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題名 公司治理變數是否會影響銀行評等結果?
Does corporate governance variables influence the outcome of bank rating?
作者 吳夢萱
貢獻者 李桐豪<br>Thomas Lee
吳夢萱
關鍵詞 公司治理
銀行評等
邏輯斯模型
Corporate Governance
Bank Rating
Logisitic Model
日期 2010
上傳時間 29-Sep-2011 16:50:42 (UTC+8)
摘要 本研究以公司治理變數與銀行評等結果之關係為研究對象,並以累積邏輯斯迴歸模型(Cumulative Logistic Regression Model)研究2004年至2010年的31間台灣的上市銀行,探討公司治理對於公司決策的影響,及其是否會進而影響公司的表現,最終並改變公司的評等結果。
      本文由股權結構以及董事會的組成這兩大結構來探討公司治理對銀行的評等影響,股權結構的部分主要選擇董監持股、外部法人董監持股、董監持股質押比例、大股東持股、經理人持股、最大外部股東、盈餘席次偏離比、股份席次偏離比等變數,而董事會的組成方面則選擇董事及監事兼任占經理人比例、股監事席次、獨立董監席次等變數來探討。研究發現董監事、大股東及外部法人董監的持股比率越高,對公司的評等結果有正向影響;反之,經理人之持股比率則與公司的評等結果呈負向關係。此外,獨立董監占董事會的席次越高,與公司的評等結果存在正向的關係。
The bank rating system used to only consider the financial variables instead of corporate governance variables, but whether the corporate governance variables can influence the strategies of managers and the performance of the firm, then further change the outcome of the bank rating had never been considered. This thesis is trying to use cumulative logistic model figure out whether there exist any connection between corporate governance variables and bank rating outcome.
      This thesis considered 9 difference corporate variables that can be divided into two different sectors, which are ownership structure and boardroom structure. The conclusion of this thesis is that the majority shareholder`s holding、Supervisors and Directors` holding and institutional Supervisor and Director`s holding、Managers` holding and the number of independent director and supervisor will influence the outcome of the bank rating.
參考文獻 1. 方順逸,2002,銀行財務績效與董事會特性之關連性-以上市上櫃公民營銀行為例,國立台灣大學會計系為出版碩士論文。
2. 王濟川、郭志剛,2003, Logistic 迴歸模型- 方法及應用,台北:五南圖書。
3. 古永嘉,2009,加入公司治理指標建構信用評等預測模型之研究,Journal of Contemporary accounting 10(2),131-162。
4. 陳宏姿,2002,董監事結構與企業財務績效關聯之研究,國立政治大學會計研究所未出版碩士論文。
5. 陳麗娟,2004,董事會組成、股權結構、關係人機要與企業績效關係之研究-以紡織業及電子業為實證,國立成功大學高階管理碩士在職專班未出版碩士論文。
6. 陳美華、洪世炳,2005,公司治理、股權結構、與公司績效關係之實證研究,企業管理學報,65,129-153
7. 黃明祥,2004,台灣銀行業公司治理機制與風險調整之管理效率,Review of Securities & Futures Markets, 16(4), 175-208
8. 張明峰,1991,股權結構對公司績效影響之研究,國立政治大學企業管理研究所未出版之碩士論文。
9. 張雅玲,2004,我國企業獨立董事機制與經營績效之關聯性研究,大葉大學會計資訊研究所未出版碩士論文。
10. 張雨農,2004,我國上市公司董事會結構與公司經營績效之關聯性研究,東吳大學會計學系碩士論文。
11. 曾雅鳳,2001,台灣公司董事監察人結構與經營績效之探討,義守大學管理科學所未出版碩士論文。
12. 楊麗弘,2000,台灣上市公司股權結構與經營績效研究---由董監事持股質押效果論之,長庚大學管理學研究所碩士論文。
13. 趙莊敏,2006,台灣銀行股權結構、董事會特性與其經營成本效率之相關性
36
研究,台灣金融財務季刊,第七輯第三期。
14. 薛豔秋,2004,有關於多項邏輯斯回歸模式的比較,國立中興大學應用數學所碩士論文。
15. 劉連,2003,健全獨立董監事與公司治理之法治研究-公司自治、外部監控與政府規劃之交錯,月旦法學雜誌,第九十四期。
16. 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, 3:377-397.
17. Ashbaugh-Skaife , H.,D.W.Collins, and R. LaFond , 2006. "The effects of corporate governance on firm’s credit ratings". Journal of Accounting and Economics, 42(1-2):203-243
18. Berle,A.A. and G.C.Means, 1932,"The modern corporation and private property". (New York: Macmillan).
19. Belkhir,M., 2005,"Board structure ,Ownership structure, and Firm performance : Evidence from Banking". Laboratoire d`Economie d`Orleans, University of Orleans-France.
