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題名 獨立董事特性與權益市值高估-以台灣電子業上市公司為例
Characteristics of independent director and overvalued equity:Evidence from listed electronic industry in Taiwan.
作者 吳柏勳
貢獻者 郭弘卿
吳柏勳
關鍵詞 權益市值高估
獨立董事
日期 2012
上傳時間 1-Oct-2013 13:49:37 (UTC+8)
摘要 本研究以Jensen(2005)所提出權益市值高估所衍生出之代理問題假說為基礎，以2010至2011年台灣上市設有一席(含)以上獨立董事的電子產業公司為研究樣本，探討獨立董事之財會專業背景、平均任期與忙碌程度與權益市值高估之關聯性。實證結果發現:財會專業背景之獨立董事比例與權益市值高估情況呈負相關，顯示具備財會專業之獨立董事能抑制權益市值高估情形，但並未發現獨立董事平均任期與忙碌獨立董事比例與權益市值高估之關聯性。
This study is based on the hypothesis of the agency costs of overvalued equity that Jensen (2005) proposed and examines the relation between overvalued equity and three characteristics of independent director. Three characteristics of independent director are financial or accounting expertise, average tenure and busy independent director. The sample of this study collected from listed electronic companies in Taiwan from 2010 to 2011.The empirical results are summarized as follows:
1.The higher percentage of independent director with financial or accounting expertise , more likely to restrain the extent of overvalued equity.
2.Average tenure of independent director and the percentage of busy independent director have no significant relation with the extent of overvalued equity.
參考文獻 王蘭芬、張瑀珊與薛敏正，2011，權益市值高估與代理成本間之關聯性，當代會計，第12卷第2期：169-190。
方俊儒、李秀英與龍春伶，2008，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，第5卷第1期:55-80。
李靜芬，2012，獨立董事平均任期與盈餘品質之研究，私立東吳大學會計學研究所碩士論文。
杜榮瑞、劉雅芳與吳婉，2006，獨立董監、會計規範與財務報導品質之關係：多重研究方法之運用，當代會計，第7卷第2期:135-170。
余雪明，2002，台灣新公司法與獨立董事(上)，萬國法律，第123期:63-77。
林宗輝與蔡彥卿，2007，獨立董事兼職與盈餘管理關聯性之研究，2007當前會計理論與實務研討會論文集，銘傳大學。
姜家訓，2009，權益誘因、盈餘管理與經理人持股變動之關係：權益市值高估代理成本之實證分析，臺大管理論叢，第19卷第2期：1-34。
翁淑育，2000，台灣上市公司股權結構.核心代理問題及公司價值之研究，輔仁大學金融研究所碩士論文。
趙秉睿，2009，董事會財會專家與盈餘品質之關聯，私立東海大學會計學研究所碩士論文。
薛敏正、林嬋娟與林秀鳳，2004，公司治理、盈餘管理與財務報表重編，全國大專教師經濟金融會計研討會論文集，台灣大學。
Agrawal, A., and S, Chadha. 2005. Corporate governance and accounting scandals. Journal of Law and Economics 48 (October): 371-406.
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 (September): 377-397.
Ahmed, A. S., B. K. Billings, R. M. Morton., and M. S. Harris. 2002. The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs. The Accounting Review 77 (October): 867-890.
Baber, W. R., P. M. Fairfield., and J. A. Haggard. 1991. The effect of concern about reported income on discretionary spending decisions: The case of research and development. The Accounting Review 66 (October): 818-829
Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review 71 (October): 443-465.
Bedard, J., S. M. Chtourou and L. Courteau. 2004. The effect of audit committee expertise, independence, and activity on aggressive earnings management. Auditing: A Journal of Practice and Theory 23 (September): 13-35.
Bhagat, S. and B. S. Black. 2002. The non-correlation between board independence and long-term performance. The Journal of Corporation Law 27 : 231-273.
