc.format.mimetype | application/pdf | - |
dc.format.mimetype | application/pdf | - |
dc.format.mimetype | application/pdf | - |
dc.format.mimetype | application/pdf | - |
dc.format.mimetype | application/pdf | - |
dc.format.mimetype | application/pdf | - |
dc.format.mimetype | application/pdf | - |
dc.format.mimetype | application/pdf | - |
dc.format.mimetype | application/pdf | - |
dc.format.mimetype | application/pdf | - |
dc.language.iso | en_US | - |
dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0093353004 | en_US |
dc.subject (關鍵詞) | 獨立董監 | zh_TW |
dc.subject (關鍵詞) | 債務資金成本 | zh_TW |
dc.subject (關鍵詞) | 公司治理 | zh_TW |
dc.subject (關鍵詞) | Independent directors | en_US |
dc.subject (關鍵詞) | cost of debt | en_US |
dc.subject (關鍵詞) | corporate governance | en_US |
dc.title (題名) | 獨立董事及監察人之設置與債務資金成本關聯性之研究 | zh_TW |
dc.title (題名) | INDEPENDENT DIRECTORS AND COST OF DEBT | en_US |
dc.type (資料類型) | thesis | en |
dc.relation.reference (參考文獻) | 江向才與何里仁,2003,公司治理之資訊透明度與經營績效關聯性之實證研究, | zh_TW |
dc.relation.reference (參考文獻) | 管理會計,第63期:1-60。 | zh_TW |
dc.relation.reference (參考文獻) | 汪淑媛,1997,銀行授信業務之道德危機與逆選擇行為,國立中央大學財務管理 | zh_TW |
dc.relation.reference (參考文獻) | 研究所碩士論文。 | zh_TW |
dc.relation.reference (參考文獻) | 李春安、吳欽杉與葉麗玉,2003,所有權結構與公司非法行為關係之研究-以台 | zh_TW |
dc.relation.reference (參考文獻) | 灣股票上市公司為例,證券市場發展季刊,第十四卷,第4期:1-40。 | zh_TW |
dc.relation.reference (參考文獻) | 林欣怡,2003,公司資訊透明度與權益資金成本之關係探討,國立中山大學財務 | zh_TW |
dc.relation.reference (參考文獻) | 管理研究所碩士論文。 | zh_TW |
dc.relation.reference (參考文獻) | 周行一、陳錦村與陳坤宏,1996,家族企業、聯屬持股與公司價值之研究,中國 | zh_TW |
dc.relation.reference (參考文獻) | 財務學刊,第四卷,第1期:115-139。 | zh_TW |
dc.relation.reference (參考文獻) | 高蘭芬與邱正仁,董監事股權質押對會計盈餘與股價報酬相關性之影響,臺大管 | zh_TW |
dc.relation.reference (參考文獻) | 理論叢,第十三卷,第1期:127-162。 | zh_TW |
dc.relation.reference (參考文獻) | 徐裕欽,2004,我國上市公司董監事會特性與權益資金成本關聯性之研究,國立 | zh_TW |
dc.relation.reference (參考文獻) | 政治大學會計研究所碩士論文。 | zh_TW |
dc.relation.reference (參考文獻) | 郭敏華,1996,資訊不對稱對負債資金成本之影響--以銀行借款為實證,國立政 | zh_TW |
dc.relation.reference (參考文獻) | 治大學企業管理研究所博士論文。 | zh_TW |
dc.relation.reference (參考文獻) | 陳世崇,2001,資金成本、資本結構與企業股價報酬關聯性之探討,國立政治大學會計學研究所碩士論文。 | zh_TW |
dc.relation.reference (參考文獻) | 陳盈樺,2000,台灣地區銀行與企業融資關係之探討-主力銀行機制,私立銘傳 | zh_TW |
dc.relation.reference (參考文獻) | 大學金融研究所碩士論文。 | zh_TW |
dc.relation.reference (參考文獻) | 陳錦村與葉雅薰,2002,公司改組、監督機制與盈餘管理之研究,會計評論,第 | zh_TW |
dc.relation.reference (參考文獻) | 34期:1-30。 | zh_TW |
dc.relation.reference (參考文獻) | 陳業寧、邱顯比及洪雲萍,2004,獨立董事與公司治理:政府應該要求所有上市上櫃公司聘任獨立董事嗎,證券市場發展季刊,第十六卷,第4期:1-36。 | zh_TW |
dc.relation.reference (參考文獻) | 葉銀華,2003,透視上市公司,台北:圓神出版社。 | zh_TW |
dc.relation.reference (參考文獻) | 葉銀華、李存修與柯承恩,2002,公司治理與評等系統,台北:商智文化。 | zh_TW |
dc.relation.reference (參考文獻) | 葉銀華、李存修與施俊義,1998,家族控股、董事會組成與經營績效-台灣家族 | zh_TW |
dc.relation.reference (參考文獻) | 企業管治機制之研究,中國財務學會1998年會暨學術研討會論文集, | zh_TW |
dc.relation.reference (參考文獻) | 161-180。 | zh_TW |
dc.relation.reference (參考文獻) | 葉銀華與邱顯比,1996,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,臺大管理論叢,第七卷,第2期:57-90。 | zh_TW |
dc.relation.reference (參考文獻) | 楊慧玲,2000,董事會結構及其變動對股東財富與經營績效影響之研究,私立朝陽科技大學企業管理研究所碩士論文。 | zh_TW |
dc.relation.reference (參考文獻) | 蔡其諭,2002,揭露程度與負債資金成本之關係,國立政治大學會計學研究所碩士論文。 | zh_TW |
dc.relation.reference (參考文獻) | 廖聖慧,2004,公司治理與負債資金成本之關係,國立政治大學會計學研究所碩士論文。 | zh_TW |
