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http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/76620
標題: | 股權結構與經營權之鞏固:
M公司個案研究 Shareholding Structure and Corporate Control Entrenchment: A Case Study of M Company |
作者: | Hsiao-Yi Tsai 蔡曉毓 |
指導教授: | 李存修 |
關鍵字: | 股權結構,公司治理,董監持股,代理理論, ownership structure,corporate governance,stockholding of directors and supervisors,agency theory, |
出版年 : | 2017 |
學位: | 碩士 |
摘要: | 大環境改變帶來的經濟成長及企業在創立之後,隨著經營規模的擴充發展衍生出許多需求,諸如:企業透過資本市場滿足籌資需求、創業者透過與專業經理人的合作、合夥關係,創造經營績效,達成業務擴充及創新發展。廣義的企業經營則包含了治理(governance)與管理(management)兩個層面,創業家與專業經理人間,欲維繫長久的合夥關係且讓企業永續經營,「建立制度」實為非常關鍵的重要議題。
資本市場具有流通證券與活絡經濟之兩大核心功能,主管機關為達成企業籌資更便捷及大眾投資更穩當之兩大任務,不斷強化及落實交易機制更公正及金融商品更多元之經營策略,並建構「企業資訊更透明」的網路平台,進而提升企業公司治理之高度及強度。 公司組織在設立初期,多從股權高度集中開始,隨著企業擴充或走向資本化以後,股權結構逐漸越來越分散。近年來,國內外上市公司發生許多弊案及多起非合意併購案件,使得公司治理議題特別受到重視;然而,股權結構是公司治理結構的基礎,公司治理結構則是股權結構的具體運行形式。企業股權結構應有穩定之核心股東支持,加上落實公司治理,不僅可強化企業體質、提升公司未來的競爭力,進而達到永續經營、創造企業社會責任之價值。 個案公司以全球化分工策略,創造其在產業鏈中之競爭優勢及良好的經營績效;近年來,卻面臨股權結構高度分散及董監持股不足之困境,本論文係探討個案公司應如何運用強化股權結構之可行方案,進而達到經營權鞏固及永續經營之目標。 The economic growth brought by the expansion and development of enterprises create diversity of requirements, such as: the financing needs in the capital market and creating business performance, achieving business expansion and developing innovation through cooperation and partnerships of professional managers. Generally, the business includes 'governance' and 'management' two aspects, “the establishment of the system” is the key point of maintaining long-term partnership of entrepreneurs and professional managers and sustainable operation of enterprise. There is two core functions of capital market: the negotiability of securities and economy boosting, in order to create a more convenient financing environment for enterprise and protect the investors, the authorities continue to strengthen trading mechanism, diversify the financial products and establish 'the transparency of enterprise information” platform, and enhance the strength of corporate governance. The ownership structure of a company changes over from high concentration to dispersion along with the expansion of operation. For the past few years, there were several financial fraud and hostile takeover cases of domestic and foreign listed companies which lead the corporate governance which obtained highly attentiveness; however, the ownership structure is the foundation of the corporate governance, whereas the ownership structure reflects the result of implement of corporate governance. The ownership structure should be under stable status, coupled with the implementation of corporate governance, not only can strengthen enterprise constitution, enhance the future competitiveness, achieve sustainable development, and create the corporate social responsibility. The company which created the competitive advantage in industrial chain and greater operating performance by the globalization professional assignment strategy in this case study. However, the company has been facing with problems of the highly dispersed ownership structure and insufficient shareholding of directors and supervisors in recent years. This study demonstrates how to consolidate the right of management and sustainable operating by strengthening the ownership structure. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/76620 |
DOI: | 10.6342/NTU201700247 |
全文授權: | 未授權 |
顯示於系所單位: | 財務金融組 |
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ntu-106-P03745005-1.pdf 目前未授權公開取用 | 3.19 MB | Adobe PDF |
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