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題名 家族企業的股權質押與投資決策: 以台灣市場為例
Share Pledging and Investment Decision of Family Firm: Evidence from Taiwan
作者 鄭松倫
Cheng, Sung-Lun
貢獻者 湛可南
Chan, Konan
鄭松倫
Cheng, Sung-Lun
關鍵詞 股權質押
控制股東
家族企業
投資決策
Share pledging
Controlling shareholder
Family firm
Investment decision
日期 2022
上傳時間 1-Jul-2022 16:08:13 (UTC+8)
摘要 近年來許多文獻均針對控制股東的質押行為對公司決策的影響進行研究，其 中包含:股票回購、公司價值、企業風險等。然而，過去尚未有文獻將股權質押 與家族企業進行連結，探討其質押行為是否與非家族企業有所差異，以及家族企 業控制股東的股權質押對公司決策造成的影響與非家族企業是否有所不同。
本研究收集 2000 年至 2020 年期間存在所有控制股東台灣上市櫃公司作為 樣本，對家族企業的質押行為及投資決策進行探討，並發現以下結果:首先，家 族企業控制股東的質押比率顯著高於非家族企業。再者，控制股東的質押比率對 公司的投資決策有負向顯著影響，而家族企業的影響小於非家族企業。最後，家 族企業因控制股東的質押行為所造成的股價暴跌風險高於非家族企業。且以上這 些影響在經過了 2011 年政府修改相關法規以限制質押股份的表決權後效果仍然 存在。
The recent literature has examined the impact of share pledging by controlling shareholders on corporate decisions, such as share repurchases, corporate value, and corporate risk. However, prior research does not link share pledging to family firms and examine whether share pledging behavior of family firms differs from that of non- family firms. More importantly, it is not clear whether the impact of controlling shareholders` share pledging on corporate decisions differs between family and non- family firms.
In this study, I collect Taiwanese listed companies with controlling shareholders from 2000 to 2020 and examine the relationship between share pledging, investment decisions, and family firms. My empirical result shows that the share pledge ratio of controlling shareholders of family firms is significantly higher than that of non-family firms. Furthermore, the share pledge ratio of controlling shareholders has a negative and significant impact on firm investment, while the impact of family firms is smaller than that of non-family firms. Finally, the stock price crash risk arises from share pledging of controlling shareholders is higher for family firms than for non-family firms. These effects persist after the government amend new regulation in 2011 to restrict the voting rights of pledged shares.
參考文獻 Almeida, H., & Campello, M. (2007). Financial constraints, asset tangibility, and corporate investment. Review of Financial Studies 20(5), 1429-1460.
Anderson, R. C., & Reeb, D. M. (2003). Founding‐family ownership and firm performance: evidence from the S&P 500. Journal of Finance 58(3), 1301-1328. Anderson, R. C., Duru, A., & Reeb, D. M. (2009). Founders, heirs, and corporate opacity in the United States. Journal of Financial Economics 92(2), 205-222. Anderson, R. C., Duru, A., & Reeb, D. M. (2012). Investment policy in family controlled firms. Journal of Banking & Finance 36(6), 1744-1758.
Anderson, R., & Puleo, M. (2020). Insider share-pledging and equity risk. Journal of Financial Services Research 58(1), 1-25.
Berkman, H., Cole, R. A., & Fu, L. J. (2009). Expropriation through loan guarantees to related parties: Evidence from China. Journal of Banking & Finance 33(1), 141-156. Chan, K., Chen, H. K., Hu, S. Y., & Liu, Y. J. (2018). Share pledges and margin call pressure. Journal of Corporate Finance 52, 96-117.
Chava, S., & Roberts, M. R. (2008). How does financing impact investment? The role of debt covenants. Journal of Finance 63(5), 2085-2121.
Chen, J., Hong, H., & Stein, J. C. (2001). Forecasting crashes: Trading volume, past returns, and conditional skewness in stock prices.Journal of Financial Economics 61(3), 345-381.
Chen, A., & Kao, L. (2011). Effect of collateral characteristics on bank performance: Evidence from collateralized stocks in Taiwan. Journal of Banking & Finance 35(2), 300-309.
