Publications-Theses

題名 上市公司公司治理,經營績效與機構投資人投資行為關聯性之研究
作者 丁秀儀
Ting, Hsiu-I
貢獻者 陳隆麒<br>沈中華
Chen, Long-Chie<br>Shen, Chung-Hua
丁秀儀
Ting, Hsiu-I
關鍵詞 代理成本
公司治理
經營績效
機構投資人投資行為
機構投資人持股週轉率
Agency Cost
Corporate Governance
Firm Performance
Institutional Behavior
Institutional Turnover
日期 2003
上傳時間 18-Sep-2009 13:22:32 (UTC+8)
摘要 本研究採1992年至2002年首度上市的樣本公司為研究樣本,並依據同產業規模相當且上市五年以上的原則挑選配對公司,檢驗公司治理、經營績效與機構投資人投資行為之關聯性。與先前研究不同之處在於,本研究深入探討公司治理對經營績效的影響,解釋在不同經濟條件與公司特性下,將影響公司治理機制效率的發揮,使公司治理與績效呈正相關。

本研究利用樣本公司上市當時的公司治理變數,檢驗公司治理對上市後半年的會計績效影響與上市後30天、90天與180天的市場報酬,再進而驗證經營績效對上市後一年機構投資人投資行為的影響,此外,並比較有價證券上市審查準則規定前後的公司,在公司治理與經營績效上是否有差異。透過相關分析、T檢定、迴歸分析與聯立方程式,檢驗三大研究假說,實證結果獲得以下主要結論:

1.樣本公司與配對公司的特性
樣本公司的公司治理機制較健全,會計績效表現也較佳。
2.公司治理程度不同的公司特性
公司治理程度高的公司其市場績效表現較佳,且年齡較小。
3.景氣與產業,對公司治理與經營績效關聯性的影響
產業特性會加強公司治理程度對會計績效的影響;經濟景氣,會加強公司治理程度對市場績效的影響。
4.當經濟景氣差、代理成本高與轉投資家數多時,更突顯公司治理的重要性,公司治理對績效有正向的影響
5.無參與管理的公司,更突顯公司治理的效果,公司治理對績效有正向的影響
6.機構投資人持股比例與週轉率呈正相關
7.經營績效與機構投資人投資行為呈正相關
市場績效對機構投資人持股比例有正向的影響;會計績效對機構投資人週轉率也有正向的影響,顯示績效與機構投資人投資行為呈正相關。
8.法令規範後,公司治理與經營績效表現較佳
9.金融業的公司治理表現較佳
This paper examines the relationship between the corporate governance, firm performance, and institutional behavior of Taiwanese TSE-listed companies from 1992 to 2002. This paper approves the positive effects of corporate governance to firm performance, and firm performance to institutional behavior as well. Different from the previous studies, this paper addresses the importance of corporate governance under poorer economic conditions, higher agency costs, and a more complicated company structure. Corporate governance mechanism could work effectively when the executives of companies realize the importance of the corporate governance.
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描述 博士
國立政治大學
企業管理研究所
89355510
92
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0089355510
資料類型 thesis
dc.contributor.advisor 陳隆麒<br>沈中華zh_TW
dc.contributor.advisor Chen, Long-Chie<br>Shen, Chung-Huaen_US
dc.contributor.author (Authors) 丁秀儀zh_TW
dc.contributor.author (Authors) Ting, Hsiu-Ien_US
dc.creator (作者) 丁秀儀zh_TW
dc.creator (作者) Ting, Hsiu-Ien_US
dc.date (日期) 2003en_US
dc.date.accessioned 18-Sep-2009 13:22:32 (UTC+8)-
dc.date.available 18-Sep-2009 13:22:32 (UTC+8)-
dc.date.issued (上傳時間) 18-Sep-2009 13:22:32 (UTC+8)-
dc.identifier (Other Identifiers) G0089355510en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/34938-
dc.description (描述) 博士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所zh_TW
dc.description (描述) 89355510zh_TW
dc.description (描述) 92zh_TW
dc.description.abstract (摘要) 本研究採1992年至2002年首度上市的樣本公司為研究樣本,並依據同產業規模相當且上市五年以上的原則挑選配對公司,檢驗公司治理、經營績效與機構投資人投資行為之關聯性。與先前研究不同之處在於,本研究深入探討公司治理對經營績效的影響,解釋在不同經濟條件與公司特性下,將影響公司治理機制效率的發揮,使公司治理與績效呈正相關。

