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題名 台灣上市公司股權結構與股票報酬率之研究 作者 陳杰忠
CHEN, JIE-ZHONG貢獻者 林基煌
陳杰忠
CHEN, JIE-ZHONG日期 1992
1991上傳時間 2-May-2016 15:16:17 (UTC+8) 摘要 本研究之主要目的有二: (一)探討上市公司經營者之持股多寡，其股票報酬率是否有顯著差異?及(二)探討上市公司機構投資者之持股多寡，其股票報酬率與其變異程度，是否有顯著差異?本研究之次要目的亦有二: (一)根據主要目的之一，再分別加入企業規模、證券分析師盈餘預測次數及機構投資者股權之三個變數，做進一步分析，(二)根據主要目的之二，再加入企業規模之變數，做進一步分析。 參考文獻 一、中文部份1 .李建然，台灣股票市場股票股利對股票價格影響之研究，國立政治大學會計研究所碩士論文，民國八十年七月。2. 吳安妮，經理人員自願揭露盈餘預測資訊給外界之決定因素－實證研究，會計評論，民國八十年二月:1-24頁。3. 邱毅，企業的代理問題與制約機能，經濟前膽，民國七十八年四月十日第十四號12 及23 頁。4. 邱教及邱鉅權，企業代理問題與制約機能，台北市銀月刊，民國七十八年第廿卷第九期: 2 -13 頁。5. 邱毅及張訓華，股權結構、董事會組成與企業財務績效，台北市銀月刊，民國八十年第廿二卷第五期:11-32頁。6. 倪安順譯，SAS基礎與統計應用使用手冊，儒林圖書有限公司，民國七十六年六月初版。7. 許秀賓，財務分析師盈餘預測相對準確性決定因素之實證研究，國立政治大學會計研究所碩士論文，民國八十年七月。8. 賴汝鑑，財務管理，華泰書局，民國七十八年二月初版。9. 戴淵明，公司控制型態與其經營績效關係之研究－台灣地區上市公司之實證分析，國立中興大學企業管理研究所碩士論文，民國七十五年六月。二、英文部份1.Aggarwal, Raj, and Ramesh P. Rao. "Institutional Ownership and Distribution of Equity Returns.”The Financial Review 25 (May 1990):211-229.2. Arbel, Avner, Steven Carvell , and Paul Strebel. “Giraffes, Institutions and Neglected Firms." Financial Analysts Journal 39 (May/June 1983):57-62.3.Arbel and Strebel. "Pay Attention to Neglected Firms." Journal of Portfolio Management 9 (Winter 1983):37-42.*4.Berle , Adolph A. , and Gardiner C. Means. "The Modern Corporation and Private Property." New York:Macrnillan Co. , 1932.5. Beverly, L. Hadaway, and Samuel C. Hadaway. "Do Institutional Constraints Hobble Performance?" The Joranal of Portfolio Management (Winter 1989):33-37.6.Brickley , James A. , Ronald C. Lease , and Clifford W.Smith , Jr. ”Ownership Structure and Voting on Antitakeover Amendments." Journal of Financial Economics 20 (1988):267-291.7.Carvell , Steven A. , and Paul J. Strebel. "Is There a Neglected Firm Effect? " Journal of Business Finance and Accounting 14 (Surmmer 1987):279-290.8.Damodaran, Aswath. "Economic Events , Information Structure , and the Return-Generating Process. “ Journal of Financial and Quantitative Analysis 20 (December 1985):423-434 .9.Demsetz , Harold. "The Structure of Ownership and the Theory of the Firm." Journal of Law and Economics 26 (June 1983):375-390. 10.Demsetz , Harold , and Kenneth Lehn. "The Structure of Corporate Ownership: Causes and Consequences." Journal of Political Economy 93 (1985):1155-1177.11.Edelman , Richard B. , and H. Kent Baker. "The Dynamics of Neglect and Return." Journal of Portfolio Management 14 (Fall 1987):52-55.12.Eisenhardt , Kthleen M. "Agency Theory: A Assessment and Review." Academy of Management Review 14 (1989):57-74. 13.Fama , E. "Agency Problems and the Theory of the Firm." Journal of Political Economy 88 (1980) : 288-307 .14.Fama , E. , and Jensen , M. "Separation of Ownership and Control." Journal of Law and Economics 26 (1983):301-325.15.Hill, Charles W. L. , and Scott A. Snell. "Effects of Ownership Structure and Control on Corporate Productivity." Academy of Management Journal 32 (1989):25-46.16.Jensen , M. C. , and W. H. Meckling "Theory of the Firm: Managerial Behavior , Agency Costs and Ownership Structure." Journal of Financial Economics (July 1976):305-360.17.Jensen , M. , and R.S. Ruback. "The Market for Corporate Control: Empirical Evidence."Journal of Financial Economics 11 (1983):5-50.18.Kesner , Idalene F. "Directors’ stock Ownership and Organizational Performance: An Investigation of Fortune 500 Companies." Journal of Management 13 (1987):499-507. 