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題名 新加坡上市公司股權結構與公司績效關聯性之探討
A Study on the Relationship Between Ownership Structure and Firm Performance of Listed Company in Singapore
作者 趙又萱
貢獻者 林宛瑩
趙又萱
關鍵詞 新加坡
最終控制者
股權結構
經營績效
日期 2016
上傳時間 1-Sep-2016 23:38:41 (UTC+8)
摘要 本研究首先探討新加坡資本市場相關之法規，並建置新加坡公司治理變數資料庫，辨認公司之最終控制者及控制型態，並以最終控制者之角度衡量股份控制權、席次控制權及偏離程度，最後以2014年度於新加坡主板交易之公司為樣本，探討股權結構與公司經營績效之關聯性。相關實證結果發現，最終控制者持股比例較多，公司之績效較佳，符合利益收斂假說。最終控制者之席次控制權，與經營績效並不存在顯著關聯。而最終控制者的席次控制權與股份控制權之偏離程度較大，公司經營績效較差。
參考文獻 一、中文部分：
台灣證券交易所，2012，論「外國發行人註冊地國股東權益保護事項檢查表」對新加坡企業來台上市之影響與研究。
沈中華、陳錦村與吳孟紋，2005，更早期預警模型：台灣銀行業道德指標的建立及影響，管理學報，第二十二卷，第1期：1-28。
林宛瑩、許崇源，2008，台灣集團企業之控股型態及公司治理衡量指標之研究與建議，交大管理學報，第二十八卷，第1期：269-312。
許崇源、李怡宗、林宛瑩、鄭桂蕙，2003a，控制權與盈餘分配權偏離之衡量(上)，貨幣信用評等，第42期（7月）：15-31。
____________________________，2003b，控制權與盈餘分配權偏離之衡量(下)，貨幣信用評等，第43期（9月）：11-26。
陳錦村、黃佩玲，2001，從股權結構與核心代理觀點評析公營銀行民營化的實際成效，公營事業評論，第二卷，第3期：69-89。
二、英文部分：
Alba, P., Claessens, S., and Djankov, S. 1998. Thailand`s corporate financing and governance structures. World Bank Publications.
Barca, F. 1995. On corporate governance in Italy: issues, facts and agenda. Facts and Agenda.
Black, B. S., and Coffee, J. C. 1994. Hail Britannia?: institutional investor behavior under limited regulation. Michigan Law Review, 92 (June), 1997-2087.
Boycko, M., Shleifer, A., and Vishny, R. W. 1997. Privatizing Russia. MIT Press Books, 1.
Carney, M. 2005. Corporate governance and competitive advantage in family‐controlled firms. Entrepreneurship theory and practice, 29 (May), 249-265.
Cheung, Y. L., Tan, W., Ahn, H. J., and Zhang, Z. 2010. Does corporate social responsibility matter in Asian emerging markets?. Journal of Business Ethics,92 (March), 401-413.
Claessens, S., Djankov, S., and Lang, L. H. 2000. The separation of ownership and control in East Asian corporations. Journal of financial Economics, 58 (November), 81-112.
Claessens, S., Djankov, S., Fan, J. P., and Lang, L. H. 2002. Disentangling the incentive and entrenchment effects of large shareholdings. The journal of finance, 57 (December), 2741-2771.
Demsetz, H. 1983. The structure of ownership and the theory of the firm. The Journal of law and economics, 26 (June), 375-390.
Eisenberg, M. A. 1976. The structure of the corporation: A legal analysis. Beard Books.
Fama, E. F. 1980. Agency Problems and the Theory of the Firm. The journal of political economy, 88 (April), 288-307.
Franks, J., and Mayer, C. 2005. The Ownership and Control of German Corporations.
Gavrea, C., and Stegerean, R. 2011. The relationship between corporate governance and organizational performance: evidence from literature. Managerial Challenges of the Contemporary Society, 2 (June), 92-99.
Gedajlovic, E., and Shapiro, D. M. 2002. Ownership structure and firm profitability in Japan. Academy of Management Journal, 45 (June), 565-575.
Gillan, S. L. 2006. Recent developments in corporate governance: An overview. Journal of corporate finance, 12 (June), 381-402.
