請用此 Handle URI 來引用此文件:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/30143
完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 劉啟群 | |
dc.contributor.author | Ju-Hsin Chang | en |
dc.contributor.author | 張儒欣 | zh_TW |
dc.date.accessioned | 2021-06-13T01:39:10Z | - |
dc.date.available | 2009-07-25 | |
dc.date.copyright | 2007-07-25 | |
dc.date.issued | 2007 | |
dc.date.submitted | 2007-07-11 | |
dc.identifier.citation | 中文文獻
王韶濱與張哲嘉,2005,盈餘管理之價值攸關性,國立中興大學。 王馨晨,2006,公司治理結構與股權私募折價之關聯性,國立雲林科技大學會計系研究所碩士論文 何幸芳,2003,獨立董監事對公司價值與盈餘資訊內涵影響之研究,私立輔仁大學金融研究所碩士論文。 呂季蓉,2005,台灣上市上櫃公司私募之研究-論私募對象之影響,國立中山大學財務管理學系研究所碩士論文。 呂彥慧,2001,股權結構、監督機制、轉投資、交叉持股與公司經營績效之關係,中正大學金融研究所碩士論文。 李協昌,2006,上市公司私募股權之資訊內涵及折價因素之探討,國立臺灣大學會計學研究所碩士論文。 邱正仁、熊大中與高蘭芬,2002,股權質押與財務危機關聯性之研究,中華會計學刊,第三卷第一期,頁79-111。 林育安,2006,私募股權之資訊內涵:上市(櫃)公司之實證研究,國立臺灣大學國際企業學研究所碩士論文。 周真貞,1998,董事長與總經理的傳承對企業經營績效之影響,國立中山大學企業管理學研究所碩士論文。 林嬋娟、薛敏正,2003年2月,自由現金流量與盈餘管理關聯性之研究,台灣管理學刊,第3卷,第1期,頁151-168 林嬋娟、薛敏正與蘇逸穎,2002,預期盈餘與盈餘平穩化實證研究,證券市場發展季刊,第14 卷,第1期,頁139-148。 洪紫芳,2000,公司價值、研發與生產力的關係,朝陽科技大學財務金融系碩士論文。 夏侯欣榮,2000,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,2000,台灣上市公司股權結構、核心代理問題與公司價值之研究,輔仁大學財務金融研究所碩士論文。 高蘭芬,2002,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,國立成功大學會計研究所博士論文。 張明峰,1991,股權結構對公司績效影響之研究,國立政治大學企業管理研究所碩士論文 張訓華,1991,股權結構、董事會組成與企業當年財務績效-以77年度會計報酬率為準,私立東吳大學管理科學研究所碩士論文。 許永聲與陳俊合,2006,普通股私募與盈餘管理,國立中興大學。 許雪芳,2003,上市上櫃公司私募之研究,國立中山大學財務管理研究所碩士論文。 許惠雲,2006,台灣上市上櫃公司私募股權中之私人利益,國立中山大學財務管理學系研究所碩士論文。 陸潤生,2006,私募宣告之資訊內涵,國立政治大學會計研究所碩士論文。 黃榮龍,1993,股權結構與企業經營績效之研究,國立政治大學會計學研究所碩士論文。 葉銀華,2005,蒸發的股王-領先發現地雷危機,第一版,商智文化事業股份有限公司。 楊紹華,2005,私募股票成風,股東權益拉警報,錢雜誌,第224期。 楊慧玲,2000,董事會結構及其變動對股東財富及經營績效影響之研究,私立朝陽科技大學企業管理研究所碩士論文 管夢欣,1993,長期性資產出售交易與盈餘操縱行為之關聯性實證研究,國立台灣大學會計研究所碩士論文。 謝月香,2000,無形資產,國立成功大學會計學研究所碩士論文。 謝淑娟,1994,以權益代理問題的觀點探討股權結構變動與企業經營績效之關係,國立交通大學管理科學研究所碩士論文。 英文文獻 Bajaj, M., D. J. Denis, S. P. Ferris, and A. Sarin. 2001. Firm Value and Marketability Discounts. Working paper. Purdue University. Barclay, M. J., C. G. Holderness and D. P. Sheehan. 2003. Private Placements and Managerial Entrenchment. Working paper. University of Rochester. Bartov, E.. 1992. The timing of asset sales and earnings manipulation. The Accounting Review 66, 840-855. Berle, A., and Means, G. 1932. The modern corporation and private property. MacMillan, New York Chung, Richard, Michael Firth and Jeong-Bon Kim. 2002. Institutional Monitoring and Opportunistic Earnings Management. Journal of corporate finance 8: 29-48. Claessens, S., S. Djankov, J. Fan, and L. H. Lang. 2000. The separation of Ownership and control in East Asian Corporation. Journal of Financial Economics 58: 81-112 DeAngelo, L. 1986. Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders. The Accounting Review 61: 400-420. Dechow, P.M., R.G. Sloan, and A.P. Sweeney. 1995. Detecting earnings management. The Accounting Review 70: 193-225. Fama, E. F., and M. C. Jensen. 1983. Separation of ownership and control, Journal of Law and Economics 26: 301-325. Fan, Joseph P. H., and T. J. Wong. 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics 33: 410-425. Fuerst and Kang. 2000. Corporate governance, expected operating performance, and pricing. Working paper, Yale School of Management, New Haven. Gu, F. and B. Lev. 2001. Intangible assets, measurement, drivers, and usefulness. Working paper, Boston University and New York University. Guay, W. T., S. P. Kothari, and R. L. Watts. 1996. A Market-Based Evaluation of Discretionary Accrual Models. Journal of Accounting Research 34: 83-105. Gujarathi, M. R. And R. E. Hoskin. 