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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/20786
Title: | 公司治理對企業價值之影響
考慮成長機會的效應 The Impact of Corporate Governance on Firm Value:Considering Growth Opportunities |
Authors: | Sian-Ming Lin 林賢明 |
Advisor: | 陳耀宗 |
Keyword: | 公司治理品質,企業價值,成長機會,代理成本, Corporate Governance,Growth Opportunities,Firm Value,Agency Cost, |
Publication Year : | 2017 |
Degree: | 碩士 |
Abstract: | 由於台灣財報舞弊層出不窮,投資人往往因為地雷股而讓自身財富遭受損失,使得公司治理的議題持續受到關注。本研究以2010年至2015年台灣上市櫃公司為研究樣本,樣本期間為6年。探討公司治理品質、成長機會與企業價值之關聯性。本研究以Tobin’s Q衡量企業價值;以Brown and Caylor (2006)所建構公司治理品質分數(Gov-score)衡量公司治理品質;以銷售成長率、總資產成長率與研究發展投入率衡量成長機會。實證結果為:(1)公司成長機會與企業價值為顯著正相關;(2)公司治理品質與企業價值為顯著正相關;(3)公司治理品質與成長機會交乘項為顯著正相關,即當公司擁有較多成長機會時,公司治理品質對企業價值的正面效應愈明顯。 Recent financial scandals such as Enron, WorldCom, and Procomp Informatics raised a global concern about the importance of corporate governance. Using Taiwanese listed companies selected from TEJ database during year 2010-2015, this essay examines the impact of corporate governance (measured by Gov-score ) on firm value (measured by Tobin’s Q)by using the growth opportunities as a moderator. I find a positive impact of corporate governance on firm value. Moreover, I find that, as a company has more growth opportunities, the positive effect of corporate governance on firm value is strengthened. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/20786 |
DOI: | 10.6342/NTU201701519 |
Fulltext Rights: | 未授權 |
Appears in Collections: | 會計學系 |
Files in This Item:
File | Size | Format | |
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ntu-106-1.pdf Restricted Access | 1.18 MB | Adobe PDF |
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