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題名 企業在財務危機下內部治理機制與銀行融資之關係-以臺灣上市櫃公司為例
Relationship between Corporate Internal Governance and Bank Financing under Financial Crisis
作者 熊韋翔
Hsiang, Wei-Hsiung
貢獻者 徐愛恩
Shiu, Ai-En
熊韋翔
Hsiang, Wei-Hsiung
關鍵詞 財務危機
內部治理
銀行融資
Financial Crisis
Bank Financing
Internal Corporate Governance
日期 2021
上傳時間 4-Aug-2021 14:30:23 (UTC+8)
摘要 企業為長久經營，須具備良好的財務資本，銀行融資為企業時常選擇的方式，而企業是否可以取的銀行融資為其是否可以經營下去的關鍵，故本研究以2016-2020年之上市櫃公司並具有財務危機之公司作為樣本，以企業取得銀行融資作為應變數，研究企業的內部治理機制與取得銀行融資之關聯作相關之研究與分析。邏輯式迴歸結果發現獨立董事佔比以及董事會規模皆與銀行融資呈現正向顯著之關係，符合本研究之預期。同時，在額外測試中加入不同財務指標或企業效率指標後，會產生各自不同的影響。本研究貢獻包括彌補國內文獻於此方面的不足，並可提供國內金融機構、投資者，以及有關的主管機關單位在制定相關決策時之參考，亦可供企業及投資者檢討公司治理機制之執行成效。
A sound capital structure is crucial for companies to operate continuously and bank financing is one of the source for companies to meet its capital needs; therefore, whether a company can obtain bank financing is crucial. This study uses listed companies that are under financial crisis from 2016 to 2020 in Taiwan as the research sample to study the relationship between the internal corporate governance and the bank financing. Empirical results from logistic regressions show that the proportion of independent directors and the size of the board of directors have a positive and significant relationship with bank financing. Meanwhile, adding different financial and corporate efficiency indicators may lead to different conclusion. This study contributes to the literature by using local Taiwanese data to study this question and provide possible reference for domestic financial institutions, investors and relevant authorities when making relevant decisions, and for companies and investors to review the implementation of corporate governance mechanisms effectiveness.
參考文獻 參考文獻
中文文獻
1. 李建然與陳政芳，2004，審計客戶重要性與盈餘管理：以五大事務所組別為觀察標的，會計評論，第38期：59-80。
2. 柯承恩，2000，我國公司監理體系之問題與改進建議（上），會計研究月刊，第173期：75-81。
3. 許崇源與朱全斌，2006，獨立董事及外部董事功能之研究，會計理論與實務研討會，東吳大學。
4. 陳喬宣，2012，家族企業對董事會獨立性之弱化影響，國立台灣大學會計學研究所碩士論文。
5. 陳瑞斌與許崇源，2007，公司治理結構與資訊揭露之關聯性研究，交大管理學報，第27卷第2期：55-109。
6. 陳錦村與葉雅薰，2002，公司改組、監督機制與盈餘管理之研究，會計評論，第34期：1-29。
7. 葉銀華、李存修與柯承恩，2002，公司治理與評等系統，商智文化出版。
8. 張文瀞、周玲臺與林修葳，2003，內部人持股連續變動公司之盈餘管理行為特性，會計評論，第37期：53-83。
9. 張瑞當、方俊儒與曾玉琦，2007，核心代理問題與盈餘管理：董事會結構與外部監督機制之探討，管理學報，第24卷第1期：17-39。
10. 廖益興、楊清溪與廖秀梅，2005，公司治理機制與財務報表品質之關聯性研究，當前會計理論與實務研討會論文集 (五月)：195-230。
11. 廖益興，2010，董事會組成、股權結構與年報資訊揭露水準，臺大管理論叢，第20卷第2期：209-250.
12. 劉韻僖與林玉娟，2008，董事會規模與獨立性對董事會功能影響之研究，東海管理評論，第10卷第1期：187-224.
13. 蘇惠卿，2005，股權集中度、管理當局機制及董事會特性與盈餘管理之相關性研究，國立成功大學會計學研究所碩士論文。

英文文獻
1. Abbott, L. J., Y. Park., and S. Parker. 2000. The effects of audit committee activity and independence on corporate fraud. Managerial Finance 26(11): 55-67.
2. Aboody, D., and R. Kasznik. 2000. CEO stock option awards and the timing of corporate voluntary disclosures. Journal of Accounting and Economics 29: 73-100.
