| dc.contributor.advisor | 沈中華 | zh_TW |
| dc.contributor.author (作者) | 林昆立 | zh_TW |
| dc.creator (作者) | 林昆立 | zh_TW |
| dc.date (日期) | 2007 | en_US |
| dc.date.accessioned | 14-九月-2009 09:35:48 (UTC+8) | - |
| dc.date.available | 14-九月-2009 09:35:48 (UTC+8) | - |
| dc.date.issued (上傳時間) | 14-九月-2009 09:35:48 (UTC+8) | - |
| dc.identifier (其他 識別碼) | G0923525031 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/31243 | - |
| dc.description (描述) | 博士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 金融研究所 | zh_TW |
| dc.description (描述) | 92352503 | zh_TW |
| dc.description (描述) | 96 | zh_TW |
| dc.description.abstract (摘要) | 本論文主要包含二個主題，分別檢視公司治理對企業基本財務資訊與股票報酬關係的影響，以及公司治理對企業投資機會與股利政策關係的影響。首先，在探討公司治理是否影響基本財務資訊中，我們資料為台灣上市的 183 家製造業公司。當使用傳統線性模型時，我們發現存貨、銷貨毛利、備抵壞帳費用以及負債比率變化率的係數，出現符合預期的負向符號。但是研發費、管銷費用與員工生產力比率的係數，卻出現違反直覺的正向符號。而每股盈餘變化率、應收帳款、有效稅率以及會計師意見，則是對股票報酬沒有任何顯著的效果。然而，我們使用 Hu and Schiantarelli (1998) 內生性轉換模型(endogenous switching model, ESM) 的方法，而將樣本區分為好的公司治理與不好的公司治理二個區域時，實證結果發現先前違反直覺的係數，已轉變成與我們的預期相符合。 在探討公司治理是否影響企業投資機會與股利政策關係，我們資料為台灣上市的 268 家製造業公司，並參考La Porta et al. (2000) 所提出的「結果模型假說」 (outcome model hypotheses) 以及「替代模型假說」(substitution model hypotheses) 兩個假設。前者強調在好的公司治理區域時，投資機會與股利政策為負向的關係，而後者則是強調在不好的公司治理區域，投資機會與股利政策為正向的關係。為了探討這個議題，我們分別使用兩個轉換模型區分樣本：分別為Hansen (1999) 縱橫門檻模型 (panel threshold model) 以及Hu and Schiantarelli (1998) 內生性轉換模型。最後，經由不同公司治理變數的實證結果比較，發現在好公司治理區域時，高投資機會的公司可能會支付較少的股利政策，相反地，在不好的公司治理區域，股利政策則不受到公司治理的影響。因此本研究結果支持「結果模型假說」，而不是「替代模型假說」的假設。 | zh_TW |
| dc.description.tableofcontents | 第一章 緒論 1 第一節 研究動機 1 第二節 研究目的 3 第三節 研究架構 4 第二章 文獻回顧 6 第一節 公司治理對基本財務資訊與股票報酬關係的影響 6 第二節 公司治理對股利政策的影響 15 第三章 研究方法-內生性轉換模型 18 第一節 模型的設定 19 第二節 模型的估計 20 第四章 公司治理對基本財務資訊與股票報酬關係的影響 23 第一節 前言 23 第二節 尋找基本財務資訊 27 第三節 實證設計 32 第四節 資料及基本統計量 38 第五節 實證結果與分析 41 第六節 基本財務資訊、盈餘品質與公司治理 50 第七節 穩健性分析 57 第八節 結論與建議 64 第五章 公司治理對股利政策的影響 66 第一節 前言 66 第二節 實證設計 70 第三節 資料及基本統計量 77 第四節 實證結果與分析 80 第五節 穩健性檢定 88 第六節 結論與建議 92 第六章 總結 94 參考文獻 96 附錄 113 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0923525031 | en_US |
| dc.subject (關鍵詞) | 公司治理 | zh_TW |
| dc.subject (關鍵詞) | 基本財務資訊 | zh_TW |
| dc.subject (關鍵詞) | 股利政策 | zh_TW |
| dc.subject (關鍵詞) | 內生性轉換模型 | zh_TW |
| dc.subject (關鍵詞) | 縱橫門檻模型 | zh_TW |
| dc.title (題名) | 公司治理對企業基本財務資訊與股利政策的影響-內生性轉換模型的應用 | zh_TW |
| dc.type (資料類型) | thesis | en |
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