本研究利用樣本公司上市當時的公司治理變數,檢驗公司治理對上市後半年的會計績效影響與上市後30天、90天與180天的市場報酬,再進而驗證經營績效對上市後一年機構投資人投資行為的影響,此外,並比較有價證券上市審查準則規定前後的公司,在公司治理與經營績效上是否有差異。透過相關分析、T檢定、迴歸分析與聯立方程式,檢驗三大研究假說,實證結果獲得以下主要結論:

1.樣本公司與配對公司的特性
樣本公司的公司治理機制較健全,會計績效表現也較佳。
2.公司治理程度不同的公司特性
公司治理程度高的公司其市場績效表現較佳,且年齡較小。
3.景氣與產業,對公司治理與經營績效關聯性的影響
產業特性會加強公司治理程度對會計績效的影響;經濟景氣,會加強公司治理程度對市場績效的影響。
4.當經濟景氣差、代理成本高與轉投資家數多時,更突顯公司治理的重要性,公司治理對績效有正向的影響
5.無參與管理的公司,更突顯公司治理的效果,公司治理對績效有正向的影響
6.機構投資人持股比例與週轉率呈正相關
7.經營績效與機構投資人投資行為呈正相關
市場績效對機構投資人持股比例有正向的影響;會計績效對機構投資人週轉率也有正向的影響,顯示績效與機構投資人投資行為呈正相關。
8.法令規範後,公司治理與經營績效表現較佳
9.金融業的公司治理表現較佳
zh_TW
dc.description.abstract (摘要) This paper examines the relationship between the corporate governance, firm performance, and institutional behavior of Taiwanese TSE-listed companies from 1992 to 2002. This paper approves the positive effects of corporate governance to firm performance, and firm performance to institutional behavior as well. Different from the previous studies, this paper addresses the importance of corporate governance under poorer economic conditions, higher agency costs, and a more complicated company structure. Corporate governance mechanism could work effectively when the executives of companies realize the importance of the corporate governance.en_US
dc.description.tableofcontents 第壹章 緒論 1
第一節 研究動機與目的 4
第二節 研究範圍與限制 15
第三節 研究流程與論文架構 19
第貳章 文獻探討與個案分析 24
第一節 代理理論與資訊不對稱 25
第二節 公司治理 31
第三節 公司治理與代理問題 43
第四節 公司治理與經營績效 48
第五節 機構投資人投資行為 56
第六節 個案分析 60
第參章 研究設計 64
第一節 實證架構與研究假說 65
第二節 資料來源與樣本選取 74
第三節 研究變數操作性定義 76
第四節 實證分析方法 81


第肆章 實證結果分析 87
第一節 樣本資料敘述統計分析 88
第二節 公司治理與經營績效分析 100
第三節 經營績效與機構投資人投資行為分析 129
第四節 公司治理、經營績效與機構投資人投資行為分析 138
第五節 法令規範對公司治理與經營績效的影響 151
第六節 金融業的公司治理 152
第七節 穩健性檢驗 155
第八節 實證結果與涵義 160
第伍章 結論與建議 165
第一節 結論 166
第二節 建議 170
參考文獻 173
中文部分 173
英文部分 176
附錄 184
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/#G0089355510en_US
dc.subject (關鍵詞) 代理成本zh_TW
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) 經營績效zh_TW
dc.subject (關鍵詞) 機構投資人投資行為zh_TW
dc.subject (關鍵詞) 機構投資人持股週轉率zh_TW
dc.subject (關鍵詞) Agency Costen_US
dc.subject (關鍵詞) Corporate Governanceen_US
dc.subject (關鍵詞) Firm Performanceen_US
dc.subject (關鍵詞) Institutional Behavioren_US
dc.subject (關鍵詞) Institutional Turnoveren_US
dc.title (題名) 上市公司公司治理,經營績效與機構投資人投資行為關聯性之研究zh_TW
dc.type (資料類型) thesisen
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