Haniffa, R., and Hudaib, M. 2006. Corporate governance structure and performance of Malaysian listed companies. Journal of Business Finance and Accounting, 33 (September/October), 1034-1062.
Hart, O. 1995. Corporate governance: some theory and implications. The economic journal, 105 (May), 678-689.
Hovey, M., Li, L., and Naughton, T. 2003. The relationship between valuation and ownership of listed firms in China. Corporate Governance: An International Review, 11 (April), 112-122.
Hu, L. 2010. Does Corporate Governance Matter, Evidence from Earnings Management Practices in Singapore. Master dissertation, Singapore Management University.
Jensen, M. C., and Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3 (October), 305-360.
Jensen, M. C., and Ruback, R. S. 1983. The market for corporate control: The scientific evidence. Journal of Financial economics, 11 (April), 5-50.
Kang, J. K., and Shivdasani, A. 1995. Firm performance, corporate governance, and top executive turnover in Japan. Journal of financial economics, 38 (May), 29-58.
Kaplan, S. N., and Minton, B. A. 1994. Appointments of outsiders to Japanese boards: Determinants and implications for managers. Journal of Financial Economics, 36 (February), 225-258.
Klapper, L. F., and Love, I. 2004. Corporate governance, investor protection, and performance in emerging markets. Journal of corporate Finance, 10(5), 703-728.
La Porta, R., Lopez‐de‐Silanes, F., and Shleifer, A. 1999. Corporate ownership around the world. The journal of finance, 54 (April), 471-517.
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., and Vishny, R. 2002. Investor protection and corporate valuation. The journal of finance, 57 (June), 1147-1170.
Mak, Y. T., and Li, Y. (2001). Determinants of corporate ownership and board structure: evidence from Singapore. Journal of Corporate Finance, 7 (September), 235-256.
Nguyen, T., Locke, S., and Reddy, K. 2014. A dynamic estimation of governance structures and financial performance for Singaporean companies. Economic Modelling, 40 (April), 1-11.
Pagano, M., Panetta, F., and Zingales, L. 1998. Why do companies go public? An empirical analysis. The Journal of Finance, 53 (February), 27-64.
Pham, P. K., Suchard, J. A., and Zein, J. 2011. Corporate governance and alternative performance measures: evidence from Australian firms. Australian Journal of Management, 36 (December), 371-386.
Ramachandran, J., Ngete, Z. A., Subramanian, R., and Sambasivan, M. 2015. Does corporate governance influence earnings management?: Evidence from Singapore. The Journal of Developing Areas, 49 (Summer), 263-274.
Roe, M. J. 1996. Strong managers, weak owners: The political roots of American corporate finance. Princeton University Press.
Shleifer, A., and Vishny, R. W. 1986. Large shareholders and corporate control. The Journal of Political Economy, 94 (June), 461-488.
Shleifer, A., and Vishny, R. W. 1997. A survey of corporate governance. The journal of finance, 52 (June), 737-783.
Vo, D., and Phan, T. 2013. Corporate governance and firm performance: empirical evidence from Vietnam. Journal of Economic Development, (April), 62-78.
Wolk, H. I., Dodd, J. L., and Rozycki, J. J. 2008. Accounting theory: conceptual issues in a political and economic environment.
Yafeh, Y., and Yosha, O. 2003. Large shareholders and banks: Who monitors and how?. The Economic Journal, 113 (January), 128-146.