Bushee, B. J. 1998. The influence of institutional investors on myopic R&D
investment behavior. The Accounting Review 73 (July): 305-333.
Cheung, Y., P. R. Raw., and A. Stouraitis. 2006. Tunneling, propping, and expropriation: evidence from connected party transactions in Hong Kong. Journal of Financial Economics 82 (November): 343-386.
Chi, J., and M. Gupta. 2009. Overvaluation and earnings management. Journal of Banking and Finance 33 (September): 1652-1663.
Chtourou, S. M., J. Bedard., and L. Courteau. 2001. Corporate governance and earnings management. Working paper.
Cooper, M. J., G. Huseyin., and M. J. Schill. 2008. Asset growth and the cross-section of stock returns. Journal of Finance 63 (August): 1609-1651.
Core , J. E., R. W. Holthausen., and D. F. Larcker. 1999. Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics 51 (March): 371-406.
Dechow, P. M., and I. D. Dichev. 2002. The quality of accruals and earnings: the role of accrual estimation errors. The Accounting Review 77 (September): 35-59.
DeFond, M. L., R. N. Hann., and X. Hu. 2005. Does the market value financial expertise on audit committees of boards of directors? Journal of Accounting Research 43 (May): 153-193.
Deng, Z., B. Lev., and F. Narin. 1999. Science and technology as predictors of stock
performance. Financial Analysts Journal 55 (May): 20-32.
Efendi, J., A. Srivastava., and E. P. Swanson. 2004. Why do corporate managers misstate financial statements? The role of in-the-money options and other incentives. Working Paper.
Eisenberg, M. A. 1975. Legal model of management structure in the modern
corporation, officers, directors, and accountants. California Law Review 63 (March): 375-439.
Fama, E. F., and M. C. Jensen. 1983. Agency problems and residual claims. Journal of Law and Economics 26 (June): 327-349.
Fama, E. F., and K. R. French. 1992. The cross-section of expected stock returns. The Journal of Finance 6 (June): 427-465.
Fan, J. P. H., and T. J. Wong. 2002. Corporate ownership structure and the
informativeness of accounting earning in East Asia. Journal of Accounting and
Economics 33 (August): 401-425.
Farber, D. B. 2005. Restoring trust after fraud: Does corporate governance matter? The Accounting Review 80 (April): 539-561.
Fich, E. M., and A. Shivdasani. 2006. Are busy boards effective monitors? The Journal of Finance 61 (April): 689-724.
Fich, E. M., and L. J. White. 2005. Why do CEOs reciprocally sit on each other`s board. Journal of Corporate Finance 11 (March): 175-195.
Gaver, J. J., and K. M. Gaver. 1993. Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Accounting and Economics 16 (April): 125-160.
Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Financial Economics 3 (October): 305-360.
Jensen, M. C. 2005. Agency costs of overvalued equity. Financial Management 34 (Spring): 5-19.
Kothari, S. P., E. Loutskina., and V. V. Nikolaev. 2006. Agency theory of overvalued equity as an explanation for the accrual anomaly. Working Paper, MIT Sloan School of Management.
Klein, A. 2002. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics 33 (August): 375-400.
La Porta, R., F. Lopez-de-Silanes., and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54 (April): 471-517.
Lemmon, M. L., and K. V. Lins. 2003. Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. Journal of Finance 58 (August): 1445-1468.
Lang, M., and M. Lundholm. 1993. Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research 31 (Autumn): 246-271.
Marciukaitype, D., and R. Varma. 2008. Consequences of overvalued equity:
Evidence from earnings manipulation. Journal of Corporate Finance 14 (September): 418-430.
OECD . 2004. OECD Principles of corporate governance.
Pearce, J. A., and S. A. Zahra. 1992. Board composition from a strategic contingency perspective. Journal of Management Studies 29 (July): 411-438.
Press, E. G., and J. B. Weintrop. 1990. Accounting-based constraints in public and private debt agreements: Their association with leverage and impact on accounting choice. Journal of Accounting and Economics 12 (January): 65-95.
