dc.contributor.advisor | 沈中華 | zh_TW |
dc.contributor.advisor | Shen,Chung-Hua | en_US |
dc.contributor.author (Authors) | 陳威任 | zh_TW |
dc.contributor.author (Authors) | Chen,Wei Jen | en_US |
dc.creator (作者) | 陳威任 | zh_TW |
dc.creator (作者) | Chen,Wei Jen | en_US |
dc.date (日期) | 2003 | en_US |
dc.date.accessioned | 18-Sep-2009 15:54:34 (UTC+8) | - |
dc.date.available | 18-Sep-2009 15:54:34 (UTC+8) | - |
dc.date.issued (上傳時間) | 18-Sep-2009 15:54:34 (UTC+8) | - |
dc.identifier (Other Identifiers) | G0091258002 | en_US |
dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/35743 | - |
dc.description (描述) | 碩士 | zh_TW |
dc.description (描述) | 國立政治大學 | zh_TW |
dc.description (描述) | 經濟研究所 | zh_TW |
dc.description (描述) | 91258002 | zh_TW |
dc.description (描述) | 92 | zh_TW |
dc.description.abstract (摘要) | 本研究之動機起於麥肯錫顧問公司的調查報告,報告中提到,若企業有良好的公司治理制度,投資者願意支付多一些以持有該公司股票。本研究從公司治理和產業前景兩個角度切入,並參考國內外文獻選出四個代表性的公司治理變數以及從國內券商和金融商情機構所公開之產業研究報告中,建立產業景氣循環相對位置之虛擬變數,目的是量化質性的報告,期望能理出一條脈絡。 根據本研究實証結果可知,就公司治理變數方面,僅有代表資訊揭露品質的指標即”是否有發行海外存託憑證”,此變數與股價溢酬關係為正向且顯著。因此,當我們還在對財務報表的會計師查核簽證感到質疑之時,或是証期會尚未將上市櫃資訊評鑑工作步入正軌之時,本研究所採用之海外存託憑證變數,似乎是現階段可供參考且實用的代表指標;至於所選用之其他公司治理變數,不論董監持股、管理者持股或是否設有獨立董監,都對股價溢酬的影響顯得關係不大,也呼應了行政院對証交法關於獨立董監的設立,採日本以鼓勵自願的做法而非強迫。 就產業前景而言,預測本來就是一件很不容易的工作,更何況是瞬息萬變的高科技產業,由本研究得出的結論恰好與反市場心理法則不謀而合,或許是分析師錯把許多數據指標誤認為是領先指標,並依此對未來前景做預測;但也有可能是現今的投資者都非常的精明,善用反市場心理法則來投資操作,姑且不論問題是出在分析師或是聰明的投資者,但根據本研究,至少發現對兩兆產業而言,若是將產業研究報告建議當作投資的唯一圭臬,似乎並不是明智之舉。 | zh_TW |
dc.description.abstract (摘要) | The motivation of the thesis origin from the reports of McKinsey consulting company. According to the reports that institutional investors would willing to pay premium to hold the stock if the company build up well corporate governance institutions. The thesis decide to incise from corporate governance and industry foresight, and then find four representative variables of corporate governance and constitute dummy variables of industry recycle position. The aim is trying to understand which variable would affect premium through earnings-transmitting effect. Based on the empirical results, with view of corporate governance, the quality of information transparency (whether issue deposit receipt or not) is positive and significant to premium. Consequently it seems to be a practical index when we get confused to the reality of financial reports, moreover, the other variables about corporate governance are nonsignificant including the holding of director and supervisor、the managerial holding or whether constitute the independent director and supervisor. The conclusions about whether constitute independent director and supervisor consist with the act of government which considers that modifying direction of the security law is free to choose instead of forcing every company to do so. With the view of industry foresight, it’s not a piece of cake to predict how it’s going in the future. According to the results that psychological rule of anti-market seems to be a usable method.Keywords:Corporate Governance、industry foresight、industry analysis | en_US |
dc.description.tableofcontents | 第 壹 章 緒論 1第一節 研究動機 1第二節 研究目的 6第三節 研究流程與論文架構 7第 貳 章 文獻探討 11第一節 公司治理 11第二節 公司治理與亞洲金融風暴 18第三節 公司治理與經營績效 20第四節 公司治理與股價溢酬 26第五節 盈餘與股價報酬 27第 叁 章 兩兆產業前景分析 30第一節 前言 30第二節 IC產業前景分析 32第三節 LCD產業前景分析 43第 肆 章 研究設計與實証結果 54第一節 研究預期 54第二節 研究對象與資料來源 57第三節 研究變數操作型定義 59第 伍 章 實證結果與分析 62第一節 實証研究方法 62第二節 實證結果分析 64第 陸 章 結論與建議 72第一節 研究結果與發現 72第二節 研究貢獻 73第三節 研究限制與後續建議 74參考文獻中文部分 75英文部分 77圖目錄圖一:公司治理與財報表現何者重要 4圖二:是否願支付較高溢酬給公司治理較佳的公司 4圖三:各國平均溢酬調查報告 5圖四:研究流程 8圖五:世界銀行公司治理架構 13圖六:IC產品分類圖 33圖七:我國近年來IC產業表現 35圖八:顯示器分類結構圖 43圖九:大尺寸TFT-LCD面板需求 46圖十:全球大尺寸出貨量統計 47圖十一:15吋LCD面板材料成本結構 48圖十二:TFT-LCD產業關聯圖 50圖十三:董監持股比率與股價溢酬分布圖 68表目錄表一:92年上市公司股東人數前十大 1表二:民國87-89年爆發的地雷股名單 3表三:近年來台灣強化公司治理水準之相關措施 17表四:IC產業近年產值表現 35表五:近年來全球DRAM市場情況 37表六:全球半導體應用市場分布 41表七:各類顯示器特性比較 44表八:國內主要筆記型電腦製造商與其客戶群 51表九:本研究之代表性公司 57表十:研究樣本簡單統計分析 64表十一:研究樣本區分年度細項比較 65表十二:迴歸式一之結果 67表十三:迴歸式二之結果 69表十四:迴歸式三之結果 70 | 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/#G0091258002 | en_US |
dc.subject (關鍵詞) | 公司治理 | zh_TW |
dc.subject (關鍵詞) | 產業前景 | zh_TW |
dc.subject (關鍵詞) | 兩兆產業分析 | zh_TW |
dc.subject (關鍵詞) | corporate governance | en_US |
dc.subject (關鍵詞) | industry foresight | en_US |
dc.subject (關鍵詞) | industry analysis | en_US |
dc.title (題名) | 從公司治理與產業前景角度檢視盈餘與股價溢酬之關係 | zh_TW |
dc.title (題名) | From corporate governance and industry foresight to examine the relationship between earnings and stock price premium | en_US |
dc.type (資料類型) | thesis | en |
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