描述 碩士
國立政治大學
會計學系
103353107
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103353107
資料類型 thesis
dc.contributor.advisor 林宛瑩zh_TW
dc.contributor.author (Authors) 趙又萱zh_TW
dc.creator (作者) 趙又萱zh_TW
dc.date (日期) 2016en_US
dc.date.accessioned 1-Sep-2016 23:38:41 (UTC+8)-
dc.date.available 1-Sep-2016 23:38:41 (UTC+8)-
dc.date.issued (上傳時間) 1-Sep-2016 23:38:41 (UTC+8)-
dc.identifier (Other Identifiers) G0103353107en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/101063-
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) 103353107zh_TW
dc.description.abstract (摘要) 本研究首先探討新加坡資本市場相關之法規，並建置新加坡公司治理變數資料庫，辨認公司之最終控制者及控制型態，並以最終控制者之角度衡量股份控制權、席次控制權及偏離程度，最後以2014年度於新加坡主板交易之公司為樣本，探討股權結構與公司經營績效之關聯性。相關實證結果發現，最終控制者持股比例較多，公司之績效較佳，符合利益收斂假說。最終控制者之席次控制權，與經營績效並不存在顯著關聯。而最終控制者的席次控制權與股份控制權之偏離程度較大，公司經營績效較差。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 研究議題 5
第三節 研究架構 7
第二章 文獻探討 8
第一節 相關法規之探討 8
第二節 公司治理之相關文獻 26
第三節 股權結構之相關文獻 30
第三章 研究方法 35
第一節 新加坡公司治理變數之衡量程序與方法 35
第二節 個案研究 45
第三節 研究假說與實證模型 65
第四節 研究變數定義與衡量、研究期間與樣本 67
第四章 實證結果分析 71
第一節 樣本分布及敘述統計量 71
第二節 股份控制權、席次控制權與公司經營績效關係之實證結果 75
第三節 偏離程度與公司經營績效關係之實證結果 81
第五章 結論與建議 87
第一節 研究結論 87
第二節 研究限制與建議 88
參考文獻 89		zh_TW
dc.format.extent 4274599 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103353107en_US
dc.subject (關鍵詞) 新加坡zh_TW
dc.subject (關鍵詞) 最終控制者zh_TW
dc.subject (關鍵詞) 股權結構zh_TW
dc.subject (關鍵詞) 經營績效zh_TW
dc.title (題名) 新加坡上市公司股權結構與公司績效關聯性之探討zh_TW
dc.title (題名) A Study on the Relationship Between Ownership Structure and Firm Performance of Listed Company in Singaporeen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文部分：
台灣證券交易所，2012，論「外國發行人註冊地國股東權益保護事項檢查表」對新加坡企業來台上市之影響與研究。
沈中華、陳錦村與吳孟紋，2005，更早期預警模型：台灣銀行業道德指標的建立及影響，管理學報，第二十二卷，第1期：1-28。
林宛瑩、許崇源，2008，台灣集團企業之控股型態及公司治理衡量指標之研究與建議，交大管理學報，第二十八卷，第1期：269-312。
許崇源、李怡宗、林宛瑩、鄭桂蕙，2003a，控制權與盈餘分配權偏離之衡量(上)，貨幣信用評等，第42期（7月）：15-31。
____________________________，2003b，控制權與盈餘分配權偏離之衡量(下)，貨幣信用評等，第43期（9月）：11-26。
陳錦村、黃佩玲，2001，從股權結構與核心代理觀點評析公營銀行民營化的實際成效，公營事業評論，第二卷，第3期：69-89。
二、英文部分：
Alba, P., Claessens, S., and Djankov, S. 1998. Thailand`s corporate financing and governance structures. World Bank Publications.
Barca, F. 1995. On corporate governance in Italy: issues, facts and agenda. Facts and Agenda.
Black, B. S., and Coffee, J. C. 1994. Hail Britannia?: institutional investor behavior under limited regulation. Michigan Law Review, 92 (June), 1997-2087.
Boycko, M., Shleifer, A., and Vishny, R. W. 1997. Privatizing Russia. MIT Press Books, 1.
Carney, M. 2005. Corporate governance and competitive advantage in family‐controlled firms. Entrepreneurship theory and practice, 29 (May), 249-265.
Cheung, Y. L., Tan, W., Ahn, H. J., and Zhang, Z. 2010. Does corporate social responsibility matter in Asian emerging markets?. Journal of Business Ethics,92 (March), 401-413.
Claessens, S., Djankov, S., and Lang, L. H. 2000. The separation of ownership and control in East Asian corporations. Journal of financial Economics, 58 (November), 81-112.
Claessens, S., Djankov, S., Fan, J. P., and Lang, L. H. 2002. Disentangling the incentive and entrenchment effects of large shareholdings. The journal of finance, 57 (December), 2741-2771.
Demsetz, H. 1983. The structure of ownership and the theory of the firm. The Journal of law and economics, 26 (June), 375-390.
