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題名 公司治理對信用風險與董監薪酬影響之研究
The effect of corporate governance on firm`s credit risk and directors` salary
作者 錢珮瑩
貢獻者 屠美亞
錢珮瑩
關鍵詞 公司治理
信用風險
信用評等
董監薪酬
日期 2010
上傳時間 29-Sep-2011 16:47:47 (UTC+8)
摘要   債權人在考量借款給公司所面臨的風險時,不只應考慮公司過去信用狀況,更須了解一家公司之公司治理對於未來現金流量穩定性有相當的影響力,故本研究探討公司治理對信用風險之影響,檢視良好的公司治理是否比較差的公司治理擁有較佳之信用風險評等。
       研究發現,在控制公司特性之後,信用風險評等和十大股東持股比例、集團企業與否呈現負相關,顯示十大股東持股比例高與公司為集團企業時信用風險評等表現較差;與法人持股比例、經理人持股比例、資訊揭露透明度、獨立監察人比例、董事會持股比例呈現正相關,顯示法人持股、經理人持股、資訊揭露透明度、獨立監察人與董事會持股等比例的提高時有助於信用風險評等提升。
       公司若提升公司治理,將擁有較良好的信用風險評等,債權人會因不確定性的減少而要求較低之必要報酬率,同樣減輕了企業的債務負擔,但有許多公司並未因此而加強其公司治理制度。研究中發現,當獨立董事比例低與董事會持股比例低時,平均董監薪酬水準顯著較高,可見在公司治理較差時,董監反而得到較高之薪酬,解釋了公司治理機制無法完善的原因。
參考文獻 中文文獻
中華徵信所,2008年台灣地區大型集團企業研究。
柯璟瑩(2003),董事會特性、股權結構與負債關聯性之研究,國立中央大學企業管理研究所碩士論文。
葉銀華、邱顯比(1996),資本結構、股權結構與公司價值關聯性之實證研究:代理成本理論,台大管理論叢,第7卷第2期:57-90。
楊鯉嘉(2008),公司治理、CEO 輪調與信用評等之關聯性,國立中正大學會計與資訊科技研究所碩士論文。
廖秀梅,李建然,吳祥華(2006),董事會結構特性與公司績效之研究-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。
廖益興(2004)董監事獨立性、企業結構特徵與盈餘管理之關聯性研究,國立台北大學會計研究所博士論文。
蘇怡如(2002),台灣集團企業多角化程度之探討,國立成功大學國際企業研究所碩士論文。
蕭喆昊(2008),台灣地區公司治理型態探討,國立中山大學企業管理研究所碩士論文。
英文文獻
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Anderson, R. C., S. A. Mansi, and D. M. Reeb. (2004). “Board characteristics, accounting report integrity, and the cost of debt.” Journal of Accounting and Economics 37: 315-342.
Ashbaugh-Skaife, H., D. W. Collins, and R. LaFond. (2006). “The effects of corporate governance on firms’ credit ratings.” Journal of Accounting and Economics 42: 203-243.
Asquith, P. and T. Wizman, (1990). “Event risk, covenants, and bondholder returns in leveraged buyouts.” Journal of Financial Economics 27: 195–213.
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Baysinger, B. and H. Butler. (1985). “Corporate governance and the board of directors: performance effects of changes in board composition.” Journal of Law, Economics and Organizations 1: 101–124.
Berle, M. and G. Means. (1932). Private property and modern corporation. New York: Macmillian.
Bhagat, S. and B. Black. (1999). “The uncertain relationship between board composition and firm per-formance.” The Business Lawyer 54: 921-963.
Bhojraj, S., and P. Sengupta. (2003). “Effect of corporate governance on bond ratings and yields: The role of institutional investors and outside directors.” Journal of Business 76: 455-475.
Brick, I. E., O. Palmon, and J. K. Wald. (2002). “CEO compensation, director compensation, and firm performance: Evidence from cronyism.” Working paper.
Brickley, J. A., R. C. Lease, and C. W. Smith. (1988). “Ownership Structure and Finance Economics.” Journal of Finance Economics: 267-291.
Boyd, B. K. (1994). “Board control and CEO compensation.” Strategic Management Journal 15: 335-344.
Ching, K. M. L., M. Firth, and O. M. Rui. (2002). “Earnings management, corporate governance and the market performance of seasoned equity offerings.” Working paper.
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.
Core, J.E., R. W. Holthausen, and D. F. Larcker. (1999). “Corporate governance, chief executive officer compensation, and firm performance.” Journal of Financial Economis 51: 371-406.
Davidson, W., B. Xie, and W. Xu. (2004). “Market reaction to voluntary announcements of audit committee appointments: the effect of financial expertise.” Journal of Accounting & Public Policy 23: 279–293.
DeAngelo, H., and R. W. Masulis. (1980). “Optimal Capital Structure under Corporate and Personal Taxation.” Journal of Financial Economics 8: 3-29.
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描述 碩士
國立政治大學
財務管理研究所
98357020
99
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0098357020
資料類型 thesis
dc.contributor.advisor 屠美亞zh_TW
dc.contributor.author (Authors) 錢珮瑩zh_TW
dc.creator (作者) 錢珮瑩zh_TW
dc.date (日期) 2010en_US
dc.date.accessioned 29-Sep-2011 16:47:47 (UTC+8)-
dc.date.available 29-Sep-2011 16:47:47 (UTC+8)-
dc.date.issued (上傳時間) 29-Sep-2011 16:47:47 (UTC+8)-
dc.identifier (Other Identifiers) G0098357020en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/50824-
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) 98357020zh_TW
dc.description (描述) 99zh_TW
dc.description.abstract (摘要)   債權人在考量借款給公司所面臨的風險時,不只應考慮公司過去信用狀況,更須了解一家公司之公司治理對於未來現金流量穩定性有相當的影響力,故本研究探討公司治理對信用風險之影響,檢視良好的公司治理是否比較差的公司治理擁有較佳之信用風險評等。
       研究發現,在控制公司特性之後,信用風險評等和十大股東持股比例、集團企業與否呈現負相關,顯示十大股東持股比例高與公司為集團企業時信用風險評等表現較差;與法人持股比例、經理人持股比例、資訊揭露透明度、獨立監察人比例、董事會持股比例呈現正相關,顯示法人持股、經理人持股、資訊揭露透明度、獨立監察人與董事會持股等比例的提高時有助於信用風險評等提升。
       公司若提升公司治理,將擁有較良好的信用風險評等,債權人會因不確定性的減少而要求較低之必要報酬率,同樣減輕了企業的債務負擔,但有許多公司並未因此而加強其公司治理制度。研究中發現,當獨立董事比例低與董事會持股比例低時,平均董監薪酬水準顯著較高,可見在公司治理較差時,董監反而得到較高之薪酬,解釋了公司治理機制無法完善的原因。
zh_TW
dc.description.tableofcontents 第壹章 緒論 1
     第一節 研究動機 1
     第二節 研究目的 4
     第三節 研究架構 5
     
