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題名 控制權、現金流量權及其偏離對外國企業來臺第一上市櫃承銷價及績效表現之影響
The Effects of Control Rights, Cash-Flow Rights and Their Divergence on the Offering Prices and Operating Performance for the Foreign Firms Primary Listing in Taiwan
作者 江逸民
Chiang, Yi Ming
貢獻者 張清福
Chang, Ching Fu
江逸民
Chiang, Yi Ming
關鍵詞 控制權與現金流量權偏離
外國企業來臺第一上市（櫃）
承銷價
經營績效
the divergence between control rights and cash-flow rights
foreign issuers primary listing in Taiwan security market
offering price
operating performance
日期 2016
上傳時間 9-Aug-2016 10:08:17 (UTC+8)
摘要 「外國企業來臺第一上市（櫃）」是行政院自2008年以來，推行的重要政策。但因F股公司主要營運地點在海外，資訊較為不透明，其公司治理所釋放出的訊息就更為重要。
本論文以2010年到2015年，來台第一上市（櫃）的79家F股公司為樣本，研究控制權、現金流量權及其偏離，對於F股公司掛牌的承銷價、短期股價報酬及長期經營績效的影響，獲得的主要結論如下：（1）最終控制者的控制權對F股公司上市（櫃）承銷價及承銷價倍數有負面影響。（2）控制權與現金流量權的偏離對F股公司短期的股價報酬率有負面的影響。（3）控制權與現金流量權的偏離對F股公司的長期經營績效有負面的影響。
從以上結論投資人可經由這些指標，來進一步評價新上市（櫃）F股公司公司治理的好壞，也可進一步評估其短期股價的報酬和長期經營的績效。
參考文獻 一、中文部分
工商時報，2015.06.12，證交所：公司治理優異，營運績效佳（A19）。
方俊儒、李秀英及龍春伶，2008，獨立董監事對公司績效與盈餘品質之影響--控制股東之調節效果，會計與公司治理，第五卷，第1期: 55-80。
朱純嬅，2014，股權結構與董事會結構對外國企業來臺第一上市櫃承銷價及掛牌後績效表現之影響，國立政治大學會計研究所碩士論文。
李建興，2008，台灣IPO折價影響因素之探討：分量迴歸分析法，證券市場發展季刊，第二十卷,第1期: 47-100。
李馨蘋，2011，新上市公司承銷價格因素之探討，中華管理評論國際學報，第十四卷，第2期: 1-12。
沈中華、陳錦村及吳孟紋，2001，更早期預警模型：台灣銀行道德指標的建立及影響，討論稿，國立政治大學金融學系。
林育嬌，2013，外國企業來台第一上市之公司特性、股權結構與Tobin`s Q關係之研究，國立交通大學管理學院管理科學學程碩士論文。
高蘭芬、陳振遠及李焮慈，2006，資訊透明度及席次控制權與現金流量權偏離對公司績效之影響－以台灣電子業為例，台灣管理學刊，第六卷，第2期: 81-104.
許崇源、李怡宗、林宛瑩及鄭桂蕙，2003a，控制權與盈餘分配權偏離之衡量（上）， 貨幣觀測與信用評等，第42期: 15-31。
許崇源、李怡宗、林宛瑩及鄭桂蕙，2003b，控制權與盈餘分配權偏離之衡量（下）， 貨幣觀測與信用評等，第43期: 11-26。
楊雅婷，2003，興櫃交易與上市（櫃）股票之蜜月效果，國立台北大學經濟學系碩士論文。
葉銀華、邱顯比及何憲章，1997，利益輸送代理問題和股權結構之理論與實證研究，中國財務學刊，第四卷，第4期: 47-73。
葉銀華、李存修及柯承恩，2002，公司治理與評等系統 ，台北：商智文化事業股份有限公司。
鄭慧敏，2006，探討公司治理對新上市櫃公司股票初期報酬與長期績效表現之影響，國立交通大學管理科學系碩士論文。

二、英文部份
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 31: 377-397.