dc.relation.reference (參考文獻) | Ahmed, A.S., B.K. Billings, R.M. Morton, and M.S. Harris. 2002. The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs. The Accounting Review 77: 867-890. | zh_TW |
dc.relation.reference (參考文獻) | Alkhafaji, A. F. 1989. Global Marketing News. Journal of Global Marketing 3: 117-124. | zh_TW |
dc.relation.reference (參考文獻) | Amihud, Y., and H. Mendelson. 1986. Asset pricing and the bid-ask spread. Journal of Financial Economics 17: 223-249. | zh_TW |
dc.relation.reference (參考文獻) | Anderson, C. A.,and R. N. Anthony. 1986. The New Corporate Directors. New York, NY: Wiley. | zh_TW |
dc.relation.reference (參考文獻) | Anderson, R.C., S. A. Mansi, and D. M. Reeb. 2003. Founding family ownership and the agency cost of debt. Journal of Financial Economics 68: 263-285. | zh_TW |
dc.relation.reference (參考文獻) | Beasley, M. S. 1996. An empirical analysis between the board of director composition | zh_TW |
dc.relation.reference (參考文獻) | and financial statement fraud. The Accounting Review 71: 443-466. | zh_TW |
dc.relation.reference (參考文獻) | Berle, A.A., and C.G. Means. 1932. The modern corporation and private property. New York: Commerce Clearing House. | zh_TW |
dc.relation.reference (參考文獻) | Blackwell, D. W., and D. B. Winters. 1997. Banking relationships and the effect of | zh_TW |
dc.relation.reference (參考文獻) | monitoring on loan pricing. Journal of Financial Research 20: 275-289. | zh_TW |
dc.relation.reference (參考文獻) | Botosan, C. A. 1997. Disclosure level and the cost of equity capital. The Accounting | zh_TW |
dc.relation.reference (參考文獻) | Review 72: 323-349. | zh_TW |
dc.relation.reference (參考文獻) | Botosan, C. A., and M. A. Plumlee. 2001. A re-examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research 40: 21-40. | zh_TW |
dc.relation.reference (參考文獻) | Brickley, J. A., and J. L. Coles. 1997. Leadership structure: separating the CEO and chairman of the board. Journal of Corporate Finance 3: 189-220. | zh_TW |
dc.relation.reference (參考文獻) | Cadbury, A. 1999. What are the trends in corporate governance? How will they impact your company? Long Range Planning Journal 32: 12-19. | zh_TW |
dc.relation.reference (參考文獻) | Callahan, W.T., J.A. Miller, and C. Schulman. 2003. An analysis of the effect of | zh_TW |
dc.relation.reference (參考文獻) | management participation in director selection on the long-term performance of the firm. Journal of Corporate Finance 9: 169-181. | zh_TW |
dc.relation.reference (參考文獻) | Chen, Y., and S. Hu. 2001. The controlling shareholder’s personal stock loan and firm performance. Working paper. National Taiwan University. | zh_TW |
dc.relation.reference (參考文獻) | Claessens, S., S. Djankov, and L. Lang. 2000. The separation of ownership and control in East Asia corporations. Journal of Financial Economics 58: 81-112. | zh_TW |
dc.relation.reference (參考文獻) | Daily, C. M., and D. R. Dalton. 1993. Board of directors leadership and structure: control and performance implications. Entrepreneurship: Theory and Practice 17: 65- 81. | zh_TW |
dc.relation.reference (參考文獻) | D’Auria, C., A. Foglia, and, P.M. Reedtz. 1999. Bank interest rates and credit | zh_TW |
dc.relation.reference (參考文獻) | relationship in Italy. Journal of Banking and Finance 23: 1067-1093. | zh_TW |
dc.relation.reference (參考文獻) | DeAngelo, H., and E. M. Rice. 1983. Anti-takeover charter amendments and shareholder wealth. Journal of Financial Economics 11: 329-359. | zh_TW |
