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題名 核心代理問題與股價崩跌風險
Core Agency Problem and Stock Price Crash Risk
作者 林子柔
Lin, Zi-Rou
貢獻者 翁嘉祥
Weng, Chia-Hsiang
林子柔
Lin, Zi-Rou
關鍵詞 核心代理問題
型II代理問題
控制權與現金流量請求權偏離程度
股價崩跌風險
公司治理
Core agency problem
Type II agency problem
Separation of control ownership and cash flow rights
Stock price crash risk
Corporate governance
日期 2021
上傳時間 1-Jul-2021 17:25:37 (UTC+8)
摘要 本文採用2000年至2020年上市(櫃)公司作為研究對象，旨在探討核心代理問題與未來股價崩跌風險之關聯性。核心代理問題是以企業之控制權與現金流量請求權之偏離程度作為衡量；以負偏態係數與股價漲跌波動率衡量未來之股價崩跌風險。本文實證結果發現，控制權與現金流量請求權之偏離程度越大，股價崩跌之風險越高，控制股東透過金字塔結構及交叉持股強化支配能力並從事自利行為使小股東權益遭受剝奪仍不自知，導致核心代理問題越嚴重，未來的股價崩跌風險將大幅增加。
過去亦有許多針對核心代理問題與企業經營表現與盈餘管理間之研究，惟未能從資本市場觀點探討核心代理問題所產生之影響。故本研究欲採用控制權與現金流量請求權偏離程度觀察核心代理問題如何影響未來股價崩跌風險，提供股價崩跌風險不同面向的解釋。我國法治機關也扮演平衡雙方利害衝突的調停者，故本研究採用我國公司治理藍圖2.0之相關措施，從法規角度探討現行法律環境是否能有效保護外部投資者並降低核心代理問題及資訊不對稱所引發的股價崩跌風險。
This study use the domestic listed firms in Taiwan for the period 2000 to 2020 as the research object. The main purpose of this thesis is to explore the relationship between the core agency problem and future stock price crash risk. To evaluate the core agency problem, we use the separation of control ownership and cash flow rights, and calculate the negative skewness of firm-specific weekly returns(NCSKW) and down-to-up volatility(DUVOL) to measure the stock price crash risk.
The empirical results of this study find that the larger separation of control ownership and cash flow rights, the higher the future stock price crash risk. Controlling shareholders enhance control by pyramidal shareholding structure and cross-shareholdings, engage in self-interested behavior, and jeopardize the interests of unknowing minority shareholders. Core agency problems become more serious, significantly increase the risk of future stock price crash. The implementation of corporate governance is also dedicated to reducing agency conflicts between the two parties.
There have been many studies on core agency issues and business performance and management in the past, but they have not explored the impact of core agency issues from the perspective of capital markets. Therefore, this study intends to use the separation of control ownership and cash flow rights to observe how core agency issues affect future stock price crash risk, and to provide different explanations for stock price crash risk. The competent authority acts as a mediator to resolve the conflicts of interest between the two parties. Therefore, this study use the specific regulations of Corporate Governance Roadmap 2.0 to explore whether the current legal environment can effectively protect external investors and reduce core agency problems and the risk of future stock price crash.
參考文獻 一、中文參考文獻
王元章、張椿柏. (2011). 從核心代理問題的角度探討股權結構, 董事會特性對公司價值之影響. 證券市場發展季刊, 23(2), 131-174.
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, 1, 269-312.
葉銀華. (1999). 家族控股集團, 核心金業與報酬互動之研究-台灣與香港證券市場之比較. 管理評論, 18(2), 59-86.
蔡家龍. (2019). 公司治理與股價保護效果之研究-以公司治理評鑑報告發布為例. 逢甲大學金融博士學位學程學位論文, 1-66.

二、英文參考文獻
Agrawal, A., and Chadha, S. (2005). Corporate governance and accounting scandals. The Journal of Law and Economics, 48(2), 371-406.
An, H., and Zhang, T. (2013). Stock price synchronicity, crash risk, and institutional investors. Journal of Corporate Finance, 21, 1-15.
