| dc.contributor.advisor | 顏錫銘 | zh_TW |
| dc.contributor.author (Authors) | 朱陳啟康 | zh_TW |
| dc.creator (作者) | 朱陳啟康 | zh_TW |
| dc.date (日期) | 2005 | en_US |
| dc.date.accessioned | 18-Sep-2009 19:18:33 (UTC+8) | - |
| dc.date.available | 18-Sep-2009 19:18:33 (UTC+8) | - |
| dc.date.issued (上傳時間) | 18-Sep-2009 19:18:33 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0923570251 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/36694 | - |
| 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) | 92357025 | zh_TW |
| dc.description (描述) | 94 | zh_TW |
| dc.description.abstract (摘要) | 在公司績效的決定因素的研究中，本研究採用Marginal q作為衡量企業投資效率的指標，發現內部人持股比例與公司經營績效間之關係綜合「利益收斂說」以及「掠奪性假說」兩種效果，隨內部人持股比例呈倒U字形先增後減的非線性關係。其他控制變數方面：機構投資人能擔任監督管理者的角色、有效降低代理成本增進公司價值；規模對公司績效大致呈正面影響，惟效果並不顯著；在Tobin`s q模型，研發活動支出比例對公司績效有正面的影響；在Marginal q模型，研究發展支出比例對公司績效影響不顯著。本研究亦考量董監質押比例的影響，結果顯示，公司績效僅與董監質押行為負相關與質押比例則無顯著關係。本研究亦採用一個新的衡量內部人持股變數—平均每位董事/監察人持股，該變數亦能精確衡量內部人持股。考量模型內生性的問題後，內部人持股比例與公司績效之關係，並未因此改變。 | zh_TW |
| dc.description.abstract (摘要) | We investigate the determinants of the performance of the firm measured by Tobin`s q and Marginal q in our study, and find a curvilinear relation between firm value and insider ownership. The traditional measure, Tobin`s q, suffers from several drawbacks. Among which the endogeneity is the most serious one which may cause the relationship spurious. As for other controlling variables, we found that institutional investors are able to supervise the management effectively, which implies lower agency cost. The size of the firm is contributive to the value of the firm; however, the influence is not significant. R&D has positive and significant impacts on Tobin`s q as we expect. There is less reason to expect a positive relationship between R&D and Marginal q. Indeed, we didn’t find any significant relation in our regression result. We also include the mortgage ratio of the insiders in our study. We conclude that performance is related to whether the insiders mortgage or not. The extent of mortgage doesn’t matter. We construct a new variable –average insider ownership– which could also measure the extent of insider holding well. Considering the possibility of endogeneity, the relation between insider ownership and performance of the firm is still consistent with the result of our study. | en_US |
| dc.description.tableofcontents | 目錄 謝辭 ii 摘要 iii Abstract iv 目錄 v 圖次 vii 表次 viii 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 3 第三節 研究架構 5 第二章 文獻探討 7 第一節 理論文獻 7 第二節 國外實證文獻 10 第三節 國內實證文獻 15 第四節 績效與股權結構之內生性問題 17 第三章 研究方法 20 第一節 公司績效的衡量 20 第二節 研究分析方法與假說 26 第三節 研究樣本 29 第四節 研究變數的操作型定義與衡量 31 第五節 研究限制 33 第四章 實證結果與分析 34 第一節 基本統計分析 34 第二節 迴歸分析 38 第五章 結論與建議 48 第一節 結論 48 第二節 對後續研究之建議 50 參考文獻 51 英文部分 51 中文部分 55 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0923570251 | en_US |
| dc.subject (關鍵詞) | 內部人持股 | zh_TW |
| dc.subject (關鍵詞) | 股權結構 | zh_TW |
| dc.subject (關鍵詞) | Marginal q | en_US |
| dc.title (題名) | 內部人持股比例與公司績效之關係-以台灣上市電子公司為例 | zh_TW |
| dc.type (資料類型) | thesis | en |
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