Beatty, R. P., and J. R. Ritter, 1986, Investment banking, reputation, and the underpricing of initial public offerings, Journal of Financial Economics 15: 213-232.
Berle, A., and G. Means, 1932, The modern corporation and private property. New York, N.Y.: MacMillan.
Brennan, M. J., and J. Franks, 1997, Underpricing, ownership and control in initial public offerings of equity securities in the UK, Journal of Financial Economics 45: 391-413.
Carter, R., and S. Manaster, 1990, Initial public offerings and underwriter reputation, The Journal of Finance 45: 1045-1067.
Claessens, S., S. Djankov, P. H. F. Joseph, and H. P. L. Larry, 2002, Disentangling the incentive and entrenchment effects of large shareholdings. , The Journal of Finance 57: 2741-2771.
Claessens, S., S. Djankov, and L. H. P. Lang, 2000, The separation of ownership and control in East Asian corporations, Journal of Financial Economics 58: 81-112.
Fan, J. P. H., and T. J. Wong, 2002, Corporate ownership structure and the informativeness of accounting earnings in East Asia., Journal of Accounting and Economics 33: 401-425.
Gompers, P. A., J. Ishii, and A. Metrick, 2010, Extreme governance: an analysis of dual-class firms in the United States, The Review of Financial Studies 23: 1051-1088.
Hanley, K. W., 1993, The underpricing of initial public offerings and the partial adjustment phenomenon, Journal of Financial Economics 34: 231-250.
Hayes, S. L., 1971, Investment banking: power structure in flux, Harvard Business Review 49: 136-152.
Holderness, C. G., R. S. Kroszner, and D. P. Sheehan, 1999, Were the good old days that tood? Changes in managerial stock ownership since the great depression, The Journal of Finance 54: 435-469.
Holderness, C. G., D. P. Sheehan, M. C. Jensen, and J. B. Warner, 1988, The role of majority shareholders in publicly held corporations: An exploratory analysis., Journal of Financial Economics 20: 317-346.
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.
La Porta, R., F. Lopez-De-Silanes, and A. Shleifer, 1999, Corporate ownership around the world. , The Journal of Finance 54: 471-517.
La Porta, R., F. Lopez-De-Silanes, A. Shleifer, and R. Vishny, 2002, Investor protection and corporate valuation., The Journal of Finance 57: 1147-1170.
Lee, T. S., and Y. H. Yeh., 2001, Corporate governance and financial distress: evidence from Taiwan., Paper presented at the 2001 Asia Pacific Finance Association Conference, Bangkok, Thailand.
Leland, H. E., and D. H. Pyle, 1977, Informational asymmetries, financial structure, and financial intermediation, The Journal of Finance 32: 371-387.
Lin, T. H., and R. C. Fok, 1997, The information content of IPOs price adjustment, International Journal of finance 9: 650-667.
Loughran, T., and J. R. Ritter, 2002, Why don`t issuers get upset about leaving money on the table in IPOs?, The Review of Financial Studies 15: 413-443.
Mak, Y. T., R. S. K. Tan, Y. C. W. Tan, and H. P. Tee, 2003, Corporate governance and IPO pricing. Working paper, National University of Singapore.
Michaely, R., and W. H. Shaw, 1995, Does the choice of auditor convey quality in an initial public offering?, Financial Management 24: 15-30.
Morck, R., A. Shleifer, R. W. Vishny, M. C. Jensen, and J. B. Warner, 1988, Management ownership and market valuation: An empirical analysis., Journal of Financial Economics 20: 293-315.
OECD, 1999, OECD Principles of corporate governance.
Palmrose, Z.-V., 1988, 1987 competitive manuscript co-winner: An analysis of auditor litigation and audit service quality, The Accounting Review 63: 55-73.
Prowse, S., 1998, Corporate governance: emerging issues and lessons from East Asia. World Bank Group.
Rajan, R. G., and L. Zingales, 1998, Which capitalism? Lessons from the East Asian crisis., Journal of Applied Corporate Finance 11: 40-48.
Ritter, J. R., 1991, The long-run performance of initial public offerings, The Journal of Finance 46: 3-27.
