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題名 公司治理對現金增資公司經營績效之影響
The impact of corporate governance on security offerings companies` operating performance
作者 梁菀容
貢獻者 李志宏
梁菀容
關鍵詞 公司治理
現金增資
代理問題
日期 2011
上傳時間 30-Oct-2012 11:20:57 (UTC+8)
摘要 本論文以1996年至2008年251間在台灣證券交易所上市公司且有辦理現金增資之公司為研究對象，探討公司在增資前一年至後三年經營績效之變化和公司治理程度之間之關聯性，以了解公司治理是否能減少公司內部之代理問題，進而使公司在增資後營運績效有較佳之表現。有鑑於台灣地區上市公司多為股權集中型態，普遍存在控制股東，相較於美國上市公司代理問題多存在於管理者與股東之間，台灣地區公司之內部代理問題主要存在控制股東與小股東之間，故在選取公司治理變數上，著重於與控制股東及小股東代理問題攸關之公司治理變數進行探討，並以調整後資產報酬率與調整後營收報酬率當作經營績效之衡量指標。
     
     本文實證結果發現，無論是以調整後資產報酬率或調整後營收報酬率當作經營績效之衡量指標，公司治理程度較佳之公司，在現金增資後其經營績效之表現皆較佳，且增資前後經營績效衰退幅度顯著較小。此外，現金流量權與股份控制權偏離程度較低、現金流量權與席次控制權偏離程度較低、董監事持股質押比率較低及獨立董監事席次比率較高之公司和公司增資後之長期經營績效及增資前後經營績效變動為正相關，顯示當公司控制股東與小股東代理問題較小時，可避免控制股東不當使用現金增資所募集之資金，剝奪小股東財富，使公司能妥善運用現金增資募集之資金。另外，本研究發現，獨立董監事之設立也具有監督公司董事會之運作之效果，促使公司以現金增資募集之資金運用於良好之投資決策，進而使公司增資後經營績效有較佳之表現，並且具有正向改善現金增資前後經營績效變動之效果。
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     陳建偉，民國87年，上市公司現金增資與營運績效變化關係之研究，交通大學管理科學研究所碩士論文。
     陳冠仲，民國94年，董事會特性及組成與現金增資公司長期績效關連性研究，成功大學會計研究所碩士論文。
     湯惠雁，民國99年，公司治理與股利政策對現金增資公司的長期績效影響，交通大學管理科學研究所碩士論文。
     葉銀華、李存修與柯承恩，民國91年，公司治理與評等系統，商智文化，頁201。
     葉銀華、蘇裕惠、柯承恩與李德冠，民國92年，公司治理機制對於關係人交易的影響，證券發展市場，第15卷第4期，頁69-106。
     劉宏彥，民國87年，上市公司現金增資前後經營績效改變之實證研究，台灣大學會計研究所碩士論文。
     劉惠文，民國98年，公司治理與資本結構之關聯性：台灣中小企業之實證，暨南國際大學財務金融研究所碩士論文。
     蔣宛陵，民國99年，公司治理與現金增資宣告市場反應之關聯性研究，台灣大學會計研究所碩士論文。
     謝奐儀，民國92年，公司治理與融資決策，台灣大學商學研究所碩士論文。
     熊大中，民89，我國企業財務危機與董監股權質押關連性之研究，成功大學會計研究所碩士論文。
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描述 碩士
國立政治大學
財務管理研究所
99357026
100
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099357026
資料類型 thesis
dc.contributor.advisor 李志宏zh_TW
dc.contributor.author (Authors) 梁菀容zh_TW
dc.creator (作者) 梁菀容zh_TW
dc.date (日期) 2011en_US
dc.date.accessioned 30-Oct-2012 11:20:57 (UTC+8)-
dc.date.available 30-Oct-2012 11:20:57 (UTC+8)-
dc.date.issued (上傳時間) 30-Oct-2012 11:20:57 (UTC+8)-
dc.identifier (Other Identifiers) G0099357026en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54552-
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) 99357026zh_TW
dc.description (描述) 100zh_TW
dc.description.abstract (摘要) 本論文以1996年至2008年251間在台灣證券交易所上市公司且有辦理現金增資之公司為研究對象，探討公司在增資前一年至後三年經營績效之變化和公司治理程度之間之關聯性，以了解公司治理是否能減少公司內部之代理問題，進而使公司在增資後營運績效有較佳之表現。有鑑於台灣地區上市公司多為股權集中型態，普遍存在控制股東，相較於美國上市公司代理問題多存在於管理者與股東之間，台灣地區公司之內部代理問題主要存在控制股東與小股東之間，故在選取公司治理變數上，著重於與控制股東及小股東代理問題攸關之公司治理變數進行探討，並以調整後資產報酬率與調整後營收報酬率當作經營績效之衡量指標。
     
