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題名 香港上市公司股權結構、 董事會組成與公司績效之關聯性
Corporate Ownership and Firm Performance in Hong Kong
作者 王宗瑜
貢獻者 林宛瑩
王宗瑜
關鍵詞 股權結構
董事會結構
公司績效
香港
日期 2016
上傳時間 2-Aug-2016 15:52:23 (UTC+8)
摘要 本研究以2014年底上市之1058家香港上市公司為樣本，利用公開資訊自行建置資料庫，追蹤最終控制者並分析公司之股權結構、董事會席次以及控制型態。統計結果為91%以上企業之最終控制者擁有20%以上之股份控制權，且多數控制者持有約60至80%之控制權。同時，有近八成企業之最終控制者或其家族成員在董事會中列有席位，顯示香港上市公司之控制型態主要為個人或家族掌權式型態，且所有權與經營權合一。本研究以OLS探討最終控制者持股、外部董事席次比率，以及家族型態持股與公司經營績效之關聯性，實證結果顯示，最終控制者持股比率與公司經營績呈正相關；外部董事席次比率與公司經營績效呈負相關；而屬於家族或個人控制型態經營者，與公司營運績效呈正相關。
參考文獻 一、中文文獻
李永全、馬黛，2006，臺灣家族公司負債融資成本之研究，管理評論，第二十五卷，第3期: 69-91。
周行一、陳錦村與陳坤宏，1996，家族企業聯署集團與公司價值，第四卷，第1期: 115-139。
俞海琴與周本鄂，1994，台灣地區上市公司董監事、關係人持股比率和公司Tobin’s Q關係之研究，管理評論，第十三卷，第1期: 79-98。
倪衍森與廖容岑，2006，家族企業負債代理成本及股利政策之研究-以台灣上市公司為例，管理與系統，第13卷第2期：153-179。
范宏書、陳慶隆，2007，會計師異動、存在最終家族控制股東與財務報表公佈時效性之探討，當代會計，第八卷，第1期: 1-33。
葉銀華，1999，家族控股集團、核心企業與報酬互動之研究-台灣與香港證卷市場之比較，管理評論，第18卷第2期：57-90。
葉銀華，2008，實踐公司治理–台灣集團企業的功與過，聯經出版事業股 份有限公司。
湯麗芬，2010， 家族企業特質與盈餘品質之關聯性，當代會計，第11卷專刊： 371-410。
楊朝旭與林紓瑋，2001，產品市場競爭可否降低公司內部監理機制不佳所導致的代理成本，會計理論與實務研討會。
楊朝旭與蔡柳卿，2003，總經理更換與相對績效評估，人力資源管理學報，第三卷，第1期: 63-80。
廖秀梅、李建然與吳祥華，2006，董事會結構特性與公司績效關係之研究－兼論台灣家族企業因素的影響，東吳經濟商學學報，第54期：117-160。
二、英文文獻
Lang, L. H., Low, C. K., and So, R. W. 2003. Economic Analysis Co-Relating the Performance of Listed Companies with Their Shareholders’ Profile. Consultancy Report, 14.
Agrawal, A. and C. R. Knoeber. 1996. Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders. Journal of Financial and Quantitative Analysis, 3, 377-397.
Alba, Pedro, Stijn Claessens, and Simeon Djankov. 1998. Thailand`s Corporate Financing and Governance Structures. World Bank Publications.
Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. 2007. Corporate disclosur 2007. Corporate disclosur2007. Corporate disclosur 2007. Corporate disclosur2007. Corporate disclosur 2007. Corporate disclosur es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. Journal of Accounting and EJournal of Accounting and E Journal of Accounting and E Journal of Accounting and E Journal of Accounting and EJournal of Accounting and E Journal of Accounting and EJournal of Accounting and EJournal of Accounting and E Journal of Accounting and EJournal of Accounting and E conomics, 44(1),conomics, 44(1), conomics, 44(1),conomics, 44(1), conomics, 44(1), 238 -286.
72
Barnhart, S. W. and S. Rosenstein. 1998. Board Composition, Managerial Ownership and Firm Performance: An Empirical Analysis. Financial Review, 33, 1-16.
Berle, A. A., & Means, G. C. 1991. The Modern Corporation and Private Property. Transaction Publishers.
Caprio, G., Laeven, L., & Levine, R. 2007. Governance and Bank Valuation. Journal of Financial Intermediation, 16(4), 584-617.
Chami, F. A. 1999. Graeco-Roman Trade Link and The Bantu Migration Theory. Anthropos, 205-215.
Claessens, S., Djankov, S., and Xu, L. C. 2000. Corporate Performance in the East Asian Financial Crisis. The World Bank Research Observer, 15(1), 23-46.
Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. 2002. Disentangling the Incentive and Entrenchment Effects of Large Shareholdings. The journal of finance, 57(6), 2741-2771.
Demsetz, H. 1983. The Structure of Ownership and the Theory of the Firm. The Journal of law & economics, 26(2), 375-390.
Demsetz, H. and K. Lehn. 1985. The Structure of Corporate Ownership: Causes and Consequences. Journal of Political Economy, 93, 1155-1177.
Fama, E. F. 1980. Agency Problems and the Theory of the Firm. The Journal of Political Economy, 288-307.
Fama, E. F., & Jensen, M. C. 1983. Separation of ownership and control. The Journal of Law & Economics, 26(2), 301-325.
Fan, P. H. and T. J. Wong. 2002. Corporate Ownership Structure and the Information of Accounting Earnings in East Asia. Journal of Accounting and Economics, 33, 401-425.
Fosberg, R. H. .1989. Outside directors and managerial monitoring. Akron Business and Economic Review, 20(2), 24.
Gadhoum, Y. 2006. Power of ultimate controlling owners: A survey of Canadian landscape. Journal of Management & Governance, 10(2), 179-204.
Gedajlovic, E., & Shapiro, D. M. 2002. Ownership structure and firm profitability in Japan. Academy of Management Journal, 45(3), 565-575.
Hermalin, B. E. and M. Weisbach. 1991. The Effects of Board Composition and Direct Incentives on Firm Performance. Financial Management, 20, 101-112.
Huson, M. R., Parrino, R., and Starks, L. T. 2001. Internal monitoring mechanisms and CEO turnover: A long‐term perspective. The Journal of Finance, 56(6), 2265-2297.
Jensen, M. C. and W. H. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Financial Economics, 3, 305-360.
73
Jensen, M. C. and R. S. Ruback. 1983. Market for Corporate Control: Empirical Evidence. Journal of Financial Economics, 1, 5-50
Jones, T. M., & Goldberg, L. D. 1982. Governing the large corporation: More arguments for public directors. Academy of Management Review, 7(4), 603-611.
Ji-Cheng, Z., Li, L., and Kao-Ping, S. 2006. Neural approach for calculating permeability of porous medium. Chinese Physics Letters, 23(4), 1009.
Porta, R. L., Lopez-deSilanes, F., Shleifer, A., & Vishny, R. W. 1999. Investor protection: origins, consequences, and reform. National Bureau of Economic Research.
Lam, K., Mok, H. M., Cheung, I., and Yam, H. C. 1994. Family groupings on performance of portfolio selection in the Hong Kong stock market. Journal of banking & finance, 18(4), 725-742.
Chen, C. J., and Jaggi, B. 2001. Association between independent non-executive directors, family control and financial disclosures in Hong Kong. Journal of Accounting and public policy, 19(4), 285-310.
Michel, A., Oded, J., & Shaked, I. 2014. Ownership structure and performance: Evidence from the public float in IPOs. Journal of Banking & Finance, 40, 54-61.
McConaughy, D. L., Walker, M. C., Henderson, G. V., and Mishra, C. S. 1998. Founding family controlled firms: Efficiency and value. Review of Financial economics, 7(1), 1-19.
Mok, H. M., Lam, K., and Cheung, I. 1992. Family control and return covariation in Hong Kong`s common stocks. Journal of Business Finance & Accounting, 19(2), 277-293.
Morck, R., A. Shleifer, and R. W. Vishny. 1988. Management Ownership and Market Valuation: An Empirical Analysis. Journal of Financial Economics, 20, 293-315.
Rosenstein, S., and Wyatt, J. G. 1990. Outside directors, board independence, and shareholder wealth. Journal of Financial Economics, 26(2), 175-191.
Rosenstein, S., and Wyatt, J. G. 1997. Inside directors, board effectiveness, and shareholder wealth. Journal of Financial Economics, 44(2), 229-250.
Saghi-Zedek, N. 2016. Product diversification and bank performance: does ownership structure matter?. Journal of Banking and Finance.
Eisenberg, T., Sundgren, S., and Wells, M. T. 1998. Larger board size and decreasing firm value in small firms. Journal of Financial Economics, 48(1), 35-54.
Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., and Vishny, R. W. 1997. Legal determinants of external finance. The Journal of Finance, 52(3), 1131-1150.
Sraer, D., and Thesmar, D. 2007. Performance and behavior of family firms: Evidence from the French stock market. Journal of the European Economic Association, 5(4), 709-751.
74
Stein, J. C. 1989. Efficient capital markets, inefficient firms: A model of myopic corporate behavior. The Quarterly Journal of Economics, 655-669.
Wang, D. 2006. Founding family ownership and earnings quality. Journal
of Accounting Research 44 (3): 619-656 Ward and Dolan(1998)
Weisbach, M. S. 1988. Outside directors and CEO turnover. Journal of Financial Economics, 20, 431-460.