Anderson, R. C., and Reeb, D. M. (2003). Founding‐family ownership and firm performance: evidence from the SandP 500. The journal of finance, 58(3), 1301-1328.
Andreou, P. C., Antoniou, C., Horton, J., and Louca, C. (2016). Corporate governance and firm‐specific stock price crashes. European Financial Management, 22(5), 916-956.
Ashbaugh‐Skaife, H., Collins, D. W., Kinney Jr, W. R., and LaFond, R. (2009). The effect of SOX internal control deficiencies on firm risk and cost of equity. Journal of Accounting research, 47(1), 1-43.
Bagnoli, M., and Watts, S. G. (2010). Oligopoly, disclosure, and earnings management. The Accounting Review, 85(4), 1191-1214.
Beatty, A., Liao, S., and Yu, J. J. (2013). The spillover effect of fraudulent financial reporting on peer firms` investments. Journal of Accounting and Economics, 55(2-3), 183-205.
Bebchuk, L. A., Kraakman, R., and Triantis, G. (2000). Stock pyramids, cross-ownership, and dual class equity: the mechanisms and agency costs of separating control from cash-flow rights. In Concentrated corporate ownership (pp. 295-318): University of Chicago Press.
Bedard, J., Chtourou, S. M., and Courteau, L. (2004). The effect of audit committee expertise, independence, and activity on aggressive earnings management. Auditing: A Journal of Practice and Theory, 23(2), 13-35.
Benmelech, E., Kandel, E., and Veronesi, P. (2010). Stock-based compensation and CEO (dis) incentives. The Quarterly Journal of Economics, 125(4), 1769-1820.
Berle, A. A., and Means, G. C. (1932). The modern corporation and private property.
Boyd, B. K. (1995). CEO duality and firm performance: A contingency model. Strategic management journal, 16(4), 301-312.
Chen, J., Hong, H., and Stein, J. C. (2001). Forecasting crashes: Trading volume, past returns, and conditional skewness in stock prices. Journal of Financial Economics, 61(3), 345-381.
Chiang, R., and Venkatesh, P. (1988). Insider holdings and perceptions of information asymmetry: A note. The journal of finance, 43(4), 1041-1048.
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(6), 2741-2771.
Claessens, S., Djankov, S., and Lang, L. H. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1-2), 81-112.
Denis, D. K., and McConnell, J. J. (2003). International corporate governance. Journal of Financial and Quantitative Analysis, 1-36.
Dimson, E. (1979). Risk measurement when shares are subject to infrequent trading. Journal of Financial Economics, 7(2), 197-226.
Doyle, J. T., Ge, W., and McVay, S. (2007). Accruals quality and internal control over financial reporting. The Accounting Review, 82(5), 1141-1170.
Du, J., and Dai, Y. (2005). Ultimate corporate ownership structures and capital structures: Evidence from East Asian economies. Corporate Governance: An International Review, 13(1), 60-71.
Enriques, L., and Volpin, P. (2007). Corporate governance reforms in continental Europe. Journal of economic perspectives, 21(1), 117-140.
Ertugrul, M., Lei, J., Qiu, J., and Wan, C. (2017). Annual report readability, tone ambiguity, and the cost of borrowing. Journal of Financial and Quantitative Analysis, 52(2), 811-836.
Fama, E. F. (1980). Agency problems and the theory of the firm. Journal of political economy, 88(2), 288-307.
Fama, E. F., and Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law and Economics, 26(2), 301-325.
Fan, J. P., and Wong, T. J. (2002). Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics, 33(3), 401-425.
Feng, M., Li, C., and McVay, S. (2009). Internal control and management guidance. Journal of Accounting and Economics, 48(2-3), 190-209.
Francis, B., Hasan, I., and Li, L. (2016). Abnormal real operations, real earnings management, and subsequent crashes in stock prices. Review of Quantitative Finance and Accounting, 46(2), 217-260.
Gomez-Mejia, L. R., Larraza-Kintana, M., and Makri, M. (2003). The determinants of executive compensation in family-controlled public corporations. Academy of management journal, 46(2), 226-237.
Haw, I. M., Hu, B., Hwang, L. S., and Wu, W. (2004). Ultimate ownership, income management, and legal and extra‐legal institutions. Journal of Accounting research, 42(2), 423-462.
