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題名 股權結構、董事會組成對民營化企業經營績效之影響
The effect of ownership structure and board composition on the performance of privatized firms
作者 蕭郁蓉
Hsiao, Yu Jung
貢獻者 翁永和
Weng, Yung Ho
蕭郁蓉
Hsiao, Yu Jung
關鍵詞 民營化
經營績效
公司治理
股權結構
董事會組成
Privatization
Performance
Corporate Governance
Ownership Structure
Board Composition
日期 2008
上傳時間 29-Sep-2011 18:33:25 (UTC+8)
摘要 隨著經濟自由主義時代來臨,面對全球性的競爭及各國市場逐漸開放,公營事業民營化已是各國政府的重要財經政策之一。過去有關民營化對企業經營績效影響之研究頗為豐富,其中國外文獻大多贊成民營化對企業經營績效有顯著提昇之影響,然而國內相關文獻之研究結果,則較為紛歧。本文以西元1989年我國正式推動民營化政策以來,採用釋股方式完成移轉民營之21家上市公司為研究對象,來探討民營化企業獲利能力及經營績效的影響因素。由實證結果得知,政府持股比率、專業機構投資人持股比率、經理人持股比率、獨立董事人數、員工股票分紅等因素,對公司經營績效呈顯著正相關;然而董監事持股比率、董事會規模等因素,則對公司經營績效呈顯著負相關。
In the era of economic liberalization and globalization, privatization has become one of the most important economic policies around the world. During the past two decades, most studies have indicated that the performance of State-Owned Enterprises (SOEs) has improved after they were privatized. However, studies on SOEs of Taiwan have received controversial results. The purpose of this paper is to examine the effect of ownership structure and board composition on the performance of privatized firms in Taiwan that experienced full or partial privatization through public share offerings during the period 1989 to 2008. The results show that the ratio of government holdings, the ratio of institutional investors holdings, the ratio of managers holdings, the number of independent directors and share option schemes have significantly positive effects on firm performances. The results also suggest that the scale of board of directors and the ratio of directors holdings have significantly negative effects.
參考文獻 一、中文部分:
行政院經濟建設委員會(2005),《政府持股事業之公司治理與績效關聯性研究》,行政院經濟建設委員會委託研究報告。
宋敏、張俊喜、李春濤(2004),「股權結構的陷阱」,《南開管理評論》,1,9-23。
吳國英(2001),《公營事業民營化後績效之影響因素》,淡江大學高階主管管理碩士學程碩士論文。
吳學良、孫智麗、洪德生、李清松(2004),「我國公營事業民營化前後績效變化之研究」,《台灣銀行季刊》,55(2),37-64。
吳學良、鮑慧文(2006),「公營事業民營化政策再檢驗:相對績效衡量與績效變化之影響因素」,《經濟情勢暨評論》,12(2),18-41。
吳建頤(2003),《董事會規模對公司價值的影響》,國立中正大學財務金融研究所碩士論文。
林建宏、黃慶堂(1996),「我國公營事業民營化經營績效之實證研究」,《臺灣銀行季刊》,47(3),86-109。
林淑棻(2003),《公司股權結構、董事會組成結構以及財務政策與公司經營績效關係》,國立政治大學財務管理研究所碩士論文。
林承樺(2000),《中鋼民營化過程中公司統制及績效之評估》,國立交通大學經營管理研究所碩士論文。
翁永和、羅鈺珊、劉碧珍(2003),「市場結構與最適民營化政策」,《經濟論文》,31(2),149-169。
財政部(2006),《從獨董制度論公股管理之變革》,財政部委託研究報告。
許和鈞、李宗政(2003),《民營化國營企業公股投資效益之分析》,台北:行政院研究發展考核委員會。
陳曉芸(1999),《從代理理論之觀點探討股權結構對保險經營之影響》,國立政治大學風險管理與保險學系碩士論文。
陳家馴(2004),《董事會組成、公股角色與企業績效之關聯性研究》,國立成功大學企業管理學系碩士論文。
黃榮龍(1993),《股權結構與經營績效之研究》,國立政治大學會計研究所碩士論文
黃英修(1999),《我國銀行業股權結構與經營績效相關性之探討》,國立成功大學企業管理研究所碩士論文。
黃燕瑜(2006),《政府機構持股與公司經營績效關聯性之研究》,國立政治大學會計學研究所碩士論文。
張旭玲(1998),《我國股票上市公司股權結構暨經營績效之研究》,國立成功大學會計學研究所碩士論文。
張雨農(2004),《我國上市公司董事會結構與公司經營績效之關聯性研究,東吳大學會計學系碩士論文。
葉銀華(1998),「家族控股集團與股票報酬共變性之實證研究」,《台大管理論叢》,9(1),25-49。
楊俊中(1998),《股權結構與經營績效相關性之研究》,國立台灣大學會計研究所碩士論文。
應圓圓(2002),《公營事業民營化之績效研究─華南商業銀行》,國立高雄第一科技大學碩士論文。
二、英文部分
Alchian, A. (1965), “Some Economics of Property Rights.” Politico, 30(4), 816-829.