1992. Evidence of earnings management by the early adopters of SFAS 96. Accounting Horizons 6 :18-31. Hagerman,R.L., and Zmijewski, M.. 1979. Some Economic Determinants of Accounting Policy Choice .Journal of Accounting and Economice1: 141-161. Healy, P. M. 1985. The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics 7: 85-107. Healy, P. M. and J. M. Wahlen. 1999. A review of the earnings management literature and its implications for standard setting. Accounting Horizons 13: 365-383. Hertzel, M., and R. L. Smith. 1993. Market Discounts and Shareholder Gains for Placing Equity Privately. The Journal of Finance 48(2): 459-485. Hertzel, M., M. Lemmon, J. S. Linck, and L. Rees. 2002. Long-run performance following private placements of equity. Journal of Finance 57: 2595-2617. Hirschey, M. and J. Weygnadt. .1985. Amortization policy for advertising and research and development expenditure. Journal of Accounting Research 23(1): 326-335 Jensen, M. and W. Meckling. 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3: 305-360. Jensen, M. C. and R. S. Ruback. 1983. The Market for Corporate Control:The Scientific Evidence. Journal of Financial Economics 11: 5-50. Jones, J.. 1991. Earnings management during import relief investigations. Journal of Accounting Research 29: 193-228. Krishnamurthy, S., P. Spindt, V. Subramaniam, and T. Woidtke. 2005. Does investor identity matter in equity issues? Evidence from private placements. Journal of Financial Intermediation 14: 210-238. La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54: 471-517. Lev, B. and T. Sougiannis. 1996. The capitalization, amortization, and value relevance of R&D. Journal of Accounting and Economics 21: 107-138. McNichols, M., and G. P. Wilson. 1988. Evidence of Earnings Management From The Provision For Bad Debts. Journal of Accounting Research 26: 1-31. Myers, S. C., and N. S. Majluf. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13: 187-221. Patton, A. anad J. C. Baker. 1987. Why Do Not Directors Rock the Boat?. Harvard Business Review 65: 10-18. Shipper, K. 1989. Commentary on Earnings Management. Accounting Horizons: 391-402. Shleifer, A., and R. Vishny. 1986. Large shareholders and corporate control. Journal of Political Economy 94: 461-488. Shleifer, A., and R. Vishny. 1997. A survey of corporate governance. Journal of Finance 52: 737-783. Steiner, Thomas L. 1996. A Reexamination of the Relationships between Ownership Structure, Firm Diversification, and Tobin’s Q. Journal of Business and Economics 35: 39-48. Stoughton, N. M. and J. Zechner. 1998. IPO-mechanisms, monitoring and ownership structure, Journal of Financial Economics 49: 45-77. Subramanyam, K. R. 1996. The Pricing of Discretionary Accruals. Journal of Accounting and Economics 22: 249-281. Tan, Ruth S. K., P.L. Chang, and Y. H. Tong. 2002. Private placement and rights issues in Singapore, Pacific-Basin Finance Journal 10: 29-54. Weir, C. and D.Liang. 2001. Governance structures, director independence and corporate performance in the UK. European Business Review: 86-95. Wruck, K.H. 1989. Equity ownership concentration and firm value. Journal of Financial Economics 23: 3-28. Wu, YiLin. 2000. The choice between public and private equity offerings. Working paper, SSRN, FEN Cap-Structure WPS. Xie, B., W. N. Davidson III, and P. J. DaDalt. 2003. Earnings management and corporate governance: The role of the board and the audit committee. Journal of Corporate Finance 9: 295-316. Zahra,S.A and Pearce II. 1989. Boards of Directors and Corporate Financial Performance:A Review and Integrative Model. Journal of Management 15 (2): 291-334. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/30143 | - |