He, G. (2015). The effect of CEO inside debt holdings on financial reporting quality. Review of Accounting Studies, 20(1), 501-536.
Healy, P. M., and Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1-3), 405-440.
Hutton, A. P., Marcus, A. J., and Tehranian, H. (2009). Opaque financial reports, R2, and crash risk. Journal of Financial Economics, 94(1), 67-86.
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Jensen, M. C., and Ruback, R. S. (1983). The market for corporate control: The scientific evidence. Journal of Financial Economics, 11(1-4), 5-50.
Jin, L., and Myers, S. C. (2006). R2 around the world: New theory and new tests. Journal of Financial Economics, 79(2), 257-292.
Jung, K., and Kwon, S. Y. (2002). Ownership structure and earnings informativeness: Evidence from Korea. The International Journal of Accounting, 37(3), 301-325.
Kim, J.-B., Li, L., Lu, L. Y., and Yu, Y. (2016). Financial statement comparability and expected crash risk. Journal of Accounting and Economics, 61(2-3), 294-312.
Kim, J.-B., Li, Y., and Zhang, L. (2011). Corporate tax avoidance and stock price crash risk: Firm-level analysis. Journal of Financial Economics, 100(3), 639-662.
Kim, J. B., and Zhang, L. (2014). Financial reporting opacity and expected crash risk: Evidence from implied volatility smirks. Contemporary Accounting Research, 31(3), 851-875.
Kim, Y., Li, H., and Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking and Finance, 43, 1-13.
Kirschenheiter, M., and Melumad, N. D. (2002). Can “big bath” and earnings smoothing co‐exist as equilibrium financial reporting strategies? Journal of Accounting research, 40(3), 761-796.
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La Porta, R., Lopez‐de‐Silanes, F., and Shleifer, A. (1999). Corporate ownership around the world. The journal of finance, 54(2), 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(3), 1147-1170.
Shleifer, A., and Vishny, R. W. (1986). Large shareholders and corporate control. Journal of political economy, 94(3, Part 1), 461-488.
Shleifer, A., and Vishny, R. W. (1997). A survey of corporate governance. The journal of finance, 52(2), 737-783.
Tjondro, E., and Olivia, V. (2018). Role of Audit Committee in Tax Avoidance of Family and Non-Family Firms: Evidence from Indonesia. Journal of Economics and Business, 1(3), 368-380.
Xie, B., Davidson III, W. N., and DaDalt, P. J. (2003). Earnings management and corporate governance: the role of the board and the audit committee. Journal of Corporate Finance, 9(3), 295-316.
Yeh, Y.-H., and Woidtke, T. (2005). Commitment or entrenchment?: Controlling shareholders and board composition. Journal of Banking and Finance, 29(7), 1857-1885.
Yeh, Y. h., Lee, T. s., and Woidtke, T. (2001). Family control and corporate governance: Evidence from Taiwan. International Review of finance, 2(1‐2), 21-48.
Zhu, W. (2016). Accruals and price crashes. Review of Accounting Studies, 21(2), 349-399.