     第貳章 文獻探討 6
     第一節 公司治理 6
     一、 代理問題 6
     二、 公司治理機制 8
     第二節 信用評等 14
     一、 信用評等 14
     二、 公司治理與信用評等之關聯性 17
     第三節 董監酬勞 18
     
     第參章 研究設計 22
     第一節 研究假說 22
     一、 公司治理對信用風險之影響 22
     二、 公司治理對董監薪酬之影響 26
     第二節 研究樣本與資料來源 30
     第三節 研究變數選擇與說明 30
     第四節 研究方法 36
     
     第肆章 實證結果分析 41
     第一節 敘述統計 41
     第二節 相關性分析 45
     第三節 迴歸分析 47
     一、 次序羅吉特迴歸模型(Ordered Logit Model)-公司治理對信用風險之影響 47
     二、 普通最小平方法(Ordinary Least Square Method, OLS)-公司治理對董監酬勞之影響 52
     第四節 實證結果彙總 57
     
     第伍章 結論及建議 60
     第一節 研究結論 60
     第二節 研究限制 62
     第三節 未來建議 62
     
     參考文獻 63
zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0098357020en_US
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) 信用風險zh_TW
dc.subject (關鍵詞) 信用評等zh_TW
dc.subject (關鍵詞) 董監薪酬zh_TW
dc.title (題名) 公司治理對信用風險與董監薪酬影響之研究zh_TW
dc.title (題名) The effect of corporate governance on firm`s credit risk and directors` salaryen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 中文文獻zh_TW
dc.relation.reference (參考文獻) 中華徵信所,2008年台灣地區大型集團企業研究。zh_TW
dc.relation.reference (參考文獻) 柯璟瑩(2003),董事會特性、股權結構與負債關聯性之研究,國立中央大學企業管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 葉銀華、邱顯比(1996),資本結構、股權結構與公司價值關聯性之實證研究:代理成本理論,台大管理論叢,第7卷第2期:57-90。zh_TW
dc.relation.reference (參考文獻) 楊鯉嘉(2008),公司治理、CEO 輪調與信用評等之關聯性,國立中正大學會計與資訊科技研究所碩士論文。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) 廖益興(2004)董監事獨立性、企業結構特徵與盈餘管理之關聯性研究,國立台北大學會計研究所博士論文。zh_TW
dc.relation.reference (參考文獻) 蘇怡如(2002),台灣集團企業多角化程度之探討,國立成功大學國際企業研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 蕭喆昊(2008),台灣地區公司治理型態探討,國立中山大學企業管理研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 英文文獻zh_TW
dc.relation.reference (參考文獻) Agrawal, A. and C. R. Knoeber. (1996). "Firm performance and mechanisms to control agency problems between managers and shareholders." Journal of Financial and Quantitative Analysis 31: 377-397.zh_TW
dc.relation.reference (參考文獻) Anderson, R. C., S. A. Mansi, and D. M. Reeb. (2004). “Board characteristics, accounting report integrity, and the cost of debt.” Journal of Accounting and Economics 37: 315-342.zh_TW
dc.relation.reference (參考文獻) Ashbaugh-Skaife, H., D. W. Collins, and R. LaFond. (2006). “The effects of corporate governance on firms’ credit ratings.” Journal of Accounting and Economics 42: 203-243.zh_TW
dc.relation.reference (參考文獻) Asquith, P. and T. Wizman, (1990). “Event risk, covenants, and bondholder returns in leveraged buyouts.” Journal of Financial Economics 27: 195–213.zh_TW
dc.relation.reference (參考文獻) Barnea, A., R. Haugen, and L. W. Senbet. (1985). “Agency Problems and Financial Contracting. Englewood Cliffs.” NJ: Prentice Hall.zh_TW
dc.relation.reference (參考文獻) Baysinger, B. and H. Butler. (1985). “Corporate governance and the board of directors: performance effects of changes in board composition.” Journal of Law, Economics and Organizations 1: 101–124.zh_TW
dc.relation.reference (參考文獻) Berle, M. and G. Means. (1932). Private property and modern corporation. New York: Macmillian.zh_TW