dc.relation.reference (參考文獻) | Diamond, D., and R. Verrecchia. 1991. Disclosure, liquidity, and the cost of capital. | zh_TW |
dc.relation.reference (參考文獻) | Journal of Finance 66: 1325-1355. | zh_TW |
dc.relation.reference (參考文獻) | Elliott, R.K., and P. D. Jacobson. 1994. Commentary: costs and benefits of business information disclosure. Accounting Horizons 8: 80-96. | zh_TW |
dc.relation.reference (參考文獻) | Fama, E. 1980. Agency problems and the theory of the firm. Journal of Political | zh_TW |
dc.relation.reference (參考文獻) | Economy 88: 288-307. | zh_TW |
dc.relation.reference (參考文獻) | Fama, E., and K. French. 1997. Industry costs of equity. Journal of Financial | zh_TW |
dc.relation.reference (參考文獻) | Economics 43: 153-193. | zh_TW |
dc.relation.reference (參考文獻) | Fama, E. F., and M. C. Jensen. 1983. Separation of ownership and control. Journal | zh_TW |
dc.relation.reference (參考文獻) | of Law and Economics 26: 301-325. | zh_TW |
dc.relation.reference (參考文獻) | Forker, J.J. 1992. Corporate governance and disclosure quality. Accounting and Business Research 22: 111-124. | zh_TW |
dc.relation.reference (參考文獻) | Gibbs, P. A. 1993. Determinants of corporate restructuring: the relative importance of corporate governance, takeover threat, and free cash flow. Strategic Management Journal 14: 51-68. | zh_TW |
dc.relation.reference (參考文獻) | Haugen, R. A., and L. W. Senbet. 1988. Bankruptcy and agency costs: their significance to the theory of optimal capital structure. Journal of Financial and Quantitative Analysis 23: 27-38. | zh_TW |
dc.relation.reference (參考文獻) | Healy, P. M., A. P. Hutton, and K. G. Palepu. 1999. Stock performance and intermediation changes surroundings sustained increase in disclosure. Contemporary Accounting Research 16: 485-520. | zh_TW |
dc.relation.reference (參考文獻) | Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3: 305-360. | zh_TW |
dc.relation.reference (參考文獻) | Jensen, M. C., and R.S. Ruback. 1983. The market for corporate control the scientific evidence. Journal of Financial Economics 11: 5-50. | zh_TW |
dc.relation.reference (參考文獻) | Kesner, I. 1987. Directors’ stock ownership and organizational performance: An | zh_TW |
dc.relation.reference (參考文獻) | investigation of Fortune 500 companies. Journal of Management 13: 499-508. | zh_TW |
dc.relation.reference (參考文獻) | Klein, A. 2002. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics 33: 375-400. | zh_TW |
dc.relation.reference (參考文獻) | Lee, Y. S., S. Rosenstein, and J. G. Wyatt. 1999. The value of financial outside directors on corporate boards. International Review of Economics and Finance 8: 421-431. | zh_TW |
dc.relation.reference (參考文獻) | La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54: 471-517. | zh_TW |
dc.relation.reference (參考文獻) | Morck, R., A. Shleisfer, and R. W. Vishny. 1988. Management ownership and market | zh_TW |
dc.relation.reference (參考文獻) | valuation: An empirical analysis. Journal of Financial Economics 20: 293-315. | zh_TW |
dc.relation.reference (參考文獻) | Myers, D., A. Shivdasani, and C. W. Smith. 1997. Board composition and corporate | zh_TW |
dc.relation.reference (參考文獻) | control: evidence from the insurance industry. Journal of Business 70: 33-62. | zh_TW |