描述 碩士
國立政治大學
會計學系
108353116
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353116
資料類型 thesis
dc.contributor.advisor 翁嘉祥zh_TW
dc.contributor.advisor Weng, Chia-Hsiangen_US
dc.contributor.author (Authors) 林子柔zh_TW
dc.contributor.author (Authors) Lin, Zi-Rouen_US
dc.creator (作者) 林子柔zh_TW
dc.creator (作者) Lin, Zi-Rouen_US
dc.date (日期) 2021en_US
dc.date.accessioned 1-Jul-2021 17:25:37 (UTC+8)-
dc.date.available 1-Jul-2021 17:25:37 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2021 17:25:37 (UTC+8)-
dc.identifier (Other Identifiers) G0108353116en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/135928-
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) 108353116zh_TW
dc.description.abstract (摘要) 本文採用2000年至2020年上市(櫃)公司作為研究對象，旨在探討核心代理問題與未來股價崩跌風險之關聯性。核心代理問題是以企業之控制權與現金流量請求權之偏離程度作為衡量；以負偏態係數與股價漲跌波動率衡量未來之股價崩跌風險。本文實證結果發現，控制權與現金流量請求權之偏離程度越大，股價崩跌之風險越高，控制股東透過金字塔結構及交叉持股強化支配能力並從事自利行為使小股東權益遭受剝奪仍不自知，導致核心代理問題越嚴重，未來的股價崩跌風險將大幅增加。
過去亦有許多針對核心代理問題與企業經營表現與盈餘管理間之研究，惟未能從資本市場觀點探討核心代理問題所產生之影響。故本研究欲採用控制權與現金流量請求權偏離程度觀察核心代理問題如何影響未來股價崩跌風險，提供股價崩跌風險不同面向的解釋。我國法治機關也扮演平衡雙方利害衝突的調停者，故本研究採用我國公司治理藍圖2.0之相關措施，從法規角度探討現行法律環境是否能有效保護外部投資者並降低核心代理問題及資訊不對稱所引發的股價崩跌風險。		zh_TW
dc.description.abstract (摘要) This study use the domestic listed firms in Taiwan for the period 2000 to 2020 as the research object. The main purpose of this thesis is to explore the relationship between the core agency problem and future stock price crash risk. To evaluate the core agency problem, we use the separation of control ownership and cash flow rights, and calculate the negative skewness of firm-specific weekly returns(NCSKW) and down-to-up volatility(DUVOL) to measure the stock price crash risk.
The empirical results of this study find that the larger separation of control ownership and cash flow rights, the higher the future stock price crash risk. Controlling shareholders enhance control by pyramidal shareholding structure and cross-shareholdings, engage in self-interested behavior, and jeopardize the interests of unknowing minority shareholders. Core agency problems become more serious, significantly increase the risk of future stock price crash. The implementation of corporate governance is also dedicated to reducing agency conflicts between the two parties.
There have been many studies on core agency issues and business performance and management in the past, but they have not explored the impact of core agency issues from the perspective of capital markets. Therefore, this study intends to use the separation of control ownership and cash flow rights to observe how core agency issues affect future stock price crash risk, and to provide different explanations for stock price crash risk. The competent authority acts as a mediator to resolve the conflicts of interest between the two parties. Therefore, this study use the specific regulations of Corporate Governance Roadmap 2.0 to explore whether the current legal environment can effectively protect external investors and reduce core agency problems and the risk of future stock price crash.		en_US
dc.description.tableofcontents 第一章　緒論 1
第二章　文獻探討與假說發展 4
第一節　代理問題相關文獻 4
第二節　股價崩跌相關文獻 6
第三節 假說發展 8
第三章　研究設計 11
第一節　主要變數之定義與衡量 11
一、應變數 11
二、自變數 12
三、調節變數 13
第二節　實證模型之建立 14
第三節　資料來源及樣本之選取 22
第四章　實證結果 23
第一節　敘述性統計 23
第二節　相關係數分析 25
第三節　迴歸分析 26
第四節　增額測試 32
第五章　研究結論、研究限制與未來研究建議 43
第一節　研究結論 43
第二節　研究限制與未來研究建議 45
參考文獻 46		zh_TW
dc.format.extent 1811463 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353116en_US
dc.subject (關鍵詞) 核心代理問題zh_TW
dc.subject (關鍵詞) 型II代理問題zh_TW
dc.subject (關鍵詞) 控制權與現金流量請求權偏離程度zh_TW
dc.subject (關鍵詞) 股價崩跌風險zh_TW
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) Core agency problemen_US
dc.subject (關鍵詞) Type II agency problemen_US
dc.subject (關鍵詞) Separation of control ownership and cash flow rightsen_US
dc.subject (關鍵詞) Stock price crash risken_US
dc.subject (關鍵詞) Corporate governanceen_US
dc.title (題名) 核心代理問題與股價崩跌風險zh_TW
dc.title (題名) Core Agency Problem and Stock Price Crash Risken_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文參考文獻
王元章、張椿柏. (2011). 從核心代理問題的角度探討股權結構, 董事會特性對公司價值之影響. 證券市場發展季刊, 23(2), 131-174.
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, 1, 269-312.
