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題名 企業上市後股權分散之研究---探討台灣家族及非家族企業
作者 許家華
貢獻者 屠美亞
許家華
關鍵詞 股權分散
家族企業
非家族企業
日期 2007
上傳時間 8-Dec-2010 15:39:47 (UTC+8)
摘要 本文探討台灣家族及非家族企業上市後股權分散之路徑及動機是否相同。從初步統計可發現兩類企業內部人持股在初步公開上市後逐漸且穩定地分散。
使用Pobit模型發現,家族之永續傳承考量下,家族成員認定家族企業為家族系統之衍生,因此內部人持股降低因素並非由代理因子所造成。而歸結多種方式分析,可發現市場因子,即企業股票之流動性為主要且一致造成股權分散之因素。文章後段使用不同的家族企業認定方法,我們仍然得到相同地結論。
文章最後階段反向思考家族控制進入及離開企業之決定因素,可發現代理因子在非家族企業轉變為家族企業中扮演主要角色,而另一方面,市場因子則在家族企業轉變為非家族企業扮演主要角色。
參考文獻 林穎芬及劉維琪,2003,從高階主管薪酬的研究探討代理理論在台灣的適用程度,管理學報第二十卷第二期,365-395。
翁淑育,2000, 台灣上市公司股權結構、核心代理問題與公司價值之研究,輔仁大學財務金融研究所碩士論文。
陳家慧,1999,我國上市公司管理機制與盈餘管理相關性之實證研究,政治大學會計研究所未出版碩士論文。
陳羽甄,2007,高階主管替換與相對績效之關係-探討台灣家族與非家族企業,國立東華大學企業管理學系碩士論文。
郭淑芬,1995,董監事特性與盈餘操縱現象及盈餘品質之關連性研究,中正大學會計研究所未出版碩士論文。
郭逸真,2006,台灣家族與非家族企業之公司治理:以總經理異動為例,國立中央大學企業管理研究所博士論文。
楊朝旭,2003,會計盈餘及時性對公司治理結構之影響-以台灣上市公司為例,當代會計第四卷第一期,1-28。
廖秀梅、李建然、吳祥華,2006,董事會結構特性與公司績效關係之研究-兼論台灣家族企業因素的影響,東吳經濟商學學報第五十四期, 117-160.
謝文馨,1998,家族企業管治機制與盈餘管理之關連性研究,東吳大學會計研究所未出版碩士論文。
Anderson, Ronald C., and D. Scott Lee, 1997, Ownership studies: The data source does matter, Journal of Financial and Quantitative Analysis 32, 311–329.
Anderson, R. C., & Reeb, D. M., 2003, Founding family ownership and firm performance: Evidence from the S&P 500, Journal of Finance 58(3), 1301-1329.
Becht, Marco, and J. Bradford de Long, 2005, Why has there been so little block-holding in America? A History of Corporate Governance Around the World, (National Bureau of Economic Research/University of Chicago Press, Chicago IL).
Begley, T. M., & Tan, W., 2001, The socio-cultural environment for entrepreneurship: A comparison between East Asian and Anglo-Saxon countries, Journal of International Business Studies 3, 537-553.
Berle, Adolf A., and Gardiner C. Means, 1932, The Modern Corporation and Private Propert (McMillan, New York, NY).
Bolton, Patrick, and Ernst-Ludwig von Thadden, 1998, Blocks, liquidity and corporate control, Journal of Finance 53, 1–25.
Burkart, M., Panunzi, F., & Shleifer, A., 2003, Family Firms, Journal of Finance 58(5), 2167-2201.
Chami, R., 1999, What’s different about family business? Working paper series, file no. 98061505, Social Science Research Network, Internet.
Cho, M. H., 2002, Ownership structure, investment, and the corporate value: an empirical Analysis, Journal of Financial Economics 47, 103-121.
Claessens, S., S. Djankov, J. Fan, and L. H. Lang, 2000, The separation of Ownership and control in East Asian Corporation, Journal of Financial Economics 58, 81-112.
Claessens, S., S. Djankov, J. Fan, and L. H. Lang, 1999, Expropriation on minority shareholders: Evidence from East Asia, Working paper, World Bank.
Claessens, S., Djankov, S., Fan, J. P. H., & Lang, L. H. P., 2002, Disentangling the incentive and entrenchment effects of large shareholdings, Journal of Finance 57, 2741-2771.
Cox, D. R. & Oakes, D., 1984, Analysis of survival data. Chapman & Hall, Inc., London, U. K.
DeFond, M., and C. Park., 1999, The effect of competition on CEO turnover, Journal of Accounting and Economics 27, 35-56.
Demsetz, H., and K. Lehn., 1985, The structure of corporate ownerships: Causes and consequences, Journal of Political Economy 93: 1155-1177.