Rosenstein, S., and J. G. Wyatt, 1997, Inside directors, board effectiveness, and shareholder wealth, Journal of Financial Economics 44: 229-250.
Shleifer, A., and R. W. Vishny, 1986, Large shareholders and corporate control, Journal of Political Economy 94: 461-488.
Shleifer, A., and R. W. Vishny, 1997, A survey of corporate governance., The Journal of Finance 52: 737-783.
Titman, S., and B. Trueman, 1986, Information quality and the valuation of new issues, Journal of Accounting and Economics 8: 159-172.
Wei, K. C. J., and Y. Zhang, 2008, Ownership structure, cash flow, and capital investment: Evidence from East Asian economies before the financial crisis, Journal of Corporate Finance 14: 118-132.
WorldBank, 1999, Corporate governace: A framework for implementation- overview.
Yeh, Y.-h., T.-s. Lee, and T. Woidtke, 2001, Family control and corporate governance: evidence from Taiwan. , International Review of Finance 2: 21.
描述 碩士
國立政治大學
會計學系
99353006
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099353006
資料類型 thesis
dc.contributor.advisor 張清福zh_TW
dc.contributor.advisor Chang, Ching Fuen_US
dc.contributor.author (Authors) 江逸民zh_TW
dc.contributor.author (Authors) Chiang, Yi Mingen_US
dc.creator (作者) 江逸民zh_TW
dc.creator (作者) Chiang, Yi Mingen_US
dc.date (日期) 2016en_US
dc.date.accessioned 9-Aug-2016 10:08:17 (UTC+8)-
dc.date.available 9-Aug-2016 10:08:17 (UTC+8)-
dc.date.issued (上傳時間) 9-Aug-2016 10:08:17 (UTC+8)-
dc.identifier (Other Identifiers) G0099353006en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/99751-
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) 99353006zh_TW
dc.description.abstract (摘要) 「外國企業來臺第一上市（櫃）」是行政院自2008年以來，推行的重要政策。但因F股公司主要營運地點在海外，資訊較為不透明，其公司治理所釋放出的訊息就更為重要。
本論文以2010年到2015年，來台第一上市（櫃）的79家F股公司為樣本，研究控制權、現金流量權及其偏離，對於F股公司掛牌的承銷價、短期股價報酬及長期經營績效的影響，獲得的主要結論如下：（1）最終控制者的控制權對F股公司上市（櫃）承銷價及承銷價倍數有負面影響。（2）控制權與現金流量權的偏離對F股公司短期的股價報酬率有負面的影響。（3）控制權與現金流量權的偏離對F股公司的長期經營績效有負面的影響。
從以上結論投資人可經由這些指標，來進一步評價新上市（櫃）F股公司公司治理的好壞，也可進一步評估其短期股價的報酬和長期經營的績效。		zh_TW
dc.description.tableofcontents 第壹章 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 論文架構....................................5
第貳章 文獻探討......................................7
第一節 公司治理....................................7
第二節 控制權、現金流量權與公司治理.................17
第三節 控制權、現金流量權對承銷價和公司績效的影響.....22
第參章 研究方法.....................................26
第一節 研究假說...................................26
第二節 實證模型與變數定義..........................29
第三節 資料來源與樣本選取..........................40
第肆章 實證結果與分析................................41
第一節 敘述性統計分析..............................41
第二節 樣本公司之市場分布及差異性檢定................45
第三節 樣本公司之產業分布及差異性檢定................47
第四節 皮爾森相關性係數分析.........................51
第五節 迴歸分析...................................54
第伍章 結論與建議....................................62
第一節 研究結論....................................62