葉銀華. (1999). 家族控股集團, 核心金業與報酬互動之研究-台灣與香港證券市場之比較. 管理評論, 18(2), 59-86.
蔡家龍. (2019). 公司治理與股價保護效果之研究-以公司治理評鑑報告發布為例. 逢甲大學金融博士學位學程學位論文, 1-66.

二、英文參考文獻
Agrawal, A., and Chadha, S. (2005). Corporate governance and accounting scandals. The Journal of Law and Economics, 48(2), 371-406.
An, H., and Zhang, T. (2013). Stock price synchronicity, crash risk, and institutional investors. Journal of Corporate Finance, 21, 1-15.
Anderson, R. C., and Reeb, D. M. (2003). Founding‐family ownership and firm performance: evidence from the SandP 500. The journal of finance, 58(3), 1301-1328.
Andreou, P. C., Antoniou, C., Horton, J., and Louca, C. (2016). Corporate governance and firm‐specific stock price crashes. European Financial Management, 22(5), 916-956.
Ashbaugh‐Skaife, H., Collins, D. W., Kinney Jr, W. R., and LaFond, R. (2009). The effect of SOX internal control deficiencies on firm risk and cost of equity. Journal of Accounting research, 47(1), 1-43.
Bagnoli, M., and Watts, S. G. (2010). Oligopoly, disclosure, and earnings management. The Accounting Review, 85(4), 1191-1214.
Beatty, A., Liao, S., and Yu, J. J. (2013). The spillover effect of fraudulent financial reporting on peer firms` investments. Journal of Accounting and Economics, 55(2-3), 183-205.
Bebchuk, L. A., Kraakman, R., and Triantis, G. (2000). Stock pyramids, cross-ownership, and dual class equity: the mechanisms and agency costs of separating control from cash-flow rights. In Concentrated corporate ownership (pp. 295-318): University of Chicago Press.
Bedard, J., Chtourou, S. M., and Courteau, L. (2004). The effect of audit committee expertise, independence, and activity on aggressive earnings management. Auditing: A Journal of Practice and Theory, 23(2), 13-35.
Benmelech, E., Kandel, E., and Veronesi, P. (2010). Stock-based compensation and CEO (dis) incentives. The Quarterly Journal of Economics, 125(4), 1769-1820.
Berle, A. A., and Means, G. C. (1932). The modern corporation and private property.
Boyd, B. K. (1995). CEO duality and firm performance: A contingency model. Strategic management journal, 16(4), 301-312.
Chen, J., Hong, H., and Stein, J. C. (2001). Forecasting crashes: Trading volume, past returns, and conditional skewness in stock prices. Journal of Financial Economics, 61(3), 345-381.
Chiang, R., and Venkatesh, P. (1988). Insider holdings and perceptions of information asymmetry: A note. The journal of finance, 43(4), 1041-1048.
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(6), 2741-2771.
Claessens, S., Djankov, S., and Lang, L. H. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1-2), 81-112.
Denis, D. K., and McConnell, J. J. (2003). International corporate governance. Journal of Financial and Quantitative Analysis, 1-36.
Dimson, E. (1979). Risk measurement when shares are subject to infrequent trading. Journal of Financial Economics, 7(2), 197-226.
Doyle, J. T., Ge, W., and McVay, S. (2007). Accruals quality and internal control over financial reporting. The Accounting Review, 82(5), 1141-1170.
Du, J., and Dai, Y. (2005). Ultimate corporate ownership structures and capital structures: Evidence from East Asian economies. Corporate Governance: An International Review, 13(1), 60-71.
Enriques, L., and Volpin, P. (2007). Corporate governance reforms in continental Europe. Journal of economic perspectives, 21(1), 117-140.
Ertugrul, M., Lei, J., Qiu, J., and Wan, C. (2017). Annual report readability, tone ambiguity, and the cost of borrowing. Journal of Financial and Quantitative Analysis, 52(2), 811-836.
Fama, E. F. (1980). Agency problems and the theory of the firm. Journal of political economy, 88(2), 288-307.
Fama, E. F., and Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law and Economics, 26(2), 301-325.
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dc.identifier.doi (DOI) 10.6814/NCCU202100619en_US