Berle, A. and Means, G. (1932), The Modern Corporation and Private Property, New York: MacMillan.
Boardman, A.E. and Vining, A.R. (1992), “Ownership vs. Competition: Efficiency in Public Enterprise.” Public Choice, 73(2): 205-239.
Boubakri, N. and Cosset, J. (1998), “The Financial and Operating Performance of Newly Privatized Firms: Evidence from Developing Countries.” Journal of Finance, 53(3): 1081-1110.
Boycko, M.; Shleifer, A. and Vishny, R. (1996), “A Theory of Privatization.” Economic Journal, 106(435): 309-320.
Cook, P. and Kirkpatrick, C. (1988), Privatisation in Less Developed Countries, New York: St. Martin’s Press.
D’Souza, J. and Megginson, W.L. (1999),“The Financial and Operating Performance of Privatized Firms during the 1990s.” Journal of Finance, 54(4): 1397-1438.
Dobrzynski, J.H. (1993), “Corporate Boards May Finally Be Shaping Up.” Business Week, 31: 26.
Fama, E.F. and Jensen, M.C. (1983),“Separation of Ownership and Control.” Journal of Law and Economics, 26(2): 301-325.
Jensen, M.C. and Meckling, W. (1976), “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.” Journal of Financial Economics, 3: 305-360.
Jensen, M.C. and Ruback, (1983), “The Market for Corporate Control: the Scientific Evidence.” Journal of Financial. Economics, 11: 5-50.
Kay, J.A. and Thompson, D.J. (1986), “Privatization: A Policy in Search of A Rationale.” Economic Journal, 96(3): 18-32.
Kane, E.J. (1999), “The Limits of Stockholder Privatization.” Working Paper, Washington, D.C: World Bank.
Kesner, I.F. (1987), “Directors Stock Ownership and Organization Performance: An Investigation of Fortune 500 Companies.” Journal of Business Research, 16: 235-249.
La Porta, R. and Lopez-de-Silanes, F. (1997), “Benefits of Privatization: Evidence From Mexico.” Private Sector, 10: 21-24.
Leibenstein, H. (1966), “Allocative Efficiency versus X-Efficiency.” American Economic Review, 56: 392-415.
Lipton, M., and Lorsch, J.W. (1992),“A Modest Proposal for Improved Corporate Governance.” Business Lawyer, 48: 59-77
Megginson, W.L., Nash, R.C. and van Randenborgh, M. (1994), “Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis.” Journal of Finance, 49(2): 403-452.
Morck, R., Shleifer, A. and Vishny, R.W. (1988), “Management Ownership and Market Valuation: An Empirical Analysis.” Journal of Financial Economics, 20: 293-315.
Niskanen, W.A. (1971), Bureaucracy and Representative Government, Chicago: Aldine Atherton.
Organization for Economic Corporation and Development(OECD) (2004), “OECD Principles of Corporate governance.” OECD Report.