19.Kim , Wi Saeng , Jae Won Lee , and Jack Clark Francis. "Investment Performance of Common Stocks in Relation to Insider Ownership." The Financial Review 23 (February 1988):53-63.20.Lloyd , William P. , John S. Jahera, and Steven J. Goldstein. "The Relation Between Returns ,Ownership Structure , and Market Value. “ The Journal of Financial Research 9 (Summer 1986): 171-177.21.Madden , Gerald P. "The Separation of Ownership from Control and Investment Performance . " Journal of Economics and Business 34 (1982):149-152 .22.McConnell , John J. , and Henri Servaes. "Additional Evidence on Equity Ownership and Corporate Value." Journal of Financial Economics 27 (1990):595-612.23.Morck , Randall. , Andrei Shleifer , and Robert W. Vishny. "Management Ownership and Market Valuation . " journal of Financal Economics 20 (1988) : 293-315.24.Moyer , R. Charles. , Robert E. Chatfield , and Phillip M. Sisneros. "Security Analyst Monitoring Activity: Agency Costs and Information Demands." Journal of Financial and Quantitative Analysis 24 (December 1989):503-512.25.Murali , Ramaswami., and Johnathan B. Welch. "Agents , Owners , Control and Performance." Journal of Business Finance and Accounting 16 (Summer 1989) : 385-398.26.Oswald , Sharon L. , and John S. Jahera , Jr. “Research Notes and Communications: The Influence of Ownership on Performance: An Empirical Study." Strategic Management Journal 12 (1991):321-326.27. Pound, John. "Proxy Contests and the Efficiency of Shareholder Oversight." Journal of Financial Economics 20 (1988):237-265. 28.Prowse , Stephon D. "Institutional Investment Patterns and Corporate Financial Behavior in the United States and Japan." Journal of Financial Economics 27 (1990): 43-66.29 . Schellenger Michael H. , David D. Wood , and Ahmad Tashakori. "Board of Director Composition Shareholder Wealth , and Dividend Policy." Journal of Management 15 (1989):457-467.*30. Williamson , O. E. "Organization Form , Residual Claimants , and Corporate Control." Journal of Law and Economics 26 (1983):351-366.*表示作者未直接參閱。 描述 碩士
國立政治大學
會計學系資料來源 http://thesis.lib.nccu.edu.tw/record/#B2002004681 資料類型 thesis dc.contributor.advisor 林基煌 zh_TW dc.contributor.author (Authors) 陳杰忠 zh_TW dc.contributor.author (Authors) CHEN, JIE-ZHONG en_US dc.creator (作者) 陳杰忠 zh_TW dc.creator (作者) CHEN, JIE-ZHONG en_US dc.date (日期) 1992 en_US dc.date (日期) 1991 en_US dc.date.accessioned 2-May-2016 15:16:17 (UTC+8) - dc.date.available 2-May-2016 15:16:17 (UTC+8) - dc.date.issued (上傳時間) 2-May-2016 15:16:17 (UTC+8) - dc.identifier (Other Identifiers) B2002004681 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/89212 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description.abstract (摘要) 本研究之主要目的有二: (一)探討上市公司經營者之持股多寡，其股票報酬率是否有顯著差異?及(二)探討上市公司機構投資者之持股多寡，其股票報酬率與其變異程度，是否有顯著差異?本研究之次要目的亦有二: (一)根據主要目的之一，再分別加入企業規模、證券分析師盈餘預測次數及機構投資者股權之三個變數，做進一步分析，(二)根據主要目的之二，再加入企業規模之變數，做進一步分析。 zh_TW dc.description.tableofcontents 圖表目錄第一章 緒論. . . . . . . . . . . . . . . . . 