Chen, I. J., & Wang, D. K. (2019). Real option, idiosyncratic risk, and corporate investment: Evidence from Taiwan family firms. Pacific-Basin Finance Journal 57, 101029.
Chou, R. K., Wang, Y. C., & Yang, J. J. (2021). Share pledging, payout policy, and the value of cash holdings. Journal of Empirical Finance 61, 18-33.
Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance 57(6), 2741-2771. Dou, Y., Masulis, R. W., & Zein, J. (2019). Shareholder wealth consequences of insider pledging of company stock as collateral for personal loans. Review of Financial Studies 32(12), 4810-4854.
Edmans, A. (2009). Blockholder trading, market efficiency, and managerial myopia. Journal of Finance 64(6), 2481-2513.
Faccio, M., Lang, L. H., & Young, L. (2010). Pyramiding vs leverage in corporate groups: international evidence. Journal of International Business Studies 41(1), 88-104. Fama, E. F., & Jensen, M. C. (1985). Organizational forms and investment decisions. Journal of Financial Economics 14(1), 101-119.
Koh, P. S., & Reeb, D. M. (2015). Missing r&d.Journal of Accounting and Economics 60(1), 73-94.
Lakonishok, J., & Lee, I. (2001). Are insider trades informative?. Review of Financial Studies 14(1), 79-111.
Larcker, D. F., McCall, A. L., & Tayan, B. (2013). And then a miracle happens!: How do proxy advisory firms develop their voting recommendations?. Rock Center for Corporate Governance at Stanford University Closer Look Series: Topics, Issues and Controversies in Corporate Governance and Leadership No. CGRP-31.
Li, M., Liu, C., & Scott, T. (2019). Share pledges and firm value. Pacific-Basin Finance Journal 55, 192-205.
Li, W., Zhou, J., Yan, Z., & Zhang, H. (2020). Controlling shareholder share pledging and firm cash dividends. Emerging Markets Review 42, 100671.
Liu, Q., Luo, T., & Tian, G. G. (2015). Family control and corporate cash holdings: Evidence from China. Journal of Corporate Finance 31, 220-245.
Ouyang, C., Xiong, J., & Fan, L. (2019). Do insiders share pledging affect executive pay-for-performance sensitivity?. International Review of Economics & Finance 63, 226-239.
Pang, C., & Wang, Y. (2020). Stock pledge, risk of losing control and corporate innovation. Journal of Corporate Finance 60, 101534.
Poterba, J. M., & Summers, L. H. (1995). A CEO survey of US companies` time horizons and hurdle rates. MIT Sloan Management Review 37(1), 43.
Rauh, J. D., & Sufi, A. (2010). Capital structure and debt structure. Review of Financial Studies 23(12), 4242-4280.
Seyhun, H. N. (1988). The information content of aggregate insider trading. Journal of Business 61, 1-24.
Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy 94(3, Part 1), 461-488.
Wang, Y. C., & Chou, R. K. (2018). The impact of share pledging regulations on stock trading and firm valuation. Journal of Banking & Finance 89, 1-13.
Whited, T. M. (1992). Debt, liquidity constraints, and corporate investment: Evidence from panel data. Journal of Finance 47(4), 1425-1460.
Yeh, Y. H., Lee, T. S., & Woidtke, T. (2001). Family control and corporate governance: Evidence from Taiwan. International Review of Finance 2(1‐2), 21-48.
Zhang, J. (2008). The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting and Economics 45(1), 27-54.