Qin, B. 2007. The influence of audit committee financial expertise on earnings quality: U.S. evidence. The Icfai Journal of Audit Practice 4 (July): 8-28.
Shleifer, A., and R. W. Vishny. 1997. A survey of corporate governance. The Journal of Finance 52 (June): 737-783.
Shiue M., C. Lin., and Y. Liu. 2009. Board characteristics and overvalued equity: Evidence from Taiwan. International Research Journal of Finance and Economics 32: 104-112.
Vafeas , N. 2005. Audit committees, boards, and the quality of reported earnings. Contemporary Accounting Research 22 (Winter): 1093-1122.
Watts, R. and J. Zimmerman. 1986. Positive accounting theory. Prentice-Hall Inc.
Weisbach, M. S. 1988. Outside directors and CEO turnover. Journal of Financial Economics 20 (January): 431-460.
World Bank. 1999 .Corporate governance：A framework for implementation.
Yeh, Y. H., and T. S. Lee. 2001. Corporate governance and performance: The case of Taiwan. International Review of Finance. 2 : 21-48
描述 碩士
國立政治大學
會計研究所
100353038
101
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0100353038
資料類型 thesis
dc.contributor.advisor 郭弘卿zh_TW
dc.contributor.author (Authors) 吳柏勳zh_TW
dc.creator (作者) 吳柏勳zh_TW
dc.date (日期) 2012en_US
dc.date.accessioned 1-Oct-2013 13:49:37 (UTC+8)-
dc.date.available 1-Oct-2013 13:49:37 (UTC+8)-
dc.date.issued (上傳時間) 1-Oct-2013 13:49:37 (UTC+8)-
dc.identifier (Other Identifiers) G0100353038en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/61208-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 100353038zh_TW
dc.description (描述) 101zh_TW
dc.description.abstract (摘要) 本研究以Jensen(2005)所提出權益市值高估所衍生出之代理問題假說為基礎，以2010至2011年台灣上市設有一席(含)以上獨立董事的電子產業公司為研究樣本，探討獨立董事之財會專業背景、平均任期與忙碌程度與權益市值高估之關聯性。實證結果發現:財會專業背景之獨立董事比例與權益市值高估情況呈負相關，顯示具備財會專業之獨立董事能抑制權益市值高估情形，但並未發現獨立董事平均任期與忙碌獨立董事比例與權益市值高估之關聯性。zh_TW
dc.description.abstract (摘要) This study is based on the hypothesis of the agency costs of overvalued equity that Jensen (2005) proposed and examines the relation between overvalued equity and three characteristics of independent director. Three characteristics of independent director are financial or accounting expertise, average tenure and busy independent director. The sample of this study collected from listed electronic companies in Taiwan from 2010 to 2011.The empirical results are summarized as follows:
1.The higher percentage of independent director with financial or accounting expertise , more likely to restrain the extent of overvalued equity.
