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題名 集團企業轉投資與公司價值關聯性之研究
A Study on the Relationship between Cross-Holding Investments and Corporation Value of Conglomerate
作者 詹涵芬
Chan, Han Fen
貢獻者 鄭丁旺
詹涵芬
Chan, Han Fen
關鍵詞 集團企業
轉投資
資訊透明度
公司價值
conglomerate
investment
information transparency
corporate value
日期 2007
上傳時間 11-Sep-2009 17:29:21 (UTC+8)
摘要 本論文以國內1997-2006年之上市櫃集團為研究對象,探討集團企業內相互轉投資所造成的市值高估現象及其對公司價值的影響,並深入各集團分子企業探討不同轉投資標的對公司價值之影響。實證結果顯示集團企業內各分子企業相互轉投資的確造成集團市值高估之現象,而投資人對於該現象,給予集團企業整體負向評價。此外,就集團內各分子企業而言,轉投資於上市櫃公司由於資訊透明度相較於轉投資於非上市櫃公司為佳,故對於公司價值負面影響較不嚴重;而轉投資於集團內其他分子企業相較於投資集團外企業,由於關係企業間之交易揭露仍不透明,操縱可能性較高,故對於公司價值呈負面影響,後兩者實證研究都再次證明資訊透明度與公司價值間之正向關係。
This study explores the double counting effect and the relationship between that effect and the corporate value resulting from cross-holding among firms in a conglomerate, and also explores the relationship between different type of investing objects and the corporate value by using a sample of companies listed in Taiwan Stock Exchange and Over the Counter during 1997-2006.
     Our empirical analysis indicates that cross-holdings among firms in a conglomerate resulted in overvaluation of the group, and investors responded to them negatively. In addition, member companies in the conglomerate investing in companies listed in Taiwan Stock Exchange or Over the Counter did not so negatively influence the corporate value as compared to investing in companies not listed in Taiwan Stock Exchange and Over the Counter mainly because of the information transparency. Furthermore, the information among conglomerate trading is still opaque and the possibility of manipulation is higher, so investment within the conglomerate as compared to outside companies has negative impact on corporate value. The above findings both proved a positive relationship between information transparency and corporate value.
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描述 碩士
國立政治大學
會計研究所
95353028
96
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0095353028
資料類型 thesis
dc.contributor.advisor 鄭丁旺zh_TW
dc.contributor.author (Authors) 詹涵芬zh_TW
dc.contributor.author (Authors) Chan, Han Fenen_US
dc.creator (作者) 詹涵芬zh_TW
dc.creator (作者) Chan, Han Fenen_US
dc.date (日期) 2007en_US
dc.date.accessioned 11-Sep-2009 17:29:21 (UTC+8)-
dc.date.available 11-Sep-2009 17:29:21 (UTC+8)-
dc.date.issued (上傳時間) 11-Sep-2009 17:29:21 (UTC+8)-
dc.identifier (Other Identifiers) G0095353028en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/30225-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 95353028zh_TW
dc.description (描述) 96zh_TW
dc.description.abstract (摘要) 本論文以國內1997-2006年之上市櫃集團為研究對象,探討集團企業內相互轉投資所造成的市值高估現象及其對公司價值的影響,並深入各集團分子企業探討不同轉投資標的對公司價值之影響。實證結果顯示集團企業內各分子企業相互轉投資的確造成集團市值高估之現象,而投資人對於該現象,給予集團企業整體負向評價。此外,就集團內各分子企業而言,轉投資於上市櫃公司由於資訊透明度相較於轉投資於非上市櫃公司為佳,故對於公司價值負面影響較不嚴重;而轉投資於集團內其他分子企業相較於投資集團外企業,由於關係企業間之交易揭露仍不透明,操縱可能性較高,故對於公司價值呈負面影響,後兩者實證研究都再次證明資訊透明度與公司價值間之正向關係。zh_TW
dc.description.abstract (摘要) This study explores the double counting effect and the relationship between that effect and the corporate value resulting from cross-holding among firms in a conglomerate, and also explores the relationship between different type of investing objects and the corporate value by using a sample of companies listed in Taiwan Stock Exchange and Over the Counter during 1997-2006.
     Our empirical analysis indicates that cross-holdings among firms in a conglomerate resulted in overvaluation of the group, and investors responded to them negatively. In addition, member companies in the conglomerate investing in companies listed in Taiwan Stock Exchange or Over the Counter did not so negatively influence the corporate value as compared to investing in companies not listed in Taiwan Stock Exchange and Over the Counter mainly because of the information transparency. Furthermore, the information among conglomerate trading is still opaque and the possibility of manipulation is higher, so investment within the conglomerate as compared to outside companies has negative impact on corporate value. The above findings both proved a positive relationship between information transparency and corporate value.
en_US
dc.description.tableofcontents 第一章 緒論 1
     第一節 研究動機與目的 1
     第二節 研究問題 2
     第三節 研究架構 3
     第二章 文獻探討 5
     第一節 轉投資 5
     一、 轉投資基本概念 5
     二、 轉投資相關實證 7
     第二節 集團企業 9
     一、 集團企業之定義 9
     二、 集團企業之結合與組織結構 13
     三、 集團企業形成之因素 15
     四、 集團企業相關實證文獻 16
     第三節 資訊透明度 21
     一、 代理理論與訊息理論 21
     二、 資訊透明度之衡量 22
     三、 資訊透明度之相關文獻 23
     第三章 研究設計 27
     第一節 假說建立與實證模型 27
     第二節 變數定義 29
     第三節 樣本選取 35
     第四節 分析方法 36
     第四章 實證結果與分析 38
     第一節 敘述性統計 38
     第二節 相關係數分析 43
     第三節 複迴歸分析 48
     一、 市值高估程度與集團價值關聯性之探討 48
     二、 轉投資標的與公司價值關聯性之探討 49
     第五章 結論與建議 54
     第一節 實證結果彙總 54
     第二節 研究限制與建議 55
     參考文獻 56
zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0095353028en_US
dc.subject (關鍵詞) 集團企業zh_TW
dc.subject (關鍵詞) 轉投資zh_TW
dc.subject (關鍵詞) 資訊透明度zh_TW
dc.subject (關鍵詞) 公司價值zh_TW
dc.subject (關鍵詞) conglomerateen_US
dc.subject (關鍵詞) investmenten_US
dc.subject (關鍵詞) information transparencyen_US
dc.subject (關鍵詞) corporate valueen_US
dc.title (題名) 集團企業轉投資與公司價值關聯性之研究zh_TW
dc.title (題名) A Study on the Relationship between Cross-Holding Investments and Corporation Value of Conglomerateen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 中文部分zh_TW
dc.relation.reference (參考文獻) 王作榮,1978,對關係企業應有的態度,生力月刊,第11卷,第132期。zh_TW
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