Pound, J. (1988), “Proxy Contests and the Efficiency of Shareholder Oversight.” Journal of Financial Economics, 20: 237-265
Shleifer, A. and Vishny, R.W. (1986), “Large Shareholders and Corporate Control.” Journal of Political Economy, 94(3): 461-487.
Sun, Q. and Tong, W.H.S. (2002), “Malaysia Privatization: A Comprehensive Study.” Financial Management, 31(4): 79-105.
Vernon-Wortzel, H. and Wortzel, L. (1989), “Privatization: Not the Only Answer.” World Development, 17(5): 73.
Wei, Z., Varela, O., D’Souza, J. and Hassan, M.K. (2003), “The Financial and Operating Performance of China’s Newly Privatized Firms.” Financial Management, 32(2): 107-126.
Willig, R.D. (1985), Corporate Government at the Product Market Structure. Mimeo: Princeton University.
Yarrow, G. (1986), “Privatization in Theory and Practice.” Economic Policy, 2:324-377.
Yermack, D. (1996), “Higher Market Valuation of Companies with a Small Board of Directors.” Journal of Financial Economics, 40(2): 185-211.
Zahra, S.A. and Pearce, J.A., (1989), “Boards of Directors and Corporate Financial Performance: A Review and Integrative Model,” Journal of Management, 15(2): 291-334.
三、參考網站
行政院經濟建設委員會:http://www.cepd.gov.tw/
公開資訊觀測站:http://newmops.tse.com.tw/
描述 碩士
國立政治大學
行政管理碩士學程
94921044
97
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0094921044
資料類型 thesis
dc.contributor.advisor 翁永和zh_TW
dc.contributor.advisor Weng, Yung Hoen_US
dc.contributor.author (Authors) 蕭郁蓉zh_TW
dc.contributor.author (Authors) Hsiao, Yu Jungen_US
dc.creator (作者) 蕭郁蓉zh_TW
dc.creator (作者) Hsiao, Yu Jungen_US
dc.date (日期) 2008en_US
dc.date.accessioned 29-Sep-2011 18:33:25 (UTC+8)-
dc.date.available 29-Sep-2011 18:33:25 (UTC+8)-
dc.date.issued (上傳時間) 29-Sep-2011 18:33:25 (UTC+8)-
dc.identifier (Other Identifiers) G0094921044en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/51050-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 行政管理碩士學程zh_TW
dc.description (描述) 94921044zh_TW
dc.description (描述) 97zh_TW
dc.description.abstract (摘要) 隨著經濟自由主義時代來臨,面對全球性的競爭及各國市場逐漸開放,公營事業民營化已是各國政府的重要財經政策之一。過去有關民營化對企業經營績效影響之研究頗為豐富,其中國外文獻大多贊成民營化對企業經營績效有顯著提昇之影響,然而國內相關文獻之研究結果,則較為紛歧。本文以西元1989年我國正式推動民營化政策以來,採用釋股方式完成移轉民營之21家上市公司為研究對象,來探討民營化企業獲利能力及經營績效的影響因素。由實證結果得知,政府持股比率、專業機構投資人持股比率、經理人持股比率、獨立董事人數、員工股票分紅等因素,對公司經營績效呈顯著正相關;然而董監事持股比率、董事會規模等因素,則對公司經營績效呈顯著負相關。zh_TW
dc.description.abstract (摘要) In the era of economic liberalization and globalization, privatization has become one of the most important economic policies around the world. During the past two decades, most studies have indicated that the performance of State-Owned Enterprises (SOEs) has improved after they were privatized. However, studies on SOEs of Taiwan have received controversial results. The purpose of this paper is to examine the effect of ownership structure and board composition on the performance of privatized firms in Taiwan that experienced full or partial privatization through public share offerings during the period 1989 to 2008. The results show that the ratio of government holdings, the ratio of institutional investors holdings, the ratio of managers holdings, the number of independent directors and share option schemes have significantly positive effects on firm performances. The results also suggest that the scale of board of directors and the ratio of directors holdings have significantly negative effects.en_US