Fama, E. F. and M. C. Jensen, 1983, Separation of ownership and control, Journal of Law and Economics 26(2), 301-324.
Filatotchev, Igor, Yung-Chih Lie and Jenifer Piesse, 2005, Corporate governance and performance in publicly listed, family-controlled firms: evidence from Taiwan, Asia Pacific Journal of Management 22, 257–283.
Helwege, Jean, Christo Pirinsky and Ren´e M. Stulz, 2007, Why do firms become widely held? An analysis of the dynamics of corporate ownership, Journal of Finance 62(3), 995-1028.
Himmelberg, C., R. Hubbard, and D. Palia., 1999, Understanding the determined of managerial ownership and the link between ownership and performance, Journal of Financial Economics 53(3), 353-384.
Hugh, M., 1986, Entrepreneurship and economic growth in Taiwan, Business Forum Los Angeles 11(4), 35-39.
James, H. S., 1999, Owner as manager, extended horizons and the family firm, International Journal of the Economics of Business 6, 41-56.
Jensen, M., and W. Meckling., 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305-360.
Jensen, M. C. and W. H. Meckling., 1976, Theory of the firm:Managerial behavior, agency cost and ownership structure, Journal of Financial Economics 3, 305-360.
Jensen, M. C. and R. Buback, 1983, The market for corporate control:the scientific evidence, Journal of Financial Economics 11(3), 5-50.
Jensen, M. C., 1993, The modern industrial revolution, exit and the failure of internal control system, Journal of Finance 148, 831-880.
Jenter, Dirk, 2005, Market timing and managerial portfolio decisions, Journal of Finance 60, 1903–1949.
La Pora, R., F. Lopez-De-Silanes, A. Shleifer, and R. Vishny., 1998, Law and finance, Journal of Political Economy 106, 1113-1155.
La Porta, R., F. Lopez-de-Silanes, and A. Shleifer, 1999, Corporate Ownership around the world, Journal of Finance 54(2), 471-517.
Leland, Hayne E., and David H. Pyle, 1977, Informational asymmetries, financial structure and financial intermediation, Journal of Finance 32, 371–387.
Liu, L. S., 2001, Chinese characteristics compared: A legal and policy perspective of corporate finance and governance in Taiwan and China, Working paper series, file no. 273174, Social Science Research Network, Internet.
McConnell, J. J. and H. Servaes, 1990, Additional evidence on equity ownership and corporate value, Journal of Financial Economics 27, 595-612.
Morck, Randall, Andrei Shleifer, and RobertW. Vishny, 1988, Management ownership and market valuation: An empirical analysis, Journal of Financial Economics 20, 293–316.
Yen, G. F., 1994, A study on the problems of organizational growth of family business in Taiwan: Socio-cultural aspect and the phenomena of autonomous obstruction to size, Sun Yat-sen Management Review 2(4), 55-68.
Yen, G. F., 1996, A research on cultural-structural relationship of Taiwan family enterprises: the dual-system model and some related managerial problems, Chung Yuan Journal 24(4), 1-9.
Zapalska, A. M., and Edwards W., 2001, Chinese entrepreneurship in a cultural and economic perspective, Journal of Small Business Management 39(3), 286-292.
描述 碩士
國立政治大學
財務管理研究所
95357012
96
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0095357012
資料類型 thesis
dc.contributor.advisor 屠美亞zh_TW
dc.contributor.author (Authors) 許家華zh_TW
dc.creator (作者) 許家華zh_TW
dc.date (日期) 2007en_US
dc.date.accessioned 8-Dec-2010 15:39:47 (UTC+8)-
dc.date.available 8-Dec-2010 15:39:47 (UTC+8)-
dc.date.issued (上傳時間) 8-Dec-2010 15:39:47 (UTC+8)-
dc.identifier (Other Identifiers) G0095357012en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/49641-
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) 95357012zh_TW
dc.description (描述) 96zh_TW
dc.description.abstract (摘要) 本文探討台灣家族及非家族企業上市後股權分散之路徑及動機是否相同。從初步統計可發現兩類企業內部人持股在初步公開上市後逐漸且穩定地分散。
使用Pobit模型發現,家族之永續傳承考量下,家族成員認定家族企業為家族系統之衍生,因此內部人持股降低因素並非由代理因子所造成。而歸結多種方式分析,可發現市場因子,即企業股票之流動性為主要且一致造成股權分散之因素。文章後段使用不同的家族企業認定方法,我們仍然得到相同地結論。