20. Core, J., Holthausen, R., Lacker, D., 1999,. “Corporate governance, chief executive officer compensation, and firm performance”. Journal of Financial Economics, 51: 371-406.
21. Davies, J.R., Hillier, D. and McColgan, P., 2005, “Ownership Structure, Managerial Behavior and Corporate Value”, Journal of Corporate Finance,11, 645-660.
22. Dechow, P.M., R.S. Sloan, A.P. Sweeney, 1996. “Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC”. Contemporary Accounting Research, 13, 1-36.
23. Donaldson, L., and J. H. Davis, 1991, Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of Management, 16 (1): 49-64.
24. Fama, E. F., and M. C. Jensen, 1983, Separation of ownership and control. Journal of Law and Economics 26 (2): 301-325.
25. Haw, I., Hu, B., Hwang, L., and Wu, W., 2004, “Corporate ownership structure,
37
Analyst following,legal and extra-legal institutions”, Working paper
26. ————————————————, 2004,”Ultimate ownership, income management and legal and extra-legal institutions”, Journal of Accounting Research. 42 (2), 423-462
27. Hermalin, B. E., and M. S. Weisbach, 1988, “The determinants of board Composition”. The Rand Journal of Economics, 19 (4): 589-606.
28. Jensen, M.C. and W.H. Meckling, 1976,"Theory of the firm: Managerial behavior, agency costs and ownership structure", Journal of Financial Economics , 3, 305-360.
29. Jensen,M.C. and R.S.Ruback, 1983,"The Market for Corporate Control: The Scientific Evidence", Journal of Financial Economics,11, 5~55.
30. Patton, A. and J. C. Baker, 1987,“Why Won’t Directors Rock the Boat?” Harvard Business Review, 10-18.
31. Pound, J. , 1988 , “Proxy Contests and the Efficiency of Shareholder Oversight.” Journal of Financial Economics, 20, 237-265.
32. Patton, A. and J. C. Baker, 1987, “Why Won’t Directors Rock the Boat?” Harvard Business Review, 10-18.
33. Rajgopal, S., and M. Venkatachalam., 1997, “The role of institutional investors incorporate governance: an empirical investigation”. Working paper, University of Iowa.
34. Shleifer, A. and Vishny, R.W., 1986,. Large shareholders and corporate control. Journal of Political Economy, 94, 461-488.
35. Steiner, Thomas. Lorenz, 1996, A reexamination of the relationships between ownership structure, firm diversification, and Tobin’s Q. Quarterly Journal of Business and Economics Lincoln:Autumn ,35(4):39-48
36. Yeh. Y.H., T.S Lee and T. Woidtke, 2001,”Corporate Governance and Performance: the Case of Taiwan”, International Review of Finance, 2(1):2001,21-48.
37. ————————————., 1997,. A survey of corporate governance. Journal of Finance, 737-783.
38
38. Xiang. B. and G. Zhang. 1996, "Large shareholder expropriation and corporate ownership structure", APEA/PACAP Finance conference and annual meetings.
39. Morck, R., Shleifer, A., & Vishny, R.W., 1988, “Management ownership and market valuation:an empirical analysis, ”Journal of Financial Economics,20, 293-316
40. Pi. L. and Timme.S.G., 1993,”Corporate Control and Bank efficiency,” Journal of Banking and Finance, 17:515-530.
41. Yermack, D, 1996, Higher market valuation of companies with a small board of directors, Journal of Financial Economics, 40 (2): 185-211.
42. Vafeas, N., 2000, “Board structure and the informativeness of earnings”. Journal of Accounting and Public Policy, 139-160.