2.Average tenure of independent director and the percentage of busy independent director have no significant relation with the extent of overvalued equity.		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究問題 3
第三節 研究架構 4
第二章 文獻探討 5
第一節 權益市值高估 5
第二節 公司治理與代理問題 7
第三節 獨立董事相關特性 12
第四節 獨立董事與權益市值高估 18
第三章 研究方法 19
第一節 研究假說 19
第二節 研究設計與實證模型 21
第三節 樣本選取與資料來源 24
第四章 實證結果與分析 26
第一節 敘述性統計 26
第二節 相關性分析 29
第三節 單變量分析 31
第四節 Probit迴歸模型分析結果 33
第五節 敏感性分析 36
第五章 研究結論 38
第一節 研究結論 38
第二節 研究建議與限制 39
參考文獻 40		zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0100353038en_US
dc.subject (關鍵詞) 權益市值高估zh_TW
dc.subject (關鍵詞) 獨立董事zh_TW
dc.title (題名) 獨立董事特性與權益市值高估-以台灣電子業上市公司為例zh_TW
dc.title (題名) Characteristics of independent director and overvalued equity:Evidence from listed electronic industry in Taiwan.en_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 王蘭芬、張瑀珊與薛敏正，2011，權益市值高估與代理成本間之關聯性，當代會計，第12卷第2期：169-190。
方俊儒、李秀英與龍春伶，2008，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，第5卷第1期:55-80。
李靜芬，2012，獨立董事平均任期與盈餘品質之研究，私立東吳大學會計學研究所碩士論文。
杜榮瑞、劉雅芳與吳婉，2006，獨立董監、會計規範與財務報導品質之關係：多重研究方法之運用，當代會計，第7卷第2期:135-170。
余雪明，2002，台灣新公司法與獨立董事(上)，萬國法律，第123期:63-77。
林宗輝與蔡彥卿，2007，獨立董事兼職與盈餘管理關聯性之研究，2007當前會計理論與實務研討會論文集，銘傳大學。
姜家訓，2009，權益誘因、盈餘管理與經理人持股變動之關係：權益市值高估代理成本之實證分析，臺大管理論叢，第19卷第2期：1-34。
翁淑育，2000，台灣上市公司股權結構.核心代理問題及公司價值之研究，輔仁大學金融研究所碩士論文。
趙秉睿，2009，董事會財會專家與盈餘品質之關聯，私立東海大學會計學研究所碩士論文。
薛敏正、林嬋娟與林秀鳳，2004，公司治理、盈餘管理與財務報表重編，全國大專教師經濟金融會計研討會論文集，台灣大學。
Agrawal, A., and S, Chadha. 2005. Corporate governance and accounting scandals. Journal of Law and Economics 48 (October): 371-406.
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 (September): 377-397.
Ahmed, A. S., B. K. Billings, R. M. Morton., and M. S. Harris. 2002. The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs. The Accounting Review 77 (October): 867-890.
Baber, W. R., P. M. Fairfield., and J. A. Haggard. 1991. The effect of concern about reported income on discretionary spending decisions: The case of research and development. The Accounting Review 66 (October): 818-829
Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review 71 (October): 443-465.
Bedard, J., S. M. Chtourou and L. Courteau. 2004. The effect of audit committee expertise, independence, and activity on aggressive earnings management. Auditing: A Journal of Practice and Theory 23 (September): 13-35.
Bhagat, S. and B. S. Black. 2002. The non-correlation between board independence and long-term performance. The Journal of Corporation Law 27 : 231-273.
Bushee, B. J. 1998. The influence of institutional investors on myopic R&D
investment behavior. The Accounting Review 73 (July): 305-333.
Cheung, Y., P. R. Raw., and A. Stouraitis. 2006. Tunneling, propping, and expropriation: evidence from connected party transactions in Hong Kong. Journal of Financial Economics 82 (November): 343-386.
Chi, J., and M. Gupta. 2009. Overvaluation and earnings management. Journal of Banking and Finance 33 (September): 1652-1663.
Chtourou, S. M., J. Bedard., and L. Courteau. 2001. Corporate governance and earnings management. Working paper.
Cooper, M. J., G. Huseyin., and M. J. Schill. 2008. Asset growth and the cross-section of stock returns. Journal of Finance 63 (August): 1609-1651.
Core , J. E., R. W. Holthausen., and D. F. Larcker. 1999. Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics 51 (March): 371-406.
Dechow, P. M., and I. D. Dichev. 2002. The quality of accruals and earnings: the role of accrual estimation errors. The Accounting Review 77 (September): 35-59.
DeFond, M. L., R. N. Hann., and X. Hu. 2005. Does the market value financial expertise on audit committees of boards of directors? Journal of Accounting Research 43 (May): 153-193.
