政治關聯與公司價值之實證研究

Abstract

本文主要目的為檢視公司企業具有政治關聯對於公司價值之影響，本研究使用政府是否持股及政府持股比率來做為公司是否具政治關聯的依據。實證結果發現，當公司具有政治關聯時，對於公司報酬率、公司市值、負債比率、研發費用以及資本密集度皆有正相關聯，顯示出政府持股對於公司有正面影響，除了可增加投資政府報酬率、公司市值外，在需要融資借款時，也能獲得充足資金，使公司企業能順利地營運。在敏感性測試中，本文以政府持股達1%以上做為政治關聯之指標，其測試結果與原實證結果大致相同，顯示當政府為公司實質股東時，對於公司企業亦有正面影響。

The main purpose of this thesis is to study the relation between political connection and firm value. Using Taiwan’s public listed enterprises as samples, the parameters of the models built in the study are estimated by logit regression, multiple linear regression, and reverse regression method. We define political connection by two ways: (1) whether the government is the shareholder of the company, and (2) the percentage of shares held by government. Our research results indicate that political connection can increase the return of assets, the Tobin’s Q, debt rate, expense of R&D, and capital intensity. In the sensitivity analysis, we redefine political connection as the government holds more than 1% stocks of the company to test the relation between political connection and firm value. The result is virtually the same as the one of original regression.