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題名 家族企業董事會組成多元性對公司股利政策的影響
The Diversity of The Board of Directors of a Family Business on Dividend Policies作者 陳怡璇
Chen, Yi-Hsuan貢獻者 陳聖賢
Chen, Sheng-Syan
陳怡璇
Chen, Yi-Hsuan關鍵詞 董事會多元化
家族企業
股利決策
代理問題
所有權結構
Board Diversity
Family Business
Dividend policy
Agency Problem
Ownership Structure日期 2021 上傳時間 3-Jul-2021 00:43:00 (UTC+8) 摘要 隨著近年來董事會多元化的議題受到廣泛關注，諸多學者紛紛投入相關研究，惟大多數都是專注討論單一多元化因子的影響，台灣企業大約有60%都是由家族主導，是台灣企業的特色之一，並且在公司決策上有舉足輕重的影響力。本文以多維度的多元化指數來探討公司股利決策，並將家族企業特性納入考量，以代理問題的角度討論家族企業如何影響股利政策，最後檢驗多元化指數和家族企業是否存在交互作用的關係。實證結果發現，多元化指數對現金股利發放率有正向影響，而家族企業支付較少現金股利，表示控制家族和少數股東之間存在嚴重代理問題，最後多元化指數和家族企業不存在交互作用關係。另外，現金流量權和控制權的偏離程度不會影響家族企業支付現金股利的多寡，但是與多元化指數存在交互作用關係，家族企業的現金流量權和控制權偏離程度愈小，董事會多元化程度愈高則發放愈多現金股利。
The issue of board diversification has received widespread attention in recent years. There are many scholars have focused on board diversification. But most of them focus on discussing a single diversity factor. There are approximately 60% of family business in Taiwan. They have a huge influence on decision-making. Therefore, in this paper, we use a multidimensional measure of diversity and a family business factor on dividend policies. The empirical results show that the diversity index has a positive effect on cash dividend payout and family business pay less cash dividends. This means there is a serious agency problem between the controlling family and minority shareholders. Finally, there is no interaction relationship between diversity index and family business dummy variable. In addition, the separation of cash flow rights and control rights does not affect cash dividend payout in family business. But there is an interaction relationship with diversity index. 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國立政治大學
財務管理學系
108357014資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108357014 資料類型 thesis dc.contributor.advisor 陳聖賢 zh_TW dc.contributor.advisor Chen, Sheng-Syan en_US dc.contributor.author (Authors) 陳怡璇 zh_TW dc.contributor.author (Authors) Chen, Yi-Hsuan en_US dc.creator (作者) 陳怡璇 zh_TW dc.creator (作者) Chen, Yi-Hsuan en_US dc.date (日期) 2021 en_US dc.date.accessioned 3-Jul-2021 00:43:00 (UTC+8) - dc.date.available 3-Jul-2021 00:43:00 (UTC+8) - dc.date.issued (上傳時間) 3-Jul-2021 00:43:00 (UTC+8) - dc.identifier (Other Identifiers) G0108357014 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136055 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 108357014 zh_TW dc.description.abstract (摘要) 隨著近年來董事會多元化的議題受到廣泛關注，諸多學者紛紛投入相關研究，惟大多數都是專注討論單一多元化因子的影響，台灣企業大約有60%都是由家族主導，是台灣企業的特色之一，並且在公司決策上有舉足輕重的影響力。本文以多維度的多元化指數來探討公司股利決策，並將家族企業特性納入考量，以代理問題的角度討論家族企業如何影響股利政策，最後檢驗多元化指數和家族企業是否存在交互作用的關係。實證結果發現，多元化指數對現金股利發放率有正向影響，而家族企業支付較少現金股利，表示控制家族和少數股東之間存在嚴重代理問題，最後多元化指數和家族企業不存在交互作用關係。另外，現金流量權和控制權的偏離程度不會影響家族企業支付現金股利的多寡，但是與多元化指數存在交互作用關係，家族企業的現金流量權和控制權偏離程度愈小，董事會多元化程度愈高則發放愈多現金股利。 zh_TW dc.description.abstract (摘要) The issue of board diversification has received widespread attention in recent years. There are many scholars have focused on board diversification. But most of them focus on discussing a single diversity factor. There are approximately 60% of family business in Taiwan. They have a huge influence on decision-making. Therefore, in this paper, we use a multidimensional measure of diversity and a family business factor on dividend policies. The empirical results show that the diversity index has a positive effect on cash dividend payout and family business pay less cash dividends. This means there is a serious agency problem between the controlling family and minority shareholders. Finally, there is no interaction relationship between diversity index and family business dummy variable. In addition, the separation of cash flow rights and control rights does not affect cash dividend payout in family business. But there is an interaction relationship with diversity index. The cash dividend payout will increase if the separation of cash flow rights and control rights is low and board diversification is high. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機 1第二節 研究目的 4第三節 研究流程 4第二章 文獻探討 5第一節 董事會多元化對公司股利決策的影響 5第二節 家族企業對公司股利決策的影響 17第三節 家族企業董事會成員多元化對公司股利決策的影響 22第三章 研究方法 24第一節 研究架構 24第二節 研究變數 25第三節 資料分析方法 31第四章 實證結果與分析 34第一節 敘述統計分析 34第二節 迴歸分析 38第三節 主成分分析 49第五章 結論與建議 52第一節 結論 52第二節 研究限制與建議 53參考文獻 54 zh_TW dc.format.extent 2254997 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108357014 en_US dc.subject (關鍵詞) 董事會多元化 zh_TW dc.subject (關鍵詞) 家族企業 zh_TW dc.subject (關鍵詞) 股利決策 zh_TW dc.subject (關鍵詞) 代理問題 zh_TW dc.subject (關鍵詞) 所有權結構 zh_TW dc.subject (關鍵詞) Board Diversity en_US dc.subject (關鍵詞) Family Business en_US dc.subject (關鍵詞) Dividend policy en_US dc.subject (關鍵詞) Agency Problem en_US dc.subject (關鍵詞) Ownership Structure en_US dc.title (題名) 家族企業董事會組成多元性對公司股利政策的影響 zh_TW dc.title (題名) The Diversity of The Board of Directors of a Family Business on Dividend Policies en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文文獻：Hung, J. 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