Please use this identifier to cite or link to this item: https://ah.nccu.edu.tw/handle/140.119/131785


Title: Shapley value衡量的股權結構與資本支出之關聯
The relationship between equity structure as measured by Shapley value and capital expenditure
Authors: 林盛冠
Lin, Sheng-Kuan
Contributors: 蕭明福
Shaw, Ming-Fu
林盛冠
Lin, Sheng-Kuan
Keywords: 大股東
追蹤資料
資本支出
Shapley value
Tobin's Q
Date: 2020
Issue Date: 2020-09-02 12:45:51 (UTC+8)
Abstract: 本文將台灣上市公司大股東分成內部大股東及外部大股東兩類,並且為了減少股東股份所有權原始數據與其真實影響力之間的差距,於是將股份所有權轉化為Shapley value來衡量,發現內外部大股東與公司資本支出的相互關係為 : 內部大股東與公司資本支出的關係為負相關,外部大股東與公司資本資出的關係為正相關。而若比較股東股份所有權未轉化及轉化為Shapley value前後所得出迴歸結果之差異,可以發現到說,Shapley value可有效縮小股份原始數據與其真實影響力之間的差距,不會因其原始數據絕對數量的大小,造成迴歸結果出現矛盾。
此外,本文也依照Tobin’s Q的高低將公司分類,進一步進行股東股份所有權與公司資本支出變動率的分組迴歸。迴歸結果顯示,內部大股東與公司資本支出變動率的關係,會隨著公司Q值的提升而傾向更強烈的負相關,這可能與台灣擁有眾多家族企業有關;外部大股東則是與之相反,隨著公司Q值的提升,其與公司資本變動率的正相關關係會愈來愈強烈,推測是與投資人會依照公司前景來做選擇,在多承受相同的風險下,高成長公司會比低成長公司較受投資人的青睞。
除此之外,本文也將產業依主計處分類標準,個別分類進行迴歸,發現本文之模型較適合運用在衡量傳統行業,例如 : 紡織、食品製造、營建工程等;但在衡量另外一些產業可能就不是那麼合適,例如 : 航空運輸、資訊服務或批發業等,推測與產業興盛的先後有關。
另外在財務指標的方面,發現到說,槓桿比率在不同公司間的效用有相異的情形,在Q值小的公司,槓桿越高,資本變動率越低;相反的,Q值高的公司,槓桿越高,資本變動率越高,公司可能會比較積極的去做一些新的投資計劃。除此之外,在公司投資機會低時,也就是Q值不高的情況下,公司的資本支出會與公司規模大小呈顯著負相關,表示說小公司可能會因資訊相對的不透明,或者監督機制發揮的困難,而導致公司會有過度投資的情況。
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Description: 碩士
國立政治大學
經濟學系
107258020
Source URI: http://thesis.lib.nccu.edu.tw/record/#G0107258020
Data Type: thesis
Appears in Collections:[經濟學系] 學位論文

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