文章最後階段反向思考家族控制進入及離開企業之決定因素,可發現代理因子在非家族企業轉變為家族企業中扮演主要角色,而另一方面,市場因子則在家族企業轉變為非家族企業扮演主要角色。
zh_TW
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景 1
第二節 研究動機與目的 2
第二章 文獻探討 3
第一節 股權結構 3
第二節 家族企業 7
第三章 研究方法 11
第一節 研究資料 11
第二節 研究方法 18
第三節 研究假說 19
第四節 變數定義 20
第四章 實證結果 24
第一節 平均數差異檢定 24
第二節 Probit Regression 26
第三節 Cox 危機比率模型 32
第四節 延伸探討 35
第五節 企業家族控制轉換之因素探討 42
第五章 結論與建議 46
參考文獻 48
zh_TW
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0095357012en_US
dc.subject (關鍵詞) 股權分散zh_TW
dc.subject (關鍵詞) 家族企業zh_TW
dc.subject (關鍵詞) 非家族企業zh_TW
dc.title (題名) 企業上市後股權分散之研究---探討台灣家族及非家族企業zh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 林穎芬及劉維琪,2003,從高階主管薪酬的研究探討代理理論在台灣的適用程度,管理學報第二十卷第二期,365-395。zh_TW
dc.relation.reference (參考文獻) 翁淑育,2000, 台灣上市公司股權結構、核心代理問題與公司價值之研究,輔仁大學財務金融研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 陳家慧,1999,我國上市公司管理機制與盈餘管理相關性之實證研究,政治大學會計研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 陳羽甄,2007,高階主管替換與相對績效之關係-探討台灣家族與非家族企業,國立東華大學企業管理學系碩士論文。zh_TW
dc.relation.reference (參考文獻) 郭淑芬,1995,董監事特性與盈餘操縱現象及盈餘品質之關連性研究,中正大學會計研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 郭逸真,2006,台灣家族與非家族企業之公司治理:以總經理異動為例,國立中央大學企業管理研究所博士論文。zh_TW
dc.relation.reference (參考文獻) 楊朝旭,2003,會計盈餘及時性對公司治理結構之影響-以台灣上市公司為例,當代會計第四卷第一期,1-28。zh_TW
dc.relation.reference (參考文獻) 廖秀梅、李建然、吳祥華,2006,董事會結構特性與公司績效關係之研究-兼論台灣家族企業因素的影響,東吳經濟商學學報第五十四期, 117-160.zh_TW
dc.relation.reference (參考文獻) 謝文馨,1998,家族企業管治機制與盈餘管理之關連性研究,東吳大學會計研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) Anderson, Ronald C., and D. Scott Lee, 1997, Ownership studies: The data source does matter, Journal of Financial and Quantitative Analysis 32, 311–329.zh_TW
dc.relation.reference (參考文獻) Anderson, R. C., & Reeb, D. M., 2003, Founding family ownership and firm performance: Evidence from the S&P 500, Journal of Finance 58(3), 1301-1329.zh_TW
dc.relation.reference (參考文獻) Becht, Marco, and J. Bradford de Long, 2005, Why has there been so little block-holding in America? A History of Corporate Governance Around the World, (National Bureau of Economic Research/University of Chicago Press, Chicago IL).zh_TW
dc.relation.reference (參考文獻) Begley, T. M., & Tan, W., 2001, The socio-cultural environment for entrepreneurship: A comparison between East Asian and Anglo-Saxon countries, Journal of International Business Studies 3, 537-553.zh_TW
dc.relation.reference (參考文獻) Berle, Adolf A., and Gardiner C. Means, 1932, The Modern Corporation and Private Propert (McMillan, New York, NY).zh_TW
dc.relation.reference (參考文獻) Bolton, Patrick, and Ernst-Ludwig von Thadden, 1998, Blocks, liquidity and corporate control, Journal of Finance 53, 1–25.zh_TW
dc.relation.reference (參考文獻) Burkart, M., Panunzi, F., & Shleifer, A., 2003, Family Firms, Journal of Finance 58(5), 2167-2201.zh_TW
dc.relation.reference (參考文獻) Chami, R., 1999, What’s different about family business? Working paper series, file no. 98061505, Social Science Research Network, Internet.zh_TW
dc.relation.reference (參考文獻) Cho, M. H., 2002, Ownership structure, investment, and the corporate value: an empirical Analysis, Journal of Financial Economics 47, 103-121.zh_TW
dc.relation.reference (參考文獻) Claessens, S., S. Djankov, J. Fan, and L. H. Lang, 2000, The separation of Ownership and control in East Asian Corporation, Journal of Financial Economics 58, 81-112.zh_TW
dc.relation.reference (參考文獻) Claessens, S., S. Djankov, J. Fan, and L. H. Lang, 1999, Expropriation on minority shareholders: Evidence from East Asia, Working paper, World Bank.zh_TW
dc.relation.reference (參考文獻) Claessens, S., Djankov, S., Fan, J. P. H., & Lang, L. H. P., 2002, Disentangling the incentive and entrenchment effects of large shareholdings, Journal of Finance 57, 2741-2771.zh_TW
dc.relation.reference (參考文獻) Cox, D. R. & Oakes, D., 1984, Analysis of survival data. Chapman & Hall, Inc., London, U. K.zh_TW
dc.relation.reference (參考文獻) DeFond, M., and C. Park., 1999, The effect of competition on CEO turnover, Journal of Accounting and Economics 27, 35-56.zh_TW