dc.description.abstract | 國內引進私募制度,提供企業一項迅速籌資的管道,有別於公開招募資金,私募排除現有股東優先認購之權利,當私募股權折價幅度愈高,稀釋現有股東權益的情況愈嚴重,但特定人士卻因而得利,由於私募賦予企業操縱價格的空間,公司治理機制是否能發揮董事會與股東會的監督功能、盈餘管理行為與無形資產是否影響特定人支付價格之意願,將會影響折價幅度之決定,故本文建立迴歸模型來探討公司治理機制、盈餘管理行為與無形資產對私募股權折價幅度之影響。
實證結果顯示,在公司治理機制方面,董監持股比率愈高,董監事與股東利益愈一致,私募股權折價幅度愈小,然而董監質押比率愈高,私募股權折價幅度愈大,董監事組成中,當獨立董監席次比率愈高,董事會愈能發揮獨立監督功能,私募股權折價幅度愈小,至於經理人董監席次比率愈高,愈能減少董事會資訊不對稱的情況,私募股權折價幅度愈小,以上均支持本文研究假說;至於控制股東董監席次比率愈高,私募股權折價幅度愈小,不支持本文研究假說。在盈餘管理行為方面,當公司以處分投資損益為盈餘管理時,盈餘管理程度愈大,私募股權折價幅度愈大;在無形資產方面,公司投入無形資產之成本對私募股權折價幅度沒有顯著影響,但以淨值市價比衡量未入帳之無形資產,當淨值市價比愈大,未入帳之無形資產愈少,私募股權折價幅度愈小。 | zh_TW |
dc.description.abstract | The mechanism of private equity placement in Taiwan provides firms with more convenient way to raise their funds. However, in contrast to public issues, it excludes the priority of existing shareholders from buying new shares and dilutes their interests through discount of issue price for specific purpose. The purpose of this study is to investigate whether the discount of private equity placement is afftected by the mechanism of corporate governance, firms’ earnings management behavior and the magnitude of intangible assets.
The empirical findings of this study document that the discount of private equity placement is greater when the percentage of the directors’ and supervisors’ shareholdings that are pledged is larger. The discount is negatively related to the directors’ and supervisors’ shareholdings, the ratio of independent directors and supervisors over board size, and the ratio of directors and supervisors who are also mangers over board size. In addition, the firms’ earnings management behavior proxied by sale on investment is positively related to the discount of private equity placement. Finally, the the magnitude of intangible assets measured by book-to-market ratio is negatively related to the discount of private equity placement. In gereral, the results support hypotheses proposed by this study. | en |
dc.description.provenance | Made available in DSpace on 2021-06-13T01:39:10Z (GMT). No. of bitstreams: 1 ntu-96-R93722033-1.pdf: 505411 bytes, checksum: 9add641c087cee18a754b4e0c48ce257 (MD5) Previous issue date: 2007 | en |
dc.description.tableofcontents | 謝 辭 I
中文摘要 II ABSTRACT III 目 錄 IV 圖目錄 V 表目錄 VI 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的 4 第三節 研究架構 7 第二章 文獻回顧與假說建立 9 第一節 文獻回顧 9 第二節 假說建立 12 第三章 研究設計 20 第一節 實證模型 20 第二節 變數定義與衡量 21 第三節 樣本選取與資料來源 29 第四章 實證結果與分析 32 第一節 敘述統計 32 第二節 相關係數分析 34 第三節 迴歸結果分析 34 第四節 敏感性分析 38 第五章 結論與建議 40 第一節 研究結論 40 第二節 研究限制 41 第三節 研究建議 42 參考文獻 43 中文文獻 43 英文文獻 45 | |
dc.language.iso | zh-TW | |
dc.title | 私募股權之折價發行-公司治理機制、盈餘管理行為與無形資產之影響 | zh_TW |
dc.title | The Discount of Private Equity Placement-The Impact of Corporate Governance, Earnings Management, and Intangible Assets | en |
dc.type | Thesis | |
dc.date.schoolyear | 95-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 柯承恩,陳維慈 | |
dc.subject.keyword | 私募折價,公司治理機制,盈餘管理行為,無形資產,裁決性應計項目, | zh_TW |
dc.subject.keyword | the discount of private equity placement,corporate governance,earnings management,intangible assets,discretionary accrual, | en |
dc.relation.page | 64 | |
dc.rights.note | 有償授權 | |
dc.date.accepted | 2007-07-13 | |
dc.contributor.author-college | 管理學院 | zh_TW |
dc.contributor.author-dept | 會計學研究所 | zh_TW |
顯示於系所單位: | 會計學系 |
文件中的檔案:
檔案 | 大小 | 格式 | |
---|---|---|---|
ntu-96-1.pdf 目前未授權公開取用 | 493.57 kB | Adobe PDF |
系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。