| dc.contributor.advisor | 屠美亞教授 | zh_TW |
| dc.contributor.author (作者) | 許春蕙 | zh_TW |
| dc.creator (作者) | 許春蕙 | zh_TW |
| dc.date (日期) | 2002 | en_US |
| dc.date.accessioned | 17-九月-2009 19:10:53 (UTC+8) | - |
| dc.date.available | 17-九月-2009 19:10:53 (UTC+8) | - |
| dc.date.issued (上傳時間) | 17-九月-2009 19:10:53 (UTC+8) | - |
| dc.identifier (其他 識別碼) | G0090357013 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/34034 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 財務管理研究所 | zh_TW |
| dc.description (描述) | 90357013 | zh_TW |
| dc.description (描述) | 91 | zh_TW |
| dc.description.abstract (摘要) | 過去幾年學術界發現，多角化經營會減損公司績效，此結果有別於早期之實證研究。在此情況下，為何高階主管會進行多角化經營？其多角化動機為何？本研究於是從代理理論觀點，參考Aggarwal and Samwick(2003)之模型，探討主導公司管理階層多角化之動機。與過去研究最大之不同處在於：本文在推論過程中，同時納入代理理論兩個不同觀點－趨避風險及滿足私人利益，藉由控制多角化程度之變動，觀察高階主管誘因契約與公司績效連結性強弱，以此推論隱含之高階管理者多角化動機。 本研究認為：若高階主管持股比率與多角化程度呈現負相關，同時在多角化程度變動下，高階主管持股比率與公司績效之連結性越強，則主導高階主管多角化之動機為趨避風險；反之，若高階主管持股比率與多角化程度呈現正相關，同時在多角化程度變動下，高階主管持股比率與公司績效之連結性越弱，則主導高階主管多角化之動機為滿足私人利益。本研究以高階主管持股比率替代高階主管誘因契約，以Entropy指標衡量公司多角化程度，以Tobin’s Q衡量公司績效，在實證時，又將高階主管細分為經營團隊與董事長兩組。 實證結果顯示：在經營團隊組，並無明顯證據顯示其多角化動機由和因素所主導，可能原因為台灣公司家族企業比重高，使專業經理人難以進入權力核心，左右多角化決策，使得實證結果並不顯著；在董事長組，則明顯指出，其多角化動機為趨避風險。換句話說，由於董事長個人財富、職位及聲譽與公司績效關連性很大，因此希望藉由多角化經營降低本身暴露之非系統風險。本研究同時發現，在此情況下，董事長私人利益與公司利益較無衝突，使多角化經營造成公司績效減損之幅度較小。 | zh_TW |
| dc.description.tableofcontents | 第一章 緒論……………………………………….P1 第一節 研究背景與動機……………………….P1 第二節 研究目的……………………………….P4 第三節 研究對象與範圍……………………….P5 第四節 研究流程與論文架構………………….P6第二章 文獻探討…………………………………..P8 第一節 公司多角化動機與衡量方式………….P8 第二節 公司價值與多角化策略之關係………P15 第三節 公司價值與股權結構之關係…………P20 第四節 股權結構與多角化策略之關係………P25第三章 研究設計…………………………………P30 第一節 研究假說………………………………P30 第二節 樣本選擇與資料來源…………………P37 第三節 變數操作性定義………………………P39 第四節 實證分析方法…………………………P45第四章 實證結果與分析…………………………P53 第一節 樣本基本統計分析……………………P53 第二節 迴歸結果分析…………………………P60第五章 結論與建議………………………………P80 第一節 研究結論………………………………P80 第二節 對後續研究之建議……………………P83參考文獻……………………………………………P84 | zh_TW |
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| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0090357013 | en_US |
| dc.subject (關鍵詞) | 代理問題 | zh_TW |
| dc.subject (關鍵詞) | 公司績效 | zh_TW |
| dc.subject (關鍵詞) | 股權結構 | zh_TW |
| dc.subject (關鍵詞) | 多角化 | zh_TW |
| dc.title (題名) | 公司管理階層多角化動機之探討 | zh_TW |
| dc.type (資料類型) | thesis | en |
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