3. Ball, R., S. P. Kothari, and A. Robin. 2000. The effect of institutional factors on properties on accounting earnings: International evidence. Journal of Accounting and Economics 29(1):1-51.
4. Baysinger, B., and R. E. Hoskisson. 1990. The Composition of Boards of Directors and Strategic Control: Effect on Corporate Strategy. Academy ofManagement Review15(1): 72-87.
5. Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review 71(4): 443-465.
6. Beasley, M. S., J. V. Carcello, D. R. Hermanson, and P. D. Lapides. 2000. Fraudulent financial reporting: Consideration of industry traits and corporate governance mechanisms. Accounting Horizons 14(4): 441-454.
7. Becker, C. L., M. L. DeFond, J. Jiambalvo, and K. R. Subramanyam, 1998. The Effect of audit quality on earnings management. Contemporary AccountingResearch 15(1): 1-21.
8. Blair, M. M. 1995. Ownership and control: rethinking corporate governance for the twenty-first century. Washington, D.C. The Brookings Institution.
9. Bowen, R. M., S. Rajgopal, and M. Venkatachalam. 2003. Accounting choice, corporate governance and firm performance. Working paper, University of Washington.
10. Brickley, J., L. Coles, and R. L. Terry. 1994. Outside directors and the adoption of poision pills. Journal of Financial Economics 35(3): 371-390.
11. Carcello, C. V., and T. L. Neal. 2003. Audit committee characteristics and auditor dismissal following ‘new’ going-concern report. The Accounting Review 78(1): 95-117.
12. Chtourou, S. M., J. Bedard, and L. Courteau. 2001. Corporate governance and earnings management. Working paper, University of Laval.
13. Claessens, S., S. Djankov, and H. P. Lang. 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics 58: 81-112.
14. Claessens, S., S. Djankov, J. P. H. Fan, and L. H. P. Lang. 2002. Disentangling the incentive and entrenchment effects of large shareholders. Journal of Finance 57(6): 2741-2771.
15. Cooke, T. E. 1989. Voluntary disclosure by Swedish companies. Journal of Interational Financial Management and Accounting 1: 1-25.
16. Dalton, D. R., C. M. Daily, A. E. Ellstrand, and J. L. Johnson. 1998. Meta-analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal 19: 269-290.
17. Dalton, D. R., C. M. Daily, J. L. Johnson, and A. E. Ellstrand. 1999. Number of directors and financial performance: a meta-analysis. Academy of Management Journal 42: 674-686.
18. DeAngelo, H. L., L. DeAngelo, and D. J. Skinner. 1994. Accounting choice in troubled companies. Journal of Accounting and Economics 17: 113-144.
19. Dechow, P. M., R. G. Sloan, and A. P. Sweeney. 1996. Causes and consequences of earnings manipulation: an analysis of firms subject to enforcement actions 32 by the SEC. Contemporary Accounting Research 13 : 1-36.
20. DeFond, M. L., and J. Jiambalvo. 1994. Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics 17: 145-176.
21. Denis, D. K. 2001. Twenty-five years of corperate govemance research and accounting. Review of Financial Economics10 (3): 191-212.
22. Dhaliwal, D. S., G. L. Salamon, and E. D. Smith. 1982. The effect of owner versus management control on the choice of accounting methods. Journal of Accounting and Economics 4: 41-53.
23. Fama, E., and M. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 26 (2)：301-325.
24. 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(3): 401-425.
25. Forker, J. J. 1992. Corporate governance and disclosure quality. Accounting and Business Research 22 (86): 111-124.
26. Francis, J., E. Maydew, and H. Sparks. 1999. The role of big 6 auditors in the credible reporting of accrual’s. Auditing: A Journal of Practice and Theory 18: 17-34.
27. Frankel, R. M., M. F. Johnson, and K. K. Nelson. 2002. The relationship between auditors’ fees for nonaudit services and earnings management. The Accounting Review 77(4): 71-105.
28. Gillan, S. L. 2006. Recent developments in corporate governance: An overview. Journal of Corporate Finance 12: 381-402.
29. Haw, I. M., B. Hu, L. S. Hwang, and W. Wu. 2004. Ultimate ownership, income management, and legal and extra-legal institutions. Journal of Accounting Research 42(2): 423-462.
30. Healy, P. M. and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics 31: 405-440.
31. Hermalin, B. E., and M. S. Weisbach. 2003. Boards of directors as endogenously determined institutions: A survey of the economic literature. Economic Policy Review 9 (1): 7-26.
