| dc.contributor.advisor | 李怡宗 | zh_TW |
| dc.contributor.author (作者) | 徐裕欽 | zh_TW |
| dc.creator (作者) | 徐裕欽 | zh_TW |
| dc.date (日期) | 2003 | en_US |
| dc.date.accessioned | 18-九月-2009 09:01:02 (UTC+8) | - |
| dc.date.available | 18-九月-2009 09:01:02 (UTC+8) | - |
| dc.date.issued (上傳時間) | 18-九月-2009 09:01:02 (UTC+8) | - |
| dc.identifier (其他 識別碼) | G0091353026 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/34211 | - |
| 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) | 91353026 | zh_TW |
| dc.description (描述) | 92 | zh_TW |
| dc.description.abstract (摘要) | 董監事會為公司治理之核心，本研究以民國87年至民國91年為研究期間，針對我國上市公司探討董監事會特性與權益資金成本之關聯性，而不同於以往國內有關估計權益資金成本的方法，本研究以Ohlson模型來設算權益資金成本。實證結果顯示：1.董監事會成員持股比率與企業權益資金成本率之關係並不顯著，若觀測兩者間是否存有非線性關係，本研究亦未發現兩者間的不顯著關係是由非線性因素所造成。2.複迴歸分析顯示，董監事會持股質押比與權益資金成本之關係並不顯著，若進一步區分全體樣本為正、負盈餘樣本，則發現在負盈餘樣本中，董監事會持股質押比與企業權益資金成本呈現顯著正向關係；另外，若以Panel Data分析，本研究則發現在電子業中董監事持股質押比與權益資金成本始呈現正相關。3.公司是否聘任獨立董監與權益資金成本之關係並不顯著，且不論是在有聘任或無聘任獨立董監之樣本間，或是在自願性聘任與強制性聘任獨立董監之樣本間，其權益資金成本並無明顯的差異。 | zh_TW |
| dc.description.abstract (摘要) | This study examines the relations between characteristic of board of directors and supervisors and cost of equity capital. It is unlike previous research to use capital assets pricing model（CAPM）, this research adopts an alternative technique for estimating the cost of equity capital. Specifically, we use Ohlson (1995) model to generate a market implied cost of capital. Our samples consist of all public companies listed on the Taiwan Stock Exchange Corporate over 5 years period 1998-2002. The empirical results are as follows:1.There is no significant negative relation between the ratio of the stock held by the board and supervisors and the cost of equity capital. Moreover, we don’t find this relation caused by nonlinear specification.2.There is no significant positive relation between the pledged share ratio of the board and supervisors and the cost of equity capital. When the entire samples are divided into the sub-samples of firms experiencing losses and others, the existence of the positive relationship is found only in the firms experiencing losses. In addition, the relation is further proved in the electronic industry when adopting panel data analysis.3.There is no significant reverse relation between the independent directors and supervisors and the cost of equity capital. And there is also no significant difference in the cost of equity capital between companies with implementing the independent directors and supervisors and those without implementing the regulation. | en_US |
| dc.description.tableofcontents | 目 錄第一章 緒論 1第一節 研究動機與目的 1第二節 研究問題 6第三節 研究架構 8第二章 文獻探討 10第一節 代理理論與公司治理 10第二節 控制股東與外部股東的代理衝突 19第三節 董監事因素與公司價值 22第三節 權益資金成本 27第三章 研究方法 34第一節 研究假說 34第二節 研究變數 38第三節 樣本來源與處理 46第四節 資料分析方法 47第四章 實證結果與分析 50第一節 敘述性統計分析 50第二節 迴歸分析 61第三節 敏感性分析 65第五章 研究結論與限制 85第一節 研究結論 85第二節 研究限制 89第三節 未來研究方向之建議 90參考文獻 91圖表目錄圖 1-1 ：研究流程圖 9圖2-1 ：世界銀行公司治理架構圖 15圖3-1 ：觀念性架構 49圖4-1 ：實證流程圖 84表2-1 ：國外權益資金成本文獻彙整表 32表2-2 ：國內權益資金成本文獻彙整表 33表3-1 ：變數衡量及預期方向彙總表 45表4-1 ：研究樣本篩選表 51表4-2 ：樣本公司年度分配與產業分配表 52表4-3 ：權益資金成本敘述統計量 54表4-4 ：年度別權益資金成本比較檢定表 55表4-5 ：電子業與非電子業權益資金成本比較檢定表 55表4-6 ：自我相關係數表 56表4-7 ：樣本解釋變數之敘述統計量 59表4-8 ：相關係數表 60表4-9 ：權益資金成本與各變數的迴歸分析 64表4-10：納入年度別及產業別虛擬變數之複迴歸分析 67表4-11：董監事持股之CHOW TEST結果 69表4-12：董監事持股比率非線性檢測 70表4-13：正盈餘與負盈餘樣本之檢測 74表4-14：91年度獨立董監之檢測 77表4-15：BETA值以月報酬估算之複迴歸分析 79表4-16：PANEL DATA研究樣本篩選表 80表4-17：PANEL DATA分析—固定效果模型 83表5-1 ：研究結果彙整表 88 | 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/#G0091353026 | en_US |
| dc.subject (關鍵詞) | 公司治理 | zh_TW |
| dc.subject (關鍵詞) | 董監事會特性 | zh_TW |
| dc.subject (關鍵詞) | 權益資金成本 | zh_TW |
| dc.subject (關鍵詞) | Corporation governance | en_US |
| dc.subject (關鍵詞) | Characteristic of board of directors and supervisors | en_US |
| dc.subject (關鍵詞) | Cost of equity capital | en_US |
| dc.title (題名) | 我國上市公司董監事會特性與權益資金成本關聯性之研究 | zh_TW |
| dc.type (資料類型) | thesis | en |
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