Deng, Z., B. Lev., and F. Narin. 1999. Science and technology as predictors of stock
performance. Financial Analysts Journal 55 (May): 20-32.
Efendi, J., A. Srivastava., and E. P. Swanson. 2004. Why do corporate managers misstate financial statements? The role of in-the-money options and other incentives. Working Paper.
Eisenberg, M. A. 1975. Legal model of management structure in the modern
corporation, officers, directors, and accountants. California Law Review 63 (March): 375-439.
Fama, E. F., and M. C. Jensen. 1983. Agency problems and residual claims. Journal of Law and Economics 26 (June): 327-349.
Fama, E. F., and K. R. French. 1992. The cross-section of expected stock returns. The Journal of Finance 6 (June): 427-465.
Fan, J. P. H., and T. J. Wong. 2002. Corporate ownership structure and the
informativeness of accounting earning in East Asia. Journal of Accounting and
Economics 33 (August): 401-425.
Farber, D. B. 2005. Restoring trust after fraud: Does corporate governance matter? The Accounting Review 80 (April): 539-561.
Fich, E. M., and A. Shivdasani. 2006. Are busy boards effective monitors? The Journal of Finance 61 (April): 689-724.
Fich, E. M., and L. J. White. 2005. Why do CEOs reciprocally sit on each other`s board. Journal of Corporate Finance 11 (March): 175-195.
Gaver, J. J., and K. M. Gaver. 1993. Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Accounting and Economics 16 (April): 125-160.
Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Financial Economics 3 (October): 305-360.
Jensen, M. C. 2005. Agency costs of overvalued equity. Financial Management 34 (Spring): 5-19.
Kothari, S. P., E. Loutskina., and V. V. Nikolaev. 2006. Agency theory of overvalued equity as an explanation for the accrual anomaly. Working Paper, MIT Sloan School of Management.
Klein, A. 2002. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics 33 (August): 375-400.
La Porta, R., F. Lopez-de-Silanes., and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54 (April): 471-517.
Lemmon, M. L., and K. V. Lins. 2003. Ownership structure, corporate governance, and firm value: Evidence from the East Asian financial crisis. Journal of Finance 58 (August): 1445-1468.
Lang, M., and M. Lundholm. 1993. Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research 31 (Autumn): 246-271.
Marciukaitype, D., and R. Varma. 2008. Consequences of overvalued equity:
Evidence from earnings manipulation. Journal of Corporate Finance 14 (September): 418-430.
OECD . 2004. OECD Principles of corporate governance.
Pearce, J. A., and S. A. Zahra. 1992. Board composition from a strategic contingency perspective. Journal of Management Studies 29 (July): 411-438.
Press, E. G., and J. B. Weintrop. 1990. Accounting-based constraints in public and private debt agreements: Their association with leverage and impact on accounting choice. Journal of Accounting and Economics 12 (January): 65-95.
Qin, B. 2007. The influence of audit committee financial expertise on earnings quality: U.S. evidence. The Icfai Journal of Audit Practice 4 (July): 8-28.
Shleifer, A., and R. W. Vishny. 1997. A survey of corporate governance. The Journal of Finance 52 (June): 737-783.
Shiue M., C. Lin., and Y. Liu. 2009. Board characteristics and overvalued equity: Evidence from Taiwan. International Research Journal of Finance and Economics 32: 104-112.
Vafeas , N. 2005. Audit committees, boards, and the quality of reported earnings. Contemporary Accounting Research 22 (Winter): 1093-1122.
Watts, R. and J. Zimmerman. 1986. Positive accounting theory. Prentice-Hall Inc.
Weisbach, M. S. 1988. Outside directors and CEO turnover. Journal of Financial Economics 20 (January): 431-460.
World Bank. 1999 .Corporate governance：A framework for implementation.
Yeh, Y. H., and T. S. Lee. 2001. Corporate governance and performance: The case of Taiwan. International Review of Finance. 2 : 21-48		zh_TW