32. Hsieh, Y-M, and Y-C, Tsai.2005. Aggregate audit adjustments and discretionary accruals: Further evidence on the relation between audit quality and earnings management. Working Paper, National Taiwan University.
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40. Lemmon, M. L., and K. V. Lins. 2003. Ownership structure, corporate governance, and firm value: Evidence form the East Asian financial crisis. Journal of Finance 58(4): 1445-1468.
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42. Mitton, T. 2002. A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis. Journal of Financial Economics 64(2): 215-241.
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描述 碩士
國立政治大學
會計學系
108353028
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353028
資料類型 thesis
dc.contributor.advisor 徐愛恩zh_TW
dc.contributor.advisor Shiu, Ai-Enen_US
dc.contributor.author (Authors) 熊韋翔zh_TW
dc.contributor.author (Authors) Hsiang, Wei-Hsiungen_US
dc.creator (作者) 熊韋翔zh_TW
dc.creator (作者) Hsiang, Wei-Hsiungen_US
dc.date (日期) 2021en_US
dc.date.accessioned 4-Aug-2021 14:30:23 (UTC+8)-
dc.date.available 4-Aug-2021 14:30:23 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2021 14:30:23 (UTC+8)-
dc.identifier (Other Identifiers) G0108353028en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136296-
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) 108353028zh_TW
dc.description.abstract (摘要) 企業為長久經營，須具備良好的財務資本，銀行融資為企業時常選擇的方式，而企業是否可以取的銀行融資為其是否可以經營下去的關鍵，故本研究以2016-2020年之上市櫃公司並具有財務危機之公司作為樣本，以企業取得銀行融資作為應變數，研究企業的內部治理機制與取得銀行融資之關聯作相關之研究與分析。邏輯式迴歸結果發現獨立董事佔比以及董事會規模皆與銀行融資呈現正向顯著之關係，符合本研究之預期。同時，在額外測試中加入不同財務指標或企業效率指標後，會產生各自不同的影響。本研究貢獻包括彌補國內文獻於此方面的不足，並可提供國內金融機構、投資者，以及有關的主管機關單位在制定相關決策時之參考，亦可供企業及投資者檢討公司治理機制之執行成效。zh_TW
dc.description.abstract (摘要) A sound capital structure is crucial for companies to operate continuously and bank financing is one of the source for companies to meet its capital needs; therefore, whether a company can obtain bank financing is crucial. This study uses listed companies that are under financial crisis from 2016 to 2020 in Taiwan as the research sample to study the relationship between the internal corporate governance and the bank financing. Empirical results from logistic regressions show that the proportion of independent directors and the size of the board of directors have a positive and significant relationship with bank financing. Meanwhile, adding different financial and corporate efficiency indicators may lead to different conclusion. This study contributes to the literature by using local Taiwanese data to study this question and provide possible reference for domestic financial institutions, investors and relevant authorities when making relevant decisions, and for companies and investors to review the implementation of corporate governance mechanisms effectiveness.en_US
dc.description.tableofcontents 第壹章 緒論 ..1
第一節 研究動機 ..1
第二節 研究目的 ..2
第三節 研究架構與流程 ..3
第貳章 文獻回顧與假說建立 ..5
第一節 公司治理 ..5
第二節 企業內部治理機制 ..8
第三節 銀行融資 ..10
第四節 企業內部治理機制與銀行融資 ..11
第參章 資料來源與研究方法 ..13
第一節 資料來源 ..13
第二節 研究方法 ..14
第肆章 實證結果分析 ..18
第一節 各變數統計量及相關分析 ..18
第二節 迴歸結果分析 ..22
第三節 額外測試 ..25
第伍章 結論與建議 ..33
第一節 研究結論 ..33
第二節 研究限制 ..34
參考文獻 ..35		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353028en_US
dc.subject (關鍵詞) 財務危機zh_TW
dc.subject (關鍵詞) 內部治理zh_TW
dc.subject (關鍵詞) 銀行融資zh_TW
dc.subject (關鍵詞) Financial Crisisen_US
dc.subject (關鍵詞) Bank Financingen_US
dc.subject (關鍵詞) Internal Corporate Governanceen_US
dc.title (題名) 企業在財務危機下內部治理機制與銀行融資之關係-以臺灣上市櫃公司為例zh_TW