第二節 研究限制....................................63
第三節 研究建議....................................64
參考文獻............................................66		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099353006en_US
dc.subject (關鍵詞) 控制權與現金流量權偏離zh_TW
dc.subject (關鍵詞) 外國企業來臺第一上市（櫃）zh_TW
dc.subject (關鍵詞) 承銷價zh_TW
dc.subject (關鍵詞) 經營績效zh_TW
dc.subject (關鍵詞) the divergence between control rights and cash-flow rightsen_US
dc.subject (關鍵詞) foreign issuers primary listing in Taiwan security marketen_US
dc.subject (關鍵詞) offering priceen_US
dc.subject (關鍵詞) operating performanceen_US
dc.title (題名) 控制權、現金流量權及其偏離對外國企業來臺第一上市櫃承銷價及績效表現之影響zh_TW
dc.title (題名) The Effects of Control Rights, Cash-Flow Rights and Their Divergence on the Offering Prices and Operating Performance for the Foreign Firms Primary Listing in Taiwanen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文部分
工商時報，2015.06.12，證交所：公司治理優異，營運績效佳（A19）。
方俊儒、李秀英及龍春伶，2008，獨立董監事對公司績效與盈餘品質之影響--控制股東之調節效果，會計與公司治理，第五卷，第1期: 55-80。
朱純嬅，2014，股權結構與董事會結構對外國企業來臺第一上市櫃承銷價及掛牌後績效表現之影響，國立政治大學會計研究所碩士論文。
李建興，2008，台灣IPO折價影響因素之探討：分量迴歸分析法，證券市場發展季刊，第二十卷,第1期: 47-100。
李馨蘋，2011，新上市公司承銷價格因素之探討，中華管理評論國際學報，第十四卷，第2期: 1-12。
沈中華、陳錦村及吳孟紋，2001，更早期預警模型：台灣銀行道德指標的建立及影響，討論稿，國立政治大學金融學系。
林育嬌，2013，外國企業來台第一上市之公司特性、股權結構與Tobin`s Q關係之研究，國立交通大學管理學院管理科學學程碩士論文。
高蘭芬、陳振遠及李焮慈，2006，資訊透明度及席次控制權與現金流量權偏離對公司績效之影響－以台灣電子業為例，台灣管理學刊，第六卷，第2期: 81-104.
許崇源、李怡宗、林宛瑩及鄭桂蕙，2003a，控制權與盈餘分配權偏離之衡量（上）， 貨幣觀測與信用評等，第42期: 15-31。
許崇源、李怡宗、林宛瑩及鄭桂蕙，2003b，控制權與盈餘分配權偏離之衡量（下）， 貨幣觀測與信用評等，第43期: 11-26。
楊雅婷，2003，興櫃交易與上市（櫃）股票之蜜月效果，國立台北大學經濟學系碩士論文。
葉銀華、邱顯比及何憲章，1997，利益輸送代理問題和股權結構之理論與實證研究，中國財務學刊，第四卷，第4期: 47-73。
葉銀華、李存修及柯承恩，2002，公司治理與評等系統 ，台北：商智文化事業股份有限公司。
鄭慧敏，2006，探討公司治理對新上市櫃公司股票初期報酬與長期績效表現之影響，國立交通大學管理科學系碩士論文。

二、英文部份
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 31: 377-397.
Beatty, R. P., and J. R. Ritter, 1986, Investment banking, reputation, and the underpricing of initial public offerings, Journal of Financial Economics 15: 213-232.
Berle, A., and G. Means, 1932, The modern corporation and private property. New York, N.Y.: MacMillan.
Brennan, M. J., and J. Franks, 1997, Underpricing, ownership and control in initial public offerings of equity securities in the UK, Journal of Financial Economics 45: 391-413.
Carter, R., and S. Manaster, 1990, Initial public offerings and underwriter reputation, The Journal of Finance 45: 1045-1067.
Claessens, S., S. Djankov, P. H. F. Joseph, and H. P. L. Larry, 2002, Disentangling the incentive and entrenchment effects of large shareholdings. , The Journal of Finance 57: 2741-2771.
Claessens, S., S. Djankov, and L. H. P. Lang, 2000, The separation of ownership and control in East Asian corporations, Journal of Financial Economics 58: 81-112.
Fan, J. P. H., and T. J. Wong, 2002, Corporate ownership structure and the informativeness of accounting earnings in East Asia., Journal of Accounting and Economics 33: 401-425.