dc.relation.reference (參考文獻) Demsetz, H., and K. Lehn., 1985, The structure of corporate ownerships: Causes and consequences, Journal of Political Economy 93: 1155-1177.zh_TW
dc.relation.reference (參考文獻) Fama, E. F. and M. C. Jensen, 1983, Separation of ownership and control, Journal of Law and Economics 26(2), 301-324.zh_TW
dc.relation.reference (參考文獻) Filatotchev, Igor, Yung-Chih Lie and Jenifer Piesse, 2005, Corporate governance and performance in publicly listed, family-controlled firms: evidence from Taiwan, Asia Pacific Journal of Management 22, 257–283.zh_TW
dc.relation.reference (參考文獻) Helwege, Jean, Christo Pirinsky and Ren´e M. Stulz, 2007, Why do firms become widely held? An analysis of the dynamics of corporate ownership, Journal of Finance 62(3), 995-1028.zh_TW
dc.relation.reference (參考文獻) Himmelberg, C., R. Hubbard, and D. Palia., 1999, Understanding the determined of managerial ownership and the link between ownership and performance, Journal of Financial Economics 53(3), 353-384.zh_TW
dc.relation.reference (參考文獻) Hugh, M., 1986, Entrepreneurship and economic growth in Taiwan, Business Forum Los Angeles 11(4), 35-39.zh_TW
dc.relation.reference (參考文獻) James, H. S., 1999, Owner as manager, extended horizons and the family firm, International Journal of the Economics of Business 6, 41-56.zh_TW
dc.relation.reference (參考文獻) Jensen, M., and W. Meckling., 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305-360.zh_TW
dc.relation.reference (參考文獻) Jensen, M. C. and W. H. Meckling., 1976, Theory of the firm:Managerial behavior, agency cost and ownership structure, Journal of Financial Economics 3, 305-360.zh_TW
dc.relation.reference (參考文獻) Jensen, M. C. and R. Buback, 1983, The market for corporate control:the scientific evidence, Journal of Financial Economics 11(3), 5-50.zh_TW
dc.relation.reference (參考文獻) Jensen, M. C., 1993, The modern industrial revolution, exit and the failure of internal control system, Journal of Finance 148, 831-880.zh_TW
dc.relation.reference (參考文獻) Jenter, Dirk, 2005, Market timing and managerial portfolio decisions, Journal of Finance 60, 1903–1949.zh_TW
dc.relation.reference (參考文獻) La Pora, R., F. Lopez-De-Silanes, A. Shleifer, and R. Vishny., 1998, Law and finance, Journal of Political Economy 106, 1113-1155.zh_TW
dc.relation.reference (參考文獻) La Porta, R., F. Lopez-de-Silanes, and A. Shleifer, 1999, Corporate Ownership around the world, Journal of Finance 54(2), 471-517.zh_TW
dc.relation.reference (參考文獻) Leland, Hayne E., and David H. Pyle, 1977, Informational asymmetries, financial structure and financial intermediation, Journal of Finance 32, 371–387.zh_TW
dc.relation.reference (參考文獻) Liu, L. S., 2001, Chinese characteristics compared: A legal and policy perspective of corporate finance and governance in Taiwan and China, Working paper series, file no. 273174, Social Science Research Network, Internet.zh_TW
dc.relation.reference (參考文獻) McConnell, J. J. and H. Servaes, 1990, Additional evidence on equity ownership and corporate value, Journal of Financial Economics 27, 595-612.zh_TW
dc.relation.reference (參考文獻) Morck, Randall, Andrei Shleifer, and RobertW. Vishny, 1988, Management ownership and market valuation: An empirical analysis, Journal of Financial Economics 20, 293–316.zh_TW
dc.relation.reference (參考文獻) Yen, G. F., 1994, A study on the problems of organizational growth of family business in Taiwan: Socio-cultural aspect and the phenomena of autonomous obstruction to size, Sun Yat-sen Management Review 2(4), 55-68.zh_TW
dc.relation.reference (參考文獻) Yen, G. F., 1996, A research on cultural-structural relationship of Taiwan family enterprises: the dual-system model and some related managerial problems, Chung Yuan Journal 24(4), 1-9.zh_TW
dc.relation.reference (參考文獻) Zapalska, A. M., and Edwards W., 2001, Chinese entrepreneurship in a cultural and economic perspective, Journal of Small Business Management 39(3), 286-292.zh_TW