Eisenberg, M. A. 1976. The structure of the corporation: A legal analysis. Beard Books.
Fama, E. F. 1980. Agency Problems and the Theory of the Firm. The journal of political economy, 88 (April), 288-307.
Franks, J., and Mayer, C. 2005. The Ownership and Control of German Corporations.
Gavrea, C., and Stegerean, R. 2011. The relationship between corporate governance and organizational performance: evidence from literature. Managerial Challenges of the Contemporary Society, 2 (June), 92-99.
Gedajlovic, E., and Shapiro, D. M. 2002. Ownership structure and firm profitability in Japan. Academy of Management Journal, 45 (June), 565-575.
Gillan, S. L. 2006. Recent developments in corporate governance: An overview. Journal of corporate finance, 12 (June), 381-402.
Haniffa, R., and Hudaib, M. 2006. Corporate governance structure and performance of Malaysian listed companies. Journal of Business Finance and Accounting, 33 (September/October), 1034-1062.
Hart, O. 1995. Corporate governance: some theory and implications. The economic journal, 105 (May), 678-689.
Hovey, M., Li, L., and Naughton, T. 2003. The relationship between valuation and ownership of listed firms in China. Corporate Governance: An International Review, 11 (April), 112-122.
Hu, L. 2010. Does Corporate Governance Matter, Evidence from Earnings Management Practices in Singapore. Master dissertation, Singapore Management University.
Jensen, M. C., and Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3 (October), 305-360.
Jensen, M. C., and Ruback, R. S. 1983. The market for corporate control: The scientific evidence. Journal of Financial economics, 11 (April), 5-50.
Kang, J. K., and Shivdasani, A. 1995. Firm performance, corporate governance, and top executive turnover in Japan. Journal of financial economics, 38 (May), 29-58.
Kaplan, S. N., and Minton, B. A. 1994. Appointments of outsiders to Japanese boards: Determinants and implications for managers. Journal of Financial Economics, 36 (February), 225-258.
Klapper, L. F., and Love, I. 2004. Corporate governance, investor protection, and performance in emerging markets. Journal of corporate Finance, 10(5), 703-728.
La Porta, R., Lopez‐de‐Silanes, F., and Shleifer, A. 1999. Corporate ownership around the world. The journal of finance, 54 (April), 471-517.
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., and Vishny, R. 2002. Investor protection and corporate valuation. The journal of finance, 57 (June), 1147-1170.
Mak, Y. T., and Li, Y. (2001). Determinants of corporate ownership and board structure: evidence from Singapore. Journal of Corporate Finance, 7 (September), 235-256.
Nguyen, T., Locke, S., and Reddy, K. 2014. A dynamic estimation of governance structures and financial performance for Singaporean companies. Economic Modelling, 40 (April), 1-11.
Pagano, M., Panetta, F., and Zingales, L. 1998. Why do companies go public? An empirical analysis. The Journal of Finance, 53 (February), 27-64.
Pham, P. K., Suchard, J. A., and Zein, J. 2011. Corporate governance and alternative performance measures: evidence from Australian firms. Australian Journal of Management, 36 (December), 371-386.
Ramachandran, J., Ngete, Z. A., Subramanian, R., and Sambasivan, M. 2015. Does corporate governance influence earnings management?: Evidence from Singapore. The Journal of Developing Areas, 49 (Summer), 263-274.
Roe, M. J. 1996. Strong managers, weak owners: The political roots of American corporate finance. Princeton University Press.
Shleifer, A., and Vishny, R. W. 1986. Large shareholders and corporate control. The Journal of Political Economy, 94 (June), 461-488.
Shleifer, A., and Vishny, R. W. 1997. A survey of corporate governance. The journal of finance, 52 (June), 737-783.
Vo, D., and Phan, T. 2013. Corporate governance and firm performance: empirical evidence from Vietnam. Journal of Economic Development, (April), 62-78.
Wolk, H. I., Dodd, J. L., and Rozycki, J. J. 2008. Accounting theory: conceptual issues in a political and economic environment.
Yafeh, Y., and Yosha, O. 2003. Large shareholders and banks: Who monitors and how?. The Economic Journal, 113 (January), 128-146.		zh_TW