43. Wong K.A., 1993, “Board ownership, Market Risk and Corporate Value,” Journal of Financial Economics, 40,185-212.
描述 碩士
國立政治大學
金融研究所
98352012
99
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0983520122
資料類型 thesis
dc.contributor.advisor 李桐豪<br>Thomas Leezh_TW
dc.contributor.author (Authors) 吳夢萱zh_TW
dc.creator (作者) 吳夢萱zh_TW
dc.date (日期) 2010en_US
dc.date.accessioned 29-Sep-2011 16:50:42 (UTC+8)-
dc.date.available 29-Sep-2011 16:50:42 (UTC+8)-
dc.date.issued (上傳時間) 29-Sep-2011 16:50:42 (UTC+8)-
dc.identifier (Other Identifiers) G0983520122en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/50856-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 金融研究所zh_TW
dc.description (描述) 98352012zh_TW
dc.description (描述) 99zh_TW
dc.description.abstract (摘要) 本研究以公司治理變數與銀行評等結果之關係為研究對象,並以累積邏輯斯迴歸模型(Cumulative Logistic Regression Model)研究2004年至2010年的31間台灣的上市銀行,探討公司治理對於公司決策的影響,及其是否會進而影響公司的表現,最終並改變公司的評等結果。
      本文由股權結構以及董事會的組成這兩大結構來探討公司治理對銀行的評等影響,股權結構的部分主要選擇董監持股、外部法人董監持股、董監持股質押比例、大股東持股、經理人持股、最大外部股東、盈餘席次偏離比、股份席次偏離比等變數,而董事會的組成方面則選擇董事及監事兼任占經理人比例、股監事席次、獨立董監席次等變數來探討。研究發現董監事、大股東及外部法人董監的持股比率越高,對公司的評等結果有正向影響;反之,經理人之持股比率則與公司的評等結果呈負向關係。此外,獨立董監占董事會的席次越高,與公司的評等結果存在正向的關係。
zh_TW
dc.description.abstract (摘要) The bank rating system used to only consider the financial variables instead of corporate governance variables, but whether the corporate governance variables can influence the strategies of managers and the performance of the firm, then further change the outcome of the bank rating had never been considered. This thesis is trying to use cumulative logistic model figure out whether there exist any connection between corporate governance variables and bank rating outcome.
      This thesis considered 9 difference corporate variables that can be divided into two different sectors, which are ownership structure and boardroom structure. The conclusion of this thesis is that the majority shareholder`s holding、Supervisors and Directors` holding and institutional Supervisor and Director`s holding、Managers` holding and the number of independent director and supervisor will influence the outcome of the bank rating.
en_US
dc.description.tableofcontents 謝辭.......................................................I
     中文摘要...................................................II
     英文摘要..................................................III
     目錄......................................................IV
     表次......................................................VI
     圖次.....................................................VII
     第一章、緒論 .............................................1
     第一節、研究動機與背景 ......................................1
     第二節、研究架構............................................ 3
     第二章、文獻探討.............................................4
     第一節、股權結構對公司績效之影響...............................4
     第二節、董事會的專業性以及獨立性...............................7
     第三章、研究方法.............................................9
     第一節、CAMELS ............................................9
     第二節、政治大學銀行評等中心 ............................10
     第三節、累積LOGISTIC迴歸模型 .............................12
     第四節、研究步驟............................................13
     第四章、實證結果與分析 ....................................23
     第一節、資料來源與敘述性分析 ..............................23
     第二節、實證結果與分析 .....................................26
     一、敘述性統計資料..........................................26
     二. Cumulative Logistic model 的迴歸結果 ................28
     第五章、結論 ............................................33
     參考文獻...................................................35
zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0983520122en_US
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) 銀行評等zh_TW
dc.subject (關鍵詞) 邏輯斯模型zh_TW
dc.subject (關鍵詞) Corporate Governanceen_US
dc.subject (關鍵詞) Bank Ratingen_US
dc.subject (關鍵詞) Logisitic Modelen_US
dc.title (題名) 公司治理變數是否會影響銀行評等結果?zh_TW
dc.title (題名) Does corporate governance variables influence the outcome of bank rating?en_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 1. 方順逸,2002,銀行財務績效與董事會特性之關連性-以上市上櫃公民營銀行為例,國立台灣大學會計系為出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 2. 王濟川、郭志剛,2003, Logistic 迴歸模型- 方法及應用,台北:五南圖書。zh_TW
dc.relation.reference (參考文獻) 3. 古永嘉,2009,加入公司治理指標建構信用評等預測模型之研究,Journal of Contemporary accounting 10(2),131-162。zh_TW