dc.description.tableofcontents 第一章 緒論………………………………………………………………1
     第一節 研究背景…………………………………………………………1
     第二節 研究動機…………………………………………………………3
     第三節 研究目的…………………………………………………………4
     第四節 研究架構…………………………………………………………5
     第二章 文獻回顧與探討…………………………………………………6
     第一節 移轉民營理論基礎………………………………………………6
     第二節 民營化後企業經營績效與影響因素……………………………9
     第三節 公司治理、股權結構與經營績效………………………………15
     第三章 研究設計…………………………………………………………22
     第一節 研究對象、期間與資料來源……………………………………22
     第二節 變數說明…………………………………………………………22
     第三節 研究假說…………………………………………………………28
     第四節 實證模型…………………………………………………………28
     第四章 實證結果與分析…………………………………………………30
     第一節 敘述統計分析……………………………………………………30
     第二節 自我相關分析……………………………………………………32
     第三節 迴歸分析…………………………………………………………34
     第四節 假說驗證分析……………………………………………………44
     第五章 結論………………………………………………………………50
     第一節 結論………………………………………………………………50
     第二節 後續研究…………………………………………………………51
     參考文獻 …………………………………………………………………53
zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0094921044en_US
dc.subject (關鍵詞) 民營化zh_TW
dc.subject (關鍵詞) 經營績效zh_TW
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) 股權結構zh_TW
dc.subject (關鍵詞) 董事會組成zh_TW
dc.subject (關鍵詞) Privatizationen_US
dc.subject (關鍵詞) Performanceen_US
dc.subject (關鍵詞) Corporate Governanceen_US
dc.subject (關鍵詞) Ownership Structureen_US
dc.subject (關鍵詞) Board Compositionen_US
dc.title (題名) 股權結構、董事會組成對民營化企業經營績效之影響zh_TW
dc.title (題名) The effect of ownership structure and board composition on the performance of privatized firmsen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 一、中文部分:zh_TW
dc.relation.reference (參考文獻) 行政院經濟建設委員會(2005),《政府持股事業之公司治理與績效關聯性研究》,行政院經濟建設委員會委託研究報告。zh_TW
dc.relation.reference (參考文獻) 宋敏、張俊喜、李春濤(2004),「股權結構的陷阱」,《南開管理評論》,1,9-23。zh_TW
dc.relation.reference (參考文獻) 吳國英(2001),《公營事業民營化後績效之影響因素》,淡江大學高階主管管理碩士學程碩士論文。zh_TW
dc.relation.reference (參考文獻) 吳學良、孫智麗、洪德生、李清松(2004),「我國公營事業民營化前後績效變化之研究」,《台灣銀行季刊》,55(2),37-64。zh_TW
dc.relation.reference (參考文獻) 吳學良、鮑慧文(2006),「公營事業民營化政策再檢驗:相對績效衡量與績效變化之影響因素」,《經濟情勢暨評論》,12(2),18-41。zh_TW
dc.relation.reference (參考文獻) 吳建頤(2003),《董事會規模對公司價值的影響》,國立中正大學財務金融研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 林建宏、黃慶堂(1996),「我國公營事業民營化經營績效之實證研究」,《臺灣銀行季刊》,47(3),86-109。zh_TW
dc.relation.reference (參考文獻) 林淑棻(2003),《公司股權結構、董事會組成結構以及財務政策與公司經營績效關係》,國立政治大學財務管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 林承樺(2000),《中鋼民營化過程中公司統制及績效之評估》,國立交通大學經營管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 翁永和、羅鈺珊、劉碧珍(2003),「市場結構與最適民營化政策」,《經濟論文》,31(2),149-169。zh_TW
dc.relation.reference (參考文獻) 財政部(2006),《從獨董制度論公股管理之變革》,財政部委託研究報告。zh_TW
dc.relation.reference (參考文獻) 許和鈞、李宗政(2003),《民營化國營企業公股投資效益之分析》,台北:行政院研究發展考核委員會。zh_TW
dc.relation.reference (參考文獻) 陳曉芸(1999),《從代理理論之觀點探討股權結構對保險經營之影響》,國立政治大學風險管理與保險學系碩士論文。zh_TW
dc.relation.reference (參考文獻) 陳家馴(2004),《董事會組成、公股角色與企業績效之關聯性研究》,國立成功大學企業管理學系碩士論文。zh_TW
dc.relation.reference (參考文獻) 黃榮龍(1993),《股權結構與經營績效之研究》,國立政治大學會計研究所碩士論文zh_TW