dc.title (題名) Relationship between Corporate Internal Governance and Bank Financing under Financial Crisisen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 參考文獻
中文文獻
1. 李建然與陳政芳，2004，審計客戶重要性與盈餘管理：以五大事務所組別為觀察標的，會計評論，第38期：59-80。
2. 柯承恩，2000，我國公司監理體系之問題與改進建議（上），會計研究月刊，第173期：75-81。
3. 許崇源與朱全斌，2006，獨立董事及外部董事功能之研究，會計理論與實務研討會，東吳大學。
4. 陳喬宣，2012，家族企業對董事會獨立性之弱化影響，國立台灣大學會計學研究所碩士論文。
5. 陳瑞斌與許崇源，2007，公司治理結構與資訊揭露之關聯性研究，交大管理學報，第27卷第2期：55-109。
6. 陳錦村與葉雅薰，2002，公司改組、監督機制與盈餘管理之研究，會計評論，第34期：1-29。
7. 葉銀華、李存修與柯承恩，2002，公司治理與評等系統，商智文化出版。
8. 張文瀞、周玲臺與林修葳，2003，內部人持股連續變動公司之盈餘管理行為特性，會計評論，第37期：53-83。
9. 張瑞當、方俊儒與曾玉琦，2007，核心代理問題與盈餘管理：董事會結構與外部監督機制之探討，管理學報，第24卷第1期：17-39。
10. 廖益興、楊清溪與廖秀梅，2005，公司治理機制與財務報表品質之關聯性研究，當前會計理論與實務研討會論文集 (五月)：195-230。
11. 廖益興，2010，董事會組成、股權結構與年報資訊揭露水準，臺大管理論叢，第20卷第2期：209-250.
12. 劉韻僖與林玉娟，2008，董事會規模與獨立性對董事會功能影響之研究，東海管理評論，第10卷第1期：187-224.
13. 蘇惠卿，2005，股權集中度、管理當局機制及董事會特性與盈餘管理之相關性研究，國立成功大學會計學研究所碩士論文。

英文文獻
1. Abbott, L. J., Y. Park., and S. Parker. 2000. The effects of audit committee activity and independence on corporate fraud. Managerial Finance 26(11): 55-67.
2. Aboody, D., and R. Kasznik. 2000. CEO stock option awards and the timing of corporate voluntary disclosures. Journal of Accounting and Economics 29: 73-100.
3. Ball, R., S. P. Kothari, and A. Robin. 2000. The effect of institutional factors on properties on accounting earnings: International evidence. Journal of Accounting and Economics 29(1):1-51.
4. Baysinger, B., and R. E. Hoskisson. 1990. The Composition of Boards of Directors and Strategic Control: Effect on Corporate Strategy. Academy ofManagement Review15(1): 72-87.
5. Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review 71(4): 443-465.
6. Beasley, M. S., J. V. Carcello, D. R. Hermanson, and P. D. Lapides. 2000. Fraudulent financial reporting: Consideration of industry traits and corporate governance mechanisms. Accounting Horizons 14(4): 441-454.
7. Becker, C. L., M. L. DeFond, J. Jiambalvo, and K. R. Subramanyam, 1998. The Effect of audit quality on earnings management. Contemporary AccountingResearch 15(1): 1-21.
8. Blair, M. M. 1995. Ownership and control: rethinking corporate governance for the twenty-first century. Washington, D.C. The Brookings Institution.
9. Bowen, R. M., S. Rajgopal, and M. Venkatachalam. 2003. Accounting choice, corporate governance and firm performance. Working paper, University of Washington.
10. Brickley, J., L. Coles, and R. L. Terry. 1994. Outside directors and the adoption of poision pills. Journal of Financial Economics 35(3): 371-390.
11. Carcello, C. V., and T. L. Neal. 2003. Audit committee characteristics and auditor dismissal following ‘new’ going-concern report. The Accounting Review 78(1): 95-117.
12. Chtourou, S. M., J. Bedard, and L. Courteau. 2001. Corporate governance and earnings management. Working paper, University of Laval.
13. Claessens, S., S. Djankov, and H. P. Lang. 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics 58: 81-112.
14. Claessens, S., S. Djankov, J. P. H. Fan, and L. H. P. Lang. 2002. Disentangling the incentive and entrenchment effects of large shareholders. Journal of Finance 57(6): 2741-2771.
15. Cooke, T. E. 1989. Voluntary disclosure by Swedish companies. Journal of Interational Financial Management and Accounting 1: 1-25.
16. Dalton, D. R., C. M. Daily, A. E. Ellstrand, and J. L. Johnson. 1998. Meta-analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal 19: 269-290.
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dc.identifier.doi (DOI) 10.6814/NCCU202100745en_US