Gompers, P. A., J. Ishii, and A. Metrick, 2010, Extreme governance: an analysis of dual-class firms in the United States, The Review of Financial Studies 23: 1051-1088.
Hanley, K. W., 1993, The underpricing of initial public offerings and the partial adjustment phenomenon, Journal of Financial Economics 34: 231-250.
Hayes, S. L., 1971, Investment banking: power structure in flux, Harvard Business Review 49: 136-152.
Holderness, C. G., R. S. Kroszner, and D. P. Sheehan, 1999, Were the good old days that tood? Changes in managerial stock ownership since the great depression, The Journal of Finance 54: 435-469.
Holderness, C. G., D. P. Sheehan, M. C. Jensen, and J. B. Warner, 1988, The role of majority shareholders in publicly held corporations: An exploratory analysis., Journal of Financial Economics 20: 317-346.
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.
La Porta, R., F. Lopez-De-Silanes, and A. Shleifer, 1999, Corporate ownership around the world. , The Journal of Finance 54: 471-517.
La Porta, R., F. Lopez-De-Silanes, A. Shleifer, and R. Vishny, 2002, Investor protection and corporate valuation., The Journal of Finance 57: 1147-1170.
Lee, T. S., and Y. H. Yeh., 2001, Corporate governance and financial distress: evidence from Taiwan., Paper presented at the 2001 Asia Pacific Finance Association Conference, Bangkok, Thailand.
Leland, H. E., and D. H. Pyle, 1977, Informational asymmetries, financial structure, and financial intermediation, The Journal of Finance 32: 371-387.
Lin, T. H., and R. C. Fok, 1997, The information content of IPOs price adjustment, International Journal of finance 9: 650-667.
Loughran, T., and J. R. Ritter, 2002, Why don`t issuers get upset about leaving money on the table in IPOs?, The Review of Financial Studies 15: 413-443.
Mak, Y. T., R. S. K. Tan, Y. C. W. Tan, and H. P. Tee, 2003, Corporate governance and IPO pricing. Working paper, National University of Singapore.
Michaely, R., and W. H. Shaw, 1995, Does the choice of auditor convey quality in an initial public offering?, Financial Management 24: 15-30.
Morck, R., A. Shleifer, R. W. Vishny, M. C. Jensen, and J. B. Warner, 1988, Management ownership and market valuation: An empirical analysis., Journal of Financial Economics 20: 293-315.
OECD, 1999, OECD Principles of corporate governance.
Palmrose, Z.-V., 1988, 1987 competitive manuscript co-winner: An analysis of auditor litigation and audit service quality, The Accounting Review 63: 55-73.
Prowse, S., 1998, Corporate governance: emerging issues and lessons from East Asia. World Bank Group.
Rajan, R. G., and L. Zingales, 1998, Which capitalism? Lessons from the East Asian crisis., Journal of Applied Corporate Finance 11: 40-48.
Ritter, J. R., 1991, The long-run performance of initial public offerings, The Journal of Finance 46: 3-27.
Rosenstein, S., and J. G. Wyatt, 1997, Inside directors, board effectiveness, and shareholder wealth, Journal of Financial Economics 44: 229-250.
Shleifer, A., and R. W. Vishny, 1986, Large shareholders and corporate control, Journal of Political Economy 94: 461-488.
Shleifer, A., and R. W. Vishny, 1997, A survey of corporate governance., The Journal of Finance 52: 737-783.
Titman, S., and B. Trueman, 1986, Information quality and the valuation of new issues, Journal of Accounting and Economics 8: 159-172.
Wei, K. C. J., and Y. Zhang, 2008, Ownership structure, cash flow, and capital investment: Evidence from East Asian economies before the financial crisis, Journal of Corporate Finance 14: 118-132.
WorldBank, 1999, Corporate governace: A framework for implementation- overview.
Yeh, Y.-h., T.-s. Lee, and T. Woidtke, 2001, Family control and corporate governance: evidence from Taiwan. , International Review of Finance 2: 21.		zh_TW