描述 碩士
國立政治大學
財務管理學系
109357028
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109357028
資料類型 thesis
dc.contributor.advisor 湛可南zh_TW
dc.contributor.advisor Chan, Konanen_US
dc.contributor.author (Authors) 鄭松倫zh_TW
dc.contributor.author (Authors) Cheng, Sung-Lunen_US
dc.creator (作者) 鄭松倫zh_TW
dc.creator (作者) Cheng, Sung-Lunen_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-Jul-2022 16:08:13 (UTC+8)-
dc.date.available 1-Jul-2022 16:08:13 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2022 16:08:13 (UTC+8)-
dc.identifier (Other Identifiers) G0109357028en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140593-
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) 109357028zh_TW
dc.description.abstract (摘要) 近年來許多文獻均針對控制股東的質押行為對公司決策的影響進行研究，其 中包含:股票回購、公司價值、企業風險等。然而，過去尚未有文獻將股權質押 與家族企業進行連結，探討其質押行為是否與非家族企業有所差異，以及家族企 業控制股東的股權質押對公司決策造成的影響與非家族企業是否有所不同。
本研究收集 2000 年至 2020 年期間存在所有控制股東台灣上市櫃公司作為 樣本，對家族企業的質押行為及投資決策進行探討，並發現以下結果:首先，家 族企業控制股東的質押比率顯著高於非家族企業。再者，控制股東的質押比率對 公司的投資決策有負向顯著影響，而家族企業的影響小於非家族企業。最後，家 族企業因控制股東的質押行為所造成的股價暴跌風險高於非家族企業。且以上這 些影響在經過了 2011 年政府修改相關法規以限制質押股份的表決權後效果仍然 存在。		zh_TW
dc.description.abstract (摘要) The recent literature has examined the impact of share pledging by controlling shareholders on corporate decisions, such as share repurchases, corporate value, and corporate risk. However, prior research does not link share pledging to family firms and examine whether share pledging behavior of family firms differs from that of non- family firms. More importantly, it is not clear whether the impact of controlling shareholders` share pledging on corporate decisions differs between family and non- family firms.
In this study, I collect Taiwanese listed companies with controlling shareholders from 2000 to 2020 and examine the relationship between share pledging, investment decisions, and family firms. My empirical result shows that the share pledge ratio of controlling shareholders of family firms is significantly higher than that of non-family firms. Furthermore, the share pledge ratio of controlling shareholders has a negative and significant impact on firm investment, while the impact of family firms is smaller than that of non-family firms. Finally, the stock price crash risk arises from share pledging of controlling shareholders is higher for family firms than for non-family firms. These effects persist after the government amend new regulation in 2011 to restrict the voting rights of pledged shares.		en_US
dc.description.tableofcontents 1. Introduction 1
2. Literature Review And Hypotheses 4
2.1 Share Pledging Of Controlling Shareholder 4
2.2 Investment Decision In Family Firm 5
2.3 Hypothesis Development 7
3. Data And Methodology 8
3.1 Data 8
3.2 Models And Variables 9
4. Empirical Results 11
4.1 Descriptive Statistics 11
4.2 Relationship Between Family Firm And Share Pledging 12
4.3 The Effect Of Share Pledging On Firm Investment Decision 12
4.4 Additional Tests 13
5. Conclusion 17
Reference 18
Appendix 21		zh_TW
dc.format.extent 1031061 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109357028en_US
dc.subject (關鍵詞) 股權質押zh_TW
dc.subject (關鍵詞) 控制股東zh_TW
dc.subject (關鍵詞) 家族企業zh_TW
dc.subject (關鍵詞) 投資決策zh_TW
dc.subject (關鍵詞) Share pledgingen_US
dc.subject (關鍵詞) Controlling shareholderen_US
dc.subject (關鍵詞) Family firmen_US
dc.subject (關鍵詞) Investment decisionen_US
dc.title (題名) 家族企業的股權質押與投資決策: 以台灣市場為例zh_TW
dc.title (題名) Share Pledging and Investment Decision of Family Firm: Evidence from Taiwanen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Almeida, H., & Campello, M. (2007). Financial constraints, asset tangibility, and corporate investment. Review of Financial Studies 20(5), 1429-1460.
Anderson, R. C., & Reeb, D. M. (2003). Founding‐family ownership and firm performance: evidence from the S&P 500. Journal of Finance 58(3), 1301-1328. Anderson, R. C., Duru, A., & Reeb, D. M. (2009). Founders, heirs, and corporate opacity in the United States. Journal of Financial Economics 92(2), 205-222. Anderson, R. C., Duru, A., & Reeb, D. M. (2012). Investment policy in family controlled firms. Journal of Banking & Finance 36(6), 1744-1758.
Anderson, R., & Puleo, M. (2020). Insider share-pledging and equity risk. Journal of Financial Services Research 58(1), 1-25.