dc.relation.reference (參考文獻) 黃英修(1999),《我國銀行業股權結構與經營績效相關性之探討》,國立成功大學企業管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 黃燕瑜(2006),《政府機構持股與公司經營績效關聯性之研究》,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) 張旭玲(1998),《我國股票上市公司股權結構暨經營績效之研究》,國立成功大學會計學研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 張雨農(2004),《我國上市公司董事會結構與公司經營績效之關聯性研究,東吳大學會計學系碩士論文。zh_TW
dc.relation.reference (參考文獻) 葉銀華(1998),「家族控股集團與股票報酬共變性之實證研究」,《台大管理論叢》,9(1),25-49。zh_TW
dc.relation.reference (參考文獻) 楊俊中(1998),《股權結構與經營績效相關性之研究》,國立台灣大學會計研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 應圓圓(2002),《公營事業民營化之績效研究─華南商業銀行》,國立高雄第一科技大學碩士論文。zh_TW
dc.relation.reference (參考文獻) 二、英文部分zh_TW
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dc.relation.reference (參考文獻) Cook, P. and Kirkpatrick, C. (1988), Privatisation in Less Developed Countries, New York: St. Martin’s Press.zh_TW
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dc.relation.reference (參考文獻) Jensen, M.C. and Meckling, W. (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 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) Kay, J.A. and Thompson, D.J. (1986), “Privatization: A Policy in Search of A Rationale.” Economic Journal, 96(3): 18-32.zh_TW
dc.relation.reference (參考文獻) Kane, E.J. (1999), “The Limits of Stockholder Privatization.” Working Paper, Washington, D.C: World Bank.zh_TW
dc.relation.reference (參考文獻) Kesner, I.F. (1987), “Directors Stock Ownership and Organization Performance: An Investigation of Fortune 500 Companies.” Journal of Business Research, 16: 235-249.zh_TW
dc.relation.reference (參考文獻) La Porta, R. and Lopez-de-Silanes, F. (1997), “Benefits of Privatization: Evidence From Mexico.” Private Sector, 10: 21-24.zh_TW
dc.relation.reference (參考文獻) Leibenstein, H. (1966), “Allocative Efficiency versus X-Efficiency.” American Economic Review, 56: 392-415.zh_TW
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dc.relation.reference (參考文獻) Megginson, W.L., Nash, R.C. and van Randenborgh, M. (1994), “Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis.” Journal of Finance, 49(2): 403-452.zh_TW
dc.relation.reference (參考文獻) Morck, R., Shleifer, A. and Vishny, R.W. (1988), “Management Ownership and Market Valuation: An Empirical Analysis.” Journal of Financial Economics, 20: 293-315.zh_TW
dc.relation.reference (參考文獻) Niskanen, W.A. (1971), Bureaucracy and Representative Government, Chicago: Aldine Atherton.zh_TW
dc.relation.reference (參考文獻) Organization for Economic Corporation and Development(OECD) (2004), “OECD Principles of Corporate governance.” OECD Report.zh_TW
dc.relation.reference (參考文獻) Pound, J. (1988), “Proxy Contests and the Efficiency of Shareholder Oversight.” Journal of Financial Economics, 20: 237-265zh_TW
dc.relation.reference (參考文獻) Shleifer, A. and Vishny, R.W. (1986), “Large Shareholders and Corporate Control.” Journal of Political Economy, 94(3): 461-487.zh_TW
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dc.relation.reference (參考文獻) 三、參考網站zh_TW
dc.relation.reference (參考文獻) 行政院經濟建設委員會:http://www.cepd.gov.tw/zh_TW
dc.relation.reference (參考文獻) 公開資訊觀測站:http://newmops.tse.com.tw/zh_TW