dc.relation.reference (參考文獻) | Patton, A.,and J. C. Baker. 1987. Why won’t directors rock the boat? Harvard | zh_TW |
dc.relation.reference (參考文獻) | Business Review 65: 10-18. | zh_TW |
dc.relation.reference (參考文獻) | Pearce J. A., and S. A. Zahra. 1992. Board composition from a strategic contingency | zh_TW |
dc.relation.reference (參考文獻) | perspective. Journal of Management Studies 29: 411-438. | zh_TW |
dc.relation.reference (參考文獻) | Petersen, M.A., and R.G. Rajan. 1994. The benefits of lending relationships: evidence | zh_TW |
dc.relation.reference (參考文獻) | from small business data. Journal of Finance 49: 3-37. | zh_TW |
dc.relation.reference (參考文獻) | Pittman J. A., and S. Fortin. 2004. Auditor choice and the cost of debt capital for newly public firms. Journal of Accounting and Economics 37: 113-136. | zh_TW |
dc.relation.reference (參考文獻) | Pound, J. 1988. Proxy contents and the Efficiency of Shareholder Oversight. Journal of Financial Economics 20: 237- 265. | zh_TW |
dc.relation.reference (參考文獻) | Prevost, A. K., R. P. Rao, and M. Hossain. 2002. Determinants of board composition in New Zealand: a simultaneous equations approach. Journal of Empirical Finance 9: 373-397. | zh_TW |
dc.relation.reference (參考文獻) | Rechner, P. L., and D. R. Dalton. 1991. CEO duality and organizational performance: a longitudinal analysis. Strategic Management Journal 12: 155-160. | zh_TW |
dc.relation.reference (參考文獻) | Rediker, K.J., and A. Seth. 1995. Boards of directors and substitution effects of alternative governance mechanisms. Strategic Management Journal 16: 85-99. | zh_TW |
dc.relation.reference (參考文獻) | Rosenstein, S., and J. G. Wyatt. 1990. Inside directors, board effectiveness, and | zh_TW |
dc.relation.reference (參考文獻) | shareholder wealth. Journal of Financial Economics 44: 229-250. | zh_TW |
dc.relation.reference (參考文獻) | Sengupta, P. 1998. Corporate Disclosure Quality and the Cost of Debt. The | zh_TW |
dc.relation.reference (參考文獻) | Accounting Review 73: 459-474. | zh_TW |
dc.relation.reference (參考文獻) | Shleifer, A., and R. Vishny. 1997. A survey of corporate governance. Journal of | zh_TW |
dc.relation.reference (參考文獻) | Finance 52: 117-142. | zh_TW |
dc.relation.reference (參考文獻) | Xie, B., W. N. Davidson, and P. J. DaDalt. 2003. Earnings management and corporate | zh_TW |
dc.relation.reference (參考文獻) | governance: the role of the board and the audit committee. Journal of Corporate | zh_TW |
dc.relation.reference (參考文獻) | Finance 9: 295-316. | zh_TW |
dc.relation.reference (參考文獻) | Weisbach, M. 1988. Outside directors and CEO turnover. Journal of Financial | zh_TW |
dc.relation.reference (參考文獻) | Economics 20: 431-460. | zh_TW |
dc.relation.reference (參考文獻) | Williamson, O.E. 1983. Organization form, residual claimants, and corporate control. | zh_TW |
dc.relation.reference (參考文獻) | Journal of Law & Economics 26: 351-366. | zh_TW |
dc.relation.reference (參考文獻) | Whittington, G.. 1993. Corporate governance and the regulation of financial reporting. | zh_TW |
dc.relation.reference (參考文獻) | Accounting and Business Research 23: 311-319. | zh_TW |
dc.relation.reference (參考文獻) | World Bank. 1999. Corporate governance: A framework for implementation | zh_TW |
dc.relation.reference (參考文獻) | overview. The World Bank. Washington D. C. | zh_TW |