Berkman, H., Cole, R. A., & Fu, L. J. (2009). Expropriation through loan guarantees to related parties: Evidence from China. Journal of Banking & Finance 33(1), 141-156. Chan, K., Chen, H. K., Hu, S. Y., & Liu, Y. J. (2018). Share pledges and margin call pressure. Journal of Corporate Finance 52, 96-117.
Chava, S., & Roberts, M. R. (2008). How does financing impact investment? The role of debt covenants. Journal of Finance 63(5), 2085-2121.
Chen, J., Hong, H., & Stein, J. C. (2001). Forecasting crashes: Trading volume, past returns, and conditional skewness in stock prices.Journal of Financial Economics 61(3), 345-381.
Chen, A., & Kao, L. (2011). Effect of collateral characteristics on bank performance: Evidence from collateralized stocks in Taiwan. Journal of Banking & Finance 35(2), 300-309.
Chen, I. J., & Wang, D. K. (2019). Real option, idiosyncratic risk, and corporate investment: Evidence from Taiwan family firms. Pacific-Basin Finance Journal 57, 101029.
Chou, R. K., Wang, Y. C., & Yang, J. J. (2021). Share pledging, payout policy, and the value of cash holdings. Journal of Empirical Finance 61, 18-33.
Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance 57(6), 2741-2771. Dou, Y., Masulis, R. W., & Zein, J. (2019). Shareholder wealth consequences of insider pledging of company stock as collateral for personal loans. Review of Financial Studies 32(12), 4810-4854.
Edmans, A. (2009). Blockholder trading, market efficiency, and managerial myopia. Journal of Finance 64(6), 2481-2513.
Faccio, M., Lang, L. H., & Young, L. (2010). Pyramiding vs leverage in corporate groups: international evidence. Journal of International Business Studies 41(1), 88-104. Fama, E. F., & Jensen, M. C. (1985). Organizational forms and investment decisions. Journal of Financial Economics 14(1), 101-119.
Koh, P. S., & Reeb, D. M. (2015). Missing r&d.Journal of Accounting and Economics 60(1), 73-94.
Lakonishok, J., & Lee, I. (2001). Are insider trades informative?. Review of Financial Studies 14(1), 79-111.
Larcker, D. F., McCall, A. L., & Tayan, B. (2013). And then a miracle happens!: How do proxy advisory firms develop their voting recommendations?. Rock Center for Corporate Governance at Stanford University Closer Look Series: Topics, Issues and Controversies in Corporate Governance and Leadership No. CGRP-31.
Li, M., Liu, C., & Scott, T. (2019). Share pledges and firm value. Pacific-Basin Finance Journal 55, 192-205.
Li, W., Zhou, J., Yan, Z., & Zhang, H. (2020). Controlling shareholder share pledging and firm cash dividends. Emerging Markets Review 42, 100671.
Liu, Q., Luo, T., & Tian, G. G. (2015). Family control and corporate cash holdings: Evidence from China. Journal of Corporate Finance 31, 220-245.
Ouyang, C., Xiong, J., & Fan, L. (2019). Do insiders share pledging affect executive pay-for-performance sensitivity?. International Review of Economics & Finance 63, 226-239.
Pang, C., & Wang, Y. (2020). Stock pledge, risk of losing control and corporate innovation. Journal of Corporate Finance 60, 101534.
Poterba, J. M., & Summers, L. H. (1995). A CEO survey of US companies` time horizons and hurdle rates. MIT Sloan Management Review 37(1), 43.
Rauh, J. D., & Sufi, A. (2010). Capital structure and debt structure. Review of Financial Studies 23(12), 4242-4280.
Seyhun, H. N. (1988). The information content of aggregate insider trading. Journal of Business 61, 1-24.
Shleifer, A., & Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy 94(3, Part 1), 461-488.
Wang, Y. C., & Chou, R. K. (2018). The impact of share pledging regulations on stock trading and firm valuation. Journal of Banking & Finance 89, 1-13.
Whited, T. M. (1992). Debt, liquidity constraints, and corporate investment: Evidence from panel data. Journal of Finance 47(4), 1425-1460.
Yeh, Y. H., Lee, T. S., & Woidtke, T. (2001). Family control and corporate governance: Evidence from Taiwan. International Review of Finance 2(1‐2), 21-48.
Zhang, J. (2008). The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting and Economics 45(1), 27-54.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202200611en_US