dc.relation.reference (參考文獻) Bhagat, S. and B. Black. (1999). “The uncertain relationship between board composition and firm per-formance.” The Business Lawyer 54: 921-963.zh_TW
dc.relation.reference (參考文獻) Bhojraj, S., and P. Sengupta. (2003). “Effect of corporate governance on bond ratings and yields: The role of institutional investors and outside directors.” Journal of Business 76: 455-475.zh_TW
dc.relation.reference (參考文獻) Brick, I. E., O. Palmon, and J. K. Wald. (2002). “CEO compensation, director compensation, and firm performance: Evidence from cronyism.” Working paper.zh_TW
dc.relation.reference (參考文獻) Brickley, J. A., R. C. Lease, and C. W. Smith. (1988). “Ownership Structure and Finance Economics.” Journal of Finance Economics: 267-291.zh_TW
dc.relation.reference (參考文獻) Boyd, B. K. (1994). “Board control and CEO compensation.” Strategic Management Journal 15: 335-344.zh_TW
dc.relation.reference (參考文獻) Ching, K. M. L., M. Firth, and O. M. Rui. (2002). “Earnings management, corporate governance and the market performance of seasoned equity offerings.” Working paper.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) Core, J.E., R. W. Holthausen, and D. F. Larcker. (1999). “Corporate governance, chief executive officer compensation, and firm performance.” Journal of Financial Economis 51: 371-406.zh_TW
dc.relation.reference (參考文獻) Davidson, W., B. Xie, and W. Xu. (2004). “Market reaction to voluntary announcements of audit committee appointments: the effect of financial expertise.” Journal of Accounting & Public Policy 23: 279–293.zh_TW
dc.relation.reference (參考文獻) DeAngelo, H., and R. W. Masulis. (1980). “Optimal Capital Structure under Corporate and Personal Taxation.” Journal of Financial Economics 8: 3-29.zh_TW
dc.relation.reference (參考文獻) Dechow , P. M., R. G. Sloan, and A. P. Sweeney. (1996). “Cause and consequences of earnings manipulation: A analysis of firms subject to enforcement actions by the SEC.” Contemporary Accounting Research 13: 1-36.zh_TW
dc.relation.reference (參考文獻) DeFond, M., R. Hann, and X. Hu. (2004). “Does the market value financial expertise on the audit committee of boards of directors?” Journal of Accounting Research 43: 153–194zh_TW
dc.relation.reference (參考文獻) Demsetz, H., and K. Lehn. (1985). “The structure if corporate ownership: Causes and consequences.” Journal of Political Economy 93: 467-488.zh_TW
dc.relation.reference (參考文獻) Fama, E. and M. Jensen. (1983). “Separation of Ownership and Control.” Journal of Law and Economics 26: 301-325zh_TW
dc.relation.reference (參考文獻) Fang, J. P. H. and T. J. Wong. (2002). “Corporate ownership structure and the informativeness of accounting earnings in East Asia.” Journal of Accounting and Economics 33: 401-425.zh_TW
dc.relation.reference (參考文獻) Finkelstein, S. and D. C. Hambrick. (1989). “Chief executive compensation: A study of the intersection of markets and political processes.” Strategic Management Journal 10: 121-134.zh_TW
dc.relation.reference (參考文獻) Fitch Ratings. (2004). “Credit policy special report, evaluating corporate governance: the bondholders’ perspective.” New York.zh_TW
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