dc.relation.reference (參考文獻) 4. 陳宏姿,2002,董監事結構與企業財務績效關聯之研究,國立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) 5. 陳麗娟,2004,董事會組成、股權結構、關係人機要與企業績效關係之研究-以紡織業及電子業為實證,國立成功大學高階管理碩士在職專班未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 6. 陳美華、洪世炳,2005,公司治理、股權結構、與公司績效關係之實證研究,企業管理學報,65,129-153zh_TW
dc.relation.reference (參考文獻) 7. 黃明祥,2004,台灣銀行業公司治理機制與風險調整之管理效率,Review of Securities & Futures Markets, 16(4), 175-208zh_TW
dc.relation.reference (參考文獻) 8. 張明峰,1991,股權結構對公司績效影響之研究,國立政治大學企業管理研究所未出版之碩士論文。zh_TW
dc.relation.reference (參考文獻) 9. 張雅玲,2004,我國企業獨立董事機制與經營績效之關聯性研究,大葉大學會計資訊研究所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 10. 張雨農,2004,我國上市公司董事會結構與公司經營績效之關聯性研究,東吳大學會計學系碩士論文。zh_TW
dc.relation.reference (參考文獻) 11. 曾雅鳳,2001,台灣公司董事監察人結構與經營績效之探討,義守大學管理科學所未出版碩士論文。zh_TW
dc.relation.reference (參考文獻) 12. 楊麗弘,2000,台灣上市公司股權結構與經營績效研究---由董監事持股質押效果論之,長庚大學管理學研究所碩士論文。zh_TW
dc.relation.reference (參考文獻) 13. 趙莊敏,2006,台灣銀行股權結構、董事會特性與其經營成本效率之相關性zh_TW
dc.relation.reference (參考文獻) 36zh_TW
dc.relation.reference (參考文獻) 研究,台灣金融財務季刊,第七輯第三期。zh_TW
dc.relation.reference (參考文獻) 14. 薛豔秋,2004,有關於多項邏輯斯回歸模式的比較,國立中興大學應用數學所碩士論文。zh_TW
dc.relation.reference (參考文獻) 15. 劉連,2003,健全獨立董監事與公司治理之法治研究-公司自治、外部監控與政府規劃之交錯,月旦法學雜誌,第九十四期。zh_TW
dc.relation.reference (參考文獻) 16. 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, 3:377-397.zh_TW
dc.relation.reference (參考文獻) 17. Ashbaugh-Skaife , H.,D.W.Collins, and R. LaFond , 2006. "The effects of corporate governance on firm’s credit ratings". Journal of Accounting and Economics, 42(1-2):203-243zh_TW
dc.relation.reference (參考文獻) 18. Berle,A.A. and G.C.Means, 1932,"The modern corporation and private property". (New York: Macmillan).zh_TW
dc.relation.reference (參考文獻) 19. Belkhir,M., 2005,"Board structure ,Ownership structure, and Firm performance : Evidence from Banking". Laboratoire d`Economie d`Orleans, University of Orleans-France.zh_TW
dc.relation.reference (參考文獻) 20. Core, J., Holthausen, R., Lacker, D., 1999,. “Corporate governance, chief executive officer compensation, and firm performance”. Journal of Financial Economics, 51: 371-406.zh_TW
dc.relation.reference (參考文獻) 21. Davies, J.R., Hillier, D. and McColgan, P., 2005, “Ownership Structure, Managerial Behavior and Corporate Value”, Journal of Corporate Finance,11, 645-660.zh_TW
dc.relation.reference (參考文獻) 22. Dechow, P.M., R.S. Sloan, A.P. Sweeney, 1996. “Causes and Consequences of Earnings Manipulation: An 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) 23. Donaldson, L., and J. H. Davis, 1991, Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of Management, 16 (1): 49-64.zh_TW
dc.relation.reference (參考文獻) 24. Fama, E. F., and M. C. Jensen, 1983, Separation of ownership and control. Journal of Law and Economics 26 (2): 301-325.zh_TW
dc.relation.reference (參考文獻) 25. Haw, I., Hu, B., Hwang, L., and Wu, W., 2004, “Corporate ownership structure,zh_TW
dc.relation.reference (參考文獻) 37zh_TW
dc.relation.reference (參考文獻) Analyst following,legal and extra-legal institutions”, Working paperzh_TW
dc.relation.reference (參考文獻) 26. ————————————————, 2004,”Ultimate ownership, income management and legal and extra-legal institutions”, Journal of Accounting Research. 42 (2), 423-462zh_TW
dc.relation.reference (參考文獻) 27. Hermalin, B. E., and M. S. Weisbach, 1988, “The determinants of board Composition”. The Rand Journal of Economics, 19 (4): 589-606.zh_TW
dc.relation.reference (參考文獻) 28. Jensen, M.C. and W.H. 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) 29. Jensen,M.C. and R.S.Ruback, 1983,"The Market for Corporate Control: The Scientific Evidence", Journal of Financial Economics,11, 5~55.zh_TW
dc.relation.reference (參考文獻) 30. Patton, A. and J. C. Baker, 1987,“Why Won’t Directors Rock the Boat?” Harvard Business Review, 10-18.zh_TW
dc.relation.reference (參考文獻) 31. Pound, J. , 1988 , “Proxy Contests and the Efficiency of Shareholder Oversight.” Journal of Financial Economics, 20, 237-265.zh_TW
dc.relation.reference (參考文獻) 32. Patton, A. and J. C. Baker, 1987, “Why Won’t Directors Rock the Boat?” Harvard Business Review, 10-18.zh_TW
dc.relation.reference (參考文獻) 33. Rajgopal, S., and M. Venkatachalam., 1997, “The role of institutional investors incorporate governance: an empirical investigation”. Working paper, University of Iowa.zh_TW
dc.relation.reference (參考文獻) 34. Shleifer, A. and Vishny, R.W., 1986,. Large shareholders and corporate control. Journal of Political Economy, 94, 461-488.zh_TW
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