Isakov, D., and Weisskopf, J. P. 2014. Are founding families special blockholders? An investigation of controlling shareholder influence on firm performance. Journal of Banking and Finance, 41, 1-16.
Zahra, S., and Pearce, J. 1989. Boards of directors and corporate financial performance: A review and integrative model, Journal of Management, 15, 291-334.
描述 碩士
國立政治大學
會計學系
103353018
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103353018
資料類型 thesis
dc.contributor.advisor 林宛瑩zh_TW
dc.contributor.author (Authors) 王宗瑜zh_TW
dc.creator (作者) 王宗瑜zh_TW
dc.date (日期) 2016en_US
dc.date.accessioned 2-Aug-2016 15:52:23 (UTC+8)-
dc.date.available 2-Aug-2016 15:52:23 (UTC+8)-
dc.date.issued (上傳時間) 2-Aug-2016 15:52:23 (UTC+8)-
dc.identifier (Other Identifiers) G0103353018en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/99528-
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 (描述) 103353018zh_TW
dc.description.abstract (摘要) 本研究以2014年底上市之1058家香港上市公司為樣本，利用公開資訊自行建置資料庫，追蹤最終控制者並分析公司之股權結構、董事會席次以及控制型態。統計結果為91%以上企業之最終控制者擁有20%以上之股份控制權，且多數控制者持有約60至80%之控制權。同時，有近八成企業之最終控制者或其家族成員在董事會中列有席位，顯示香港上市公司之控制型態主要為個人或家族掌權式型態，且所有權與經營權合一。本研究以OLS探討最終控制者持股、外部董事席次比率，以及家族型態持股與公司經營績效之關聯性，實證結果顯示，最終控制者持股比率與公司經營績呈正相關；外部董事席次比率與公司經營績效呈負相關；而屬於家族或個人控制型態經營者，與公司營運績效呈正相關。zh_TW
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 4
第三節 研究流程與論文架構 6
第二章 文獻探討7
第一節 香港法令與制度 7
第二節 股權 結構 、董事會 與公司績效 18
第三節 家族企業與公司績效 22
第三章 研究方法25
第一節 香港公司治理變數之衡量程序與方法 25
第二節 個案研究與說明 28
第三節 研究假說及實證模型 42
第四節 研究 樣本與 資料 48
第四章 實證結果與分析50
第一節 敘述性統計 50
第二節 資料分析 52
第三節 實證結果分析 54
第五章 結論與建議62
第一節 研究結論 62
第二節 研究限制與建議 64
附錄一65
附錄二70
參考文獻71		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103353018en_US
dc.subject (關鍵詞) 股權結構zh_TW
dc.subject (關鍵詞) 董事會結構zh_TW
dc.subject (關鍵詞) 公司績效zh_TW
dc.subject (關鍵詞) 香港zh_TW
dc.title (題名) 香港上市公司股權結構、 董事會組成與公司績效之關聯性zh_TW
dc.title (題名) Corporate Ownership and Firm Performance in Hong Kongen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文文獻
李永全、馬黛，2006，臺灣家族公司負債融資成本之研究，管理評論，第二十五卷，第3期: 69-91。
周行一、陳錦村與陳坤宏，1996，家族企業聯署集團與公司價值，第四卷，第1期: 115-139。
俞海琴與周本鄂，1994，台灣地區上市公司董監事、關係人持股比率和公司Tobin’s Q關係之研究，管理評論，第十三卷，第1期: 79-98。
倪衍森與廖容岑，2006，家族企業負債代理成本及股利政策之研究-以台灣上市公司為例，管理與系統，第13卷第2期：153-179。
范宏書、陳慶隆，2007，會計師異動、存在最終家族控制股東與財務報表公佈時效性之探討，當代會計，第八卷，第1期: 1-33。
葉銀華，1999，家族控股集團、核心企業與報酬互動之研究-台灣與香港證卷市場之比較，管理評論，第18卷第2期：57-90。
葉銀華，2008，實踐公司治理–台灣集團企業的功與過，聯經出版事業股 份有限公司。
湯麗芬，2010， 家族企業特質與盈餘品質之關聯性，當代會計，第11卷專刊： 371-410。
楊朝旭與林紓瑋，2001，產品市場競爭可否降低公司內部監理機制不佳所導致的代理成本，會計理論與實務研討會。
楊朝旭與蔡柳卿，2003，總經理更換與相對績效評估，人力資源管理學報，第三卷，第1期: 63-80。
廖秀梅、李建然與吳祥華，2006，董事會結構特性與公司績效關係之研究－兼論台灣家族企業因素的影響，東吳經濟商學學報，第54期：117-160。
二、英文文獻
Lang, L. H., Low, C. K., and So, R. W. 2003. Economic Analysis Co-Relating the Performance of Listed Companies with Their Shareholders’ Profile. Consultancy Report, 14.