     本文實證結果發現，無論是以調整後資產報酬率或調整後營收報酬率當作經營績效之衡量指標，公司治理程度較佳之公司，在現金增資後其經營績效之表現皆較佳，且增資前後經營績效衰退幅度顯著較小。此外，現金流量權與股份控制權偏離程度較低、現金流量權與席次控制權偏離程度較低、董監事持股質押比率較低及獨立董監事席次比率較高之公司和公司增資後之長期經營績效及增資前後經營績效變動為正相關，顯示當公司控制股東與小股東代理問題較小時，可避免控制股東不當使用現金增資所募集之資金，剝奪小股東財富，使公司能妥善運用現金增資募集之資金。另外，本研究發現，獨立董監事之設立也具有監督公司董事會之運作之效果，促使公司以現金增資募集之資金運用於良好之投資決策，進而使公司增資後經營績效有較佳之表現，並且具有正向改善現金增資前後經營績效變動之效果。		zh_TW
dc.description.tableofcontents 第一章 緒論 1
     第一節 研究背景及動機 1
     第二節 研究目的 4
     第三節 研究架構 5
     第二章 文獻探討 6
     第一節 控制股東與小股東之代理問題 6
     第二節 控制股東融資決策與現金增資 7
     第三節 公司治理、公司價值與經營績效 8
     第四節 現金增資與經營績效 11
     第五節 公司治理與現金增資 13
     第三章 研究設計 15
     第一節 研究假說 15
     第二節 研究變數 17
     第三節 研究方法 20
     第四節 樣本選取與資料來源 21
     第四章 實證結果與分析 23
     第一節 敘述統計 23
     第二節 公司現金增資前後營運績效變化之分析 28
     第三節 公司治理與現金增資公司營運績效之關聯 29
     第四節 公司治理變數與現金增資公司營運績效之關聯 31
     第五章 結論與建議 50
     第一節 結論 50
     第二節 研究限制與建議 51
     參考文獻 52		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099357026en_US
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) 現金增資zh_TW
dc.subject (關鍵詞) 代理問題zh_TW
dc.title (題名) 公司治理對現金增資公司經營績效之影響zh_TW
dc.title (題名) The impact of corporate governance on security offerings companies` operating performanceen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 國內文獻
     
     方俊儒，李秀英，龍春伶，民國97年，獨立董監事對公司績效與盈餘品質之影響－控制股東之調節效果會計與公司治理，會計與公司治理，5(1)，頁55-80。
     沈仰斌與黃志仁，民國90年，子公司操作母公司股票:資料特性與操作行為，中國財務學刊，第九卷第三期，頁53-70。
     周行一， 陳錦村，陳坤宏，「家族企業、聯屬持股與公司價值之研究」，中國財務學刊 4(1)，頁115-139，民國八十五年。
     邱德溥，民國95年，現金增資公司盈餘管理、經營績效與公司治理特性之研究，成功大學會計研究所碩士論文。
     夏侯欣榮，民國89年，台灣增資新股(SEO)上市後長期績效之整體研究，管理評論，第19卷第2期，頁1-33。
     翁淑育，民國89年，台灣上市公司股權結構、核心代理問題與公司價值之研究，輔仁大學金融研究所碩士論文。
     陳烷鈺，民國98年，董監事股權質押與公司治理之研究，高雄大學 金融管理學研究所碩士論文。
     陳建偉，民國87年，上市公司現金增資與營運績效變化關係之研究，交通大學管理科學研究所碩士論文。
     陳冠仲，民國94年，董事會特性及組成與現金增資公司長期績效關連性研究，成功大學會計研究所碩士論文。
     湯惠雁，民國99年，公司治理與股利政策對現金增資公司的長期績效影響，交通大學管理科學研究所碩士論文。
     葉銀華、李存修與柯承恩，民國91年，公司治理與評等系統，商智文化，頁201。
     葉銀華、蘇裕惠、柯承恩與李德冠，民國92年，公司治理機制對於關係人交易的影響，證券發展市場，第15卷第4期，頁69-106。
     劉宏彥，民國87年，上市公司現金增資前後經營績效改變之實證研究，台灣大學會計研究所碩士論文。
     劉惠文，民國98年，公司治理與資本結構之關聯性：台灣中小企業之實證，暨南國際大學財務金融研究所碩士論文。
     蔣宛陵，民國99年，公司治理與現金增資宣告市場反應之關聯性研究，台灣大學會計研究所碩士論文。
     謝奐儀，民國92年，公司治理與融資決策，台灣大學商學研究所碩士論文。
     熊大中，民89，我國企業財務危機與董監股權質押關連性之研究，成功大學會計研究所碩士論文。
     高蘭芬，民國91年，董監事股權質押之代理問題對會計資訊與公司績效之影響，成功大學會計研究所碩士論文。
      
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