1第一節 研究動機. . . . . . . . . . . . . . . . . 1第二節 研究問題. . . . . . . . . . . . . . . . . 3第三節 研究方法. . . . . . . . . . . . . . . . . 5第四節 研究貢獻. . . . . . . . . . . . . . . . . 5第二章 相關理論與文獻之探討. . . . . . . . . . . . . . . . . 7第一節 代理理論. . . . . . . . . . . . . . . . . 7第二節 經營者股權與績效之相關文獻. . . . . . . . . . . . . . . . . 13第三節 機構投資者股權與股票報酬率及其變變異程度之相關文獻. . . . . . . . .. . 35第四節 研究之延伸. . . . . . . . . . . . . . . . . . 49第三章 研究方法. . . . . . . . . . . . . . . . . 53第一節 觀念性架構. . . . . . . . . . . . . . . . . 53第二節 研究設計. . . . . . . . . . . . . . . . . 53第三節 變數之衡量. . . . . . . . . . . . . . . . . 55第四節 研究假說. . . . . . . . . . . . . . . . .65第五節 抽樣限制條件. . . . . . . . . . . . . . . . .66第六節 資料蒐集. . . . . . . . . . . . . . . . . 77第七節 資料分析方法. . . . . . . . . . . . . . . . . 78第四章 實證研究結果. . . . . . . . . . . . . . . . . 81第一節 經營者股權與股票報酬率. . . . . . . . . . . . . . . . . 81第二節 機構投資者股權與股票報酬率和股票報酬之標準差. . . . . . . . . . . . . . . . 90第五章 結論與建議. . . . . . . . . . . . . . . . . 113第一節 結論. . . . . . . . . . . . . . . . . 113第二節 研究限制. . . . . . . . . . . . . . . . . 115第三節 建議. . . . . . . . . . . . . . . . . 116參考書目及文獻............ 119 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#B2002004681 en_US dc.title (題名) 台灣上市公司股權結構與股票報酬率之研究 zh_TW dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文部份1 .李建然，台灣股票市場股票股利對股票價格影響之研究，國立政治大學會計研究所碩士論文，民國八十年七月。2. 吳安妮，經理人員自願揭露盈餘預測資訊給外界之決定因素－實證研究，會計評論，民國八十年二月:1-24頁。3. 邱毅，企業的代理問題與制約機能，經濟前膽，民國七十八年四月十日第十四號12 及23 頁。4. 邱教及邱鉅權，企業代理問題與制約機能，台北市銀月刊，民國七十八年第廿卷第九期: 2 -13 頁。5. 邱毅及張訓華，股權結構、董事會組成與企業財務績效，台北市銀月刊，民國八十年第廿二卷第五期:11-32頁。6. 倪安順譯，SAS基礎與統計應用使用手冊，儒林圖書有限公司，民國七十六年六月初版。7. 許秀賓，財務分析師盈餘預測相對準確性決定因素之實證研究，國立政治大學會計研究所碩士論文，民國八十年七月。8. 賴汝鑑，財務管理，華泰書局，民國七十八年二月初版。9. 戴淵明，公司控制型態與其經營績效關係之研究－台灣地區上市公司之實證分析，國立中興大學企業管理研究所碩士論文，民國七十五年六月。二、英文部份1.Aggarwal, Raj, and Ramesh P. Rao. "Institutional Ownership and Distribution of Equity Returns.”The Financial Review 25 (May 1990):211-229.2. Arbel, Avner, Steven Carvell , and Paul Strebel. “Giraffes, Institutions and Neglected Firms." Financial Analysts Journal 39 (May/June 1983):57-62.3.Arbel and Strebel. "Pay Attention to Neglected Firms." Journal of Portfolio Management 9 (Winter 1983):37-42.*4.Berle , Adolph A. , and Gardiner C. Means. "The Modern Corporation and Private Property." New York:Macrnillan Co. , 1932.5. Beverly, L. Hadaway, and Samuel C. Hadaway. "Do Institutional Constraints Hobble Performance?" The Joranal of Portfolio Management (Winter 1989):33-37.6.Brickley , James A. , Ronald C. Lease , and Clifford W.Smith , Jr. ”Ownership Structure and Voting on Antitakeover Amendments." Journal of Financial Economics 20 (1988):267-291.7.Carvell , Steven A. , and Paul J. Strebel. "Is There a Neglected Firm Effect? " Journal of Business Finance and Accounting 14 (Surmmer 1987):279-290.8.Damodaran, Aswath. "Economic Events , Information Structure , and the Return-Generating Process. “ Journal of Financial and Quantitative Analysis 20 (December 1985):423-434 .9.Demsetz , Harold. "The Structure of Ownership and the Theory of the Firm." Journal of Law and Economics 26 (June 1983):375-390. 