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標題: | 政府持股與公司價值及經營績效之研究----縱橫門檻效果分析 A Study of the Effect of Government Shareholding on Performance of Corporation(Panel Threshold Effect) |
作者: | Hao-Chih Liu 劉浩志 |
指導教授: | 唐代彪(Dai-Piao Tang) |
關鍵字: | 政府持股,公司治理,公司價值,經營績效,公股,縱橫門檻效果, Government Shareholding,Corporate Value,Corporate Governance,Corporate Performance,Panel Threshold Effect, |
出版年 : | 2008 |
學位: | 碩士 |
摘要: | 本研究以1998年至2007年為研究期間,從股權結構縱橫門檻效果探討政府持股對投資標的公司經營績效及其價值之影響,並試圖找出公股之持股比率與公司價值之關係,俾利政府推動民營化時之釋股決策,並使國庫收入增加,擴大財政效能,以及有利於政府公股之管理。本研究結果顯示:(1)當公股持股比率小於或等於11.51%時,公股持股增加對公司價值呈現負相關;(2)當公股持股比率位於11.51%至17.13%之間時,公股持股增加對公司價值之提高具有正相關;(3)當公股持股比率大於17.13%時,公股持股與公司價值呈現負相關。 This study period is from 1998 to 2007. The study is aimed at exploring the correlation of government shareholding and corporate value and performance with the viewpoint of shareholder structure and panel threshold effect. We hope the conclusions of the study help government decide how to sell its shares in privatized enterprises. Besides, it is useful for government shareholdings management to increase national treasury revenue. The empirical results are as follows. (1) When the government holds the percentage of shares to be smaller than or to be equal to 11.51%, the effect of government shareholding on corporate value is found to be negative. (2) When the government holds the percentage of shares to be located between 11.51% and 17.13%, the effect of government shareholding on corporate value is found to be positive. (3) When the government holds the percentage of shares to be bigger than 17.13%, the effect of government shareholding on corporate value is found to be negative. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/41127 |
全文授權: | 有償授權 |
顯示於系所單位: | 國家發展研究所 |
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