Agrawal, A. and C. R. Knoeber. 1996. Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders. Journal of Financial and Quantitative Analysis, 3, 377-397.
Alba, Pedro, Stijn Claessens, and Simeon Djankov. 1998. Thailand`s Corporate Financing and Governance Structures. World Bank Publications.
Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. Ali, A., Chen, T. Y., and Radhakrishnan, S. 2007. Corporate disclosur 2007. Corporate disclosur2007. Corporate disclosur 2007. Corporate disclosur2007. Corporate disclosur 2007. Corporate disclosur es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. es by family firms. Journal of Accounting and EJournal of Accounting and E Journal of Accounting and E Journal of Accounting and E Journal of Accounting and EJournal of Accounting and E Journal of Accounting and EJournal of Accounting and EJournal of Accounting and E Journal of Accounting and EJournal of Accounting and E conomics, 44(1),conomics, 44(1), conomics, 44(1),conomics, 44(1), conomics, 44(1), 238 -286.
72
Barnhart, S. W. and S. Rosenstein. 1998. Board Composition, Managerial Ownership and Firm Performance: An Empirical Analysis. Financial Review, 33, 1-16.
Berle, A. A., & Means, G. C. 1991. The Modern Corporation and Private Property. Transaction Publishers.
Caprio, G., Laeven, L., & Levine, R. 2007. Governance and Bank Valuation. Journal of Financial Intermediation, 16(4), 584-617.
Chami, F. A. 1999. Graeco-Roman Trade Link and The Bantu Migration Theory. Anthropos, 205-215.
Claessens, S., Djankov, S., and Xu, L. C. 2000. Corporate Performance in the East Asian Financial Crisis. The World Bank Research Observer, 15(1), 23-46.
Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. 2002. Disentangling the Incentive and Entrenchment Effects of Large Shareholdings. The journal of finance, 57(6), 2741-2771.
Demsetz, H. 1983. The Structure of Ownership and the Theory of the Firm. The Journal of law & economics, 26(2), 375-390.
Demsetz, H. and K. Lehn. 1985. The Structure of Corporate Ownership: Causes and Consequences. Journal of Political Economy, 93, 1155-1177.
Fama, E. F. 1980. Agency Problems and the Theory of the Firm. The Journal of Political Economy, 288-307.
Fama, E. F., & Jensen, M. C. 1983. Separation of ownership and control. The Journal of Law & Economics, 26(2), 301-325.
Fan, P. H. and T. J. Wong. 2002. Corporate Ownership Structure and the Information of Accounting Earnings in East Asia. Journal of Accounting and Economics, 33, 401-425.
Fosberg, R. H. .1989. Outside directors and managerial monitoring. Akron Business and Economic Review, 20(2), 24.
Gadhoum, Y. 2006. Power of ultimate controlling owners: A survey of Canadian landscape. Journal of Management & Governance, 10(2), 179-204.
Gedajlovic, E., & Shapiro, D. M. 2002. Ownership structure and firm profitability in Japan. Academy of Management Journal, 45(3), 565-575.
Hermalin, B. E. and M. Weisbach. 1991. The Effects of Board Composition and Direct Incentives on Firm Performance. Financial Management, 20, 101-112.
Huson, M. R., Parrino, R., and Starks, L. T. 2001. Internal monitoring mechanisms and CEO turnover: A long‐term perspective. The Journal of Finance, 56(6), 2265-2297.
Jensen, M. C. and W. H. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure. Journal of Financial Economics, 3, 305-360.
73
Jensen, M. C. and R. S. Ruback. 1983. Market for Corporate Control: Empirical Evidence. Journal of Financial Economics, 1, 5-50
Jones, T. M., & Goldberg, L. D. 1982. Governing the large corporation: More arguments for public directors. Academy of Management Review, 7(4), 603-611.
Ji-Cheng, Z., Li, L., and Kao-Ping, S. 2006. Neural approach for calculating permeability of porous medium. Chinese Physics Letters, 23(4), 1009.
Porta, R. L., Lopez-deSilanes, F., Shleifer, A., & Vishny, R. W. 1999. Investor protection: origins, consequences, and reform. National Bureau of Economic Research.
Lam, K., Mok, H. M., Cheung, I., and Yam, H. C. 1994. Family groupings on performance of portfolio selection in the Hong Kong stock market. Journal of banking & finance, 18(4), 725-742.
Chen, C. J., and Jaggi, B. 2001. Association between independent non-executive directors, family control and financial disclosures in Hong Kong. Journal of Accounting and public policy, 19(4), 285-310.
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