10.Demsetz , Harold , and Kenneth Lehn. "The Structure of Corporate Ownership: Causes and Consequences." Journal of Political Economy 93 (1985):1155-1177.11.Edelman , Richard B. , and H. Kent Baker. "The Dynamics of Neglect and Return." Journal of Portfolio Management 14 (Fall 1987):52-55.12.Eisenhardt , Kthleen M. "Agency Theory: A Assessment and Review." Academy of Management Review 14 (1989):57-74. 13.Fama , E. "Agency Problems and the Theory of the Firm." Journal of Political Economy 88 (1980) : 288-307 .14.Fama , E. , and Jensen , M. "Separation of Ownership and Control." Journal of Law and Economics 26 (1983):301-325.15.Hill, Charles W. L. , and Scott A. Snell. "Effects of Ownership Structure and Control on Corporate Productivity." Academy of Management Journal 32 (1989):25-46.16.Jensen , M. C. , and W. H. Meckling "Theory of the Firm: Managerial Behavior , Agency Costs and Ownership Structure." Journal of Financial Economics (July 1976):305-360.17.Jensen , M. , and R.S. Ruback. "The Market for Corporate Control: Empirical Evidence."Journal of Financial Economics 11 (1983):5-50.18.Kesner , Idalene F. "Directors’ stock Ownership and Organizational Performance: An Investigation of Fortune 500 Companies." Journal of Management 13 (1987):499-507. 19.Kim , Wi Saeng , Jae Won Lee , and Jack Clark Francis. "Investment Performance of Common Stocks in Relation to Insider Ownership." The Financial Review 23 (February 1988):53-63.20.Lloyd , William P. , John S. Jahera, and Steven J. Goldstein. "The Relation Between Returns ,Ownership Structure , and Market Value. “ The Journal of Financial Research 9 (Summer 1986): 171-177.21.Madden , Gerald P. "The Separation of Ownership from Control and Investment Performance . " Journal of Economics and Business 34 (1982):149-152 .22.McConnell , John J. , and Henri Servaes. "Additional Evidence on Equity Ownership and Corporate Value." Journal of Financial Economics 27 (1990):595-612.23.Morck , Randall. , Andrei Shleifer , and Robert W. Vishny. "Management Ownership and Market Valuation . " journal of Financal Economics 20 (1988) : 293-315.24.Moyer , R. Charles. , Robert E. Chatfield , and Phillip M. Sisneros. "Security Analyst Monitoring Activity: Agency Costs and Information Demands." Journal of Financial and Quantitative Analysis 24 (December 1989):503-512.25.Murali , Ramaswami., and Johnathan B. Welch. "Agents , Owners , Control and Performance." Journal of Business Finance and Accounting 16 (Summer 1989) : 385-398.26.Oswald , Sharon L. , and John S. Jahera , Jr. “Research Notes and Communications: The Influence of Ownership on Performance: An Empirical Study." Strategic Management Journal 12 (1991):321-326.27. Pound, John. "Proxy Contests and the Efficiency of Shareholder Oversight." Journal of Financial Economics 20 (1988):237-265. 28.Prowse , Stephon D. "Institutional Investment Patterns and Corporate Financial Behavior in the United States and Japan." Journal of Financial Economics 27 (1990): 43-66.29 . Schellenger Michael H. , David D. Wood , and Ahmad Tashakori. "Board of Director Composition Shareholder Wealth , and Dividend Policy." Journal of Management 15 (1989):457-467.*30. Williamson , O. E. "Organization Form , Residual Claimants , and Corporate Control." Journal of Law and Economics 26 (1983):351-366.*表示作者未直接參閱。 zh_TW
