請用此 Handle URI 來引用此文件:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/8663
完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.advisor | 柯承恩(Chen-en Ko) | |
dc.contributor.author | AI-FENG WU | en |
dc.contributor.author | 吳愛鳳 | zh_TW |
dc.date.accessioned | 2021-05-20T19:59:28Z | - |
dc.date.available | 2012-06-17 | |
dc.date.available | 2021-05-20T19:59:28Z | - |
dc.date.copyright | 2010-06-17 | |
dc.date.issued | 2010 | |
dc.date.submitted | 2010-06-14 | |
dc.identifier.citation | 王玉珍,2002,股權結構、董事會組成、資本結構與企業績效關係之研究,中央大學企業管理研究所碩士論文。
李建然、廖秀梅、廖益興,2003,股權結構、董事獨立性與企業經營績效之研究,2003年會計理論與實務研討會,國立成功大學。 李馨蘋與黃啟倫,2009,股權結構、關係人交易與公司績效,中華管理評論國際學報,2009年5月第十二卷二期。 沈立平,2003,台灣上市公司股權結構、財務決策與公司價值之關聯性研究,國立中正大學企業管理研究所未出版碩士論文。 吳昆皇,1995,上市公司董事會組成與特性對企業經營績效之關聯性研究,未出版碩士論文,台灣大學會計學研究所。 林玉成,2001,上市公司庫藏股宣告資訊內涵及操作策略之分析,國立高雄第一科技大學財務管理研究所未出版碩士論文。 林明謙,2001,股權結構、董事組成對大股東介入股市行為影響之研究,輔仁大學金融研究所未出版碩士論文。 邱煥堯,2001,台灣股票市場庫藏股行情之實証研究,中央大學企業管理研究所碩士論文。 洪麗芳,2004,股權結構、財務決策與公司績效關聯性之研究,中原大學會計研究所碩士論文。 翁淑育,2000,台灣上市公司股權結構.核心代理問題及公司價值之研究,輔仁大學金融研究所未出版之碩士論文。 康瑞亨,2004,上市櫃公司庫藏股不同購目的對股價異常報酬之實證研究,國立高雄第一科技大學財務管理學系碩士論文。 許崇源與林宛瑩,2008,台灣集團企業之控股型態及公司治理衡量指標之研究與建議,Chiao Da Management Review 28(1):269-312 陳金鈴,1997,台灣上市公司股權結構之研究分析,國立成功大學會計學研究所未出版碩士論文。 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未出版之碩士論文。 張峻萍,1999,公司監理與經營績效之關係,國立台灣大學會計學研究所未出版碩士論文。 張雅琳,2004,我國企業獨立董事機制與經營績效之關聯性研究,大葉大學會計資訊研究所未出版碩士論文。 楊俊中,1998,股權結構與經營績效相關性之研究,國立台灣大學會計學研究所碩士論文。 楊琬婷,2001,庫藏股制度對台灣股市的影響,台灣大學財務金融研究所碩士論文。 葉銀華與邱顯比,1996,資本結構、股權結構與公司價值關聯性之實證研究:代理成本理論,台大管理論叢,第七卷第二期,頁57-90。 葉銀華、李存修、柯承恩,2002,公司治理與評等系統,商智文化。 葉銀華,2002,台灣公司治理的問題與改革之道,證券暨期貨管理雜誌,第二十卷,第十一期,頁1-32。 葉銀華、蘇裕惠、柯承恩、李德冠,2003,公司治理機制對於關係人交易的影響,證券市場發展,第15卷第4期:69-106 葉雅薰與陳錦村,2002,公司改組、監督機制與盈餘管理之研究,會計評論,第34期,頁1-29。 劉嘉惠,2004,公司治理下股權結構與經營績效關係之研究--兼論美、日、韓公司治理,私立長榮大學經營管理研究所碩士論文。 謝淑貞、林繼平,2003年10月, 台灣實施庫藏股制度之宣告效果,中華管理評論國際學報,第6卷第5期。 Agrawal, A. and C. R. Knoeber 1996. Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders. Journal of Financial and Quantitative Analysis 3:377-397. Alexander, J. A, Fennell, M. L., & Halpern, M. T. 1993. Leadership instability in hospitals: The influence of board-CEO relations and organizational growth and decline. Administrative Science Quarterly 38: 74-99. Asquith, P., and D. Mullins, 1986, Signaling with Dividends, Stock Repurchases, and Equity Issues. Financial Management 15:27-44 Bagwell, L. S., and B. J. Shoven 1988, Share Repurchased and Acquisitions: An Analysis of Which Firms Participate, Journal of Economic Perspectives 3:129-40 Bacon, J. 1973, Corporate Directorship Practices: Membership and Committees of The Board. New York: The Conference Board. Bebchuk, L.A., R. Kraakman, and G.G. Triantis. 2000. Stock pyramids, cross-ownership, and dual class equity: the mechanisms and agency costs of separating control from cash-flow rights, in R.K. Morck, Ed. Concentrated Corporate Ownership, Chicago, The University of Chicago Press, 295−315. Bens, D.A., V. Nagar, D.J. Skinner, and M-H. F. Wong 2003, Employee Stock Options, EPS Dilution, and Stock Repurchases. Journal of Accounting & Economics 36:51-90 Beasley, M. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review 71 (4): 443–465. Bhattacharya, S. 1979, Imperfect Information, Dividend Policy, and “ the Bird in the Hand” Fallacy, Bell Journal of Economics 10: 259-270. Bradley, M. and Rosenzweig, M. 1986. Defensive stock repurchases. Harvard Law Review 99:1377–1430. Brickley, James A., Ronald C. Lease, and Cliford W. Smith, Jr. 1988. Ownership Structure and Voting On Antitakeover Amendments. Journal of Financial Economics 20: 267-291. Bushman, R., Chen, Q., Engel, E., & Smith, A. 2004. Financial accounting information, organizational complexity and corporate governance systems. Journal of Accounting and Economics 37:167–201 Choi, J. J., S. W. Park, and S. S. Yoo, 2007. The value of outside directors: evidence from corporate governance reform in Korea. Journal of Financial and Quantitative Analysis 42(4):941-962 Chtourou, S. M., J. Bedard, and L. Courteau. 2001. Corporate governance and earnings management. Working paper, University of Laval. Claessens, S., S. Djankov, and L. H. P. Lang 2000. The separation of ownership and control in East Asian Corporations. journal of Financial Economics 58,81-112. Claessens, S., S. Djankov, J. P. H. Fan and L. H. P. Lang. 2002, Disentangling the incentive and entrenchment effects of large shareholders. Journal of Finance 57(6): 2741-2771. Comment, R. and G. Jarrell. 1991. The relative signaling power of Dutch-auction and fixed-price self-tender offers and open-market share repurchases. Journal of Finance 46: 1243-1271. Dalton, D. R., C. M. Daily, J. L. Johnson, and A. E. Ellstrand 1999, Number of directors and financial performance: A meta-analysis. Academy of Management Journal 42(December):674-686. Dann, L. Y. 1981. Common Stock Repurchases: An Analysis of Return to Bondholders and Stockholders. Journal of Financial Economics 9:113-138. Deangelo, Harry, and R. W. Masulis, 1980, Optimal capital structure under corporate and personal taxation, Journal of Financial Economics 8:3-30. Dittmar, A. K. 2000. Why do firm repurchase stock? The Journal of Business 73(3):331-355. Fama, E.F. 1980. Agency problems and the theory of the firm. Journal of Political Economy 88:288-307. Fan, J. P.H., and T.J. Wong. 2002. Corporate Ownership Structure and the Informativeness of Accounting Earning in East Asia. Journal of Accounting and Economics: 401-425. Gesser, R., R. Halman, and O. Sarig. 2005. Measuring the agency costs of dispersed ownership: The case of repurchases initiation, Working Paper. Ginglinger, E. and J. F. L’her. 2006. Ownership structure and open market stock repurchase in France. The European Journal of Finance 12(1): 77-94. Gomes, A. and Novaes,W. 2001. Sharing of control as a corporate governance mechanism. Working Paper, ssrn. Ho, Li-Chin J., C. S. Liu, and R. Ramanan. 1997. Open-market stock repurchase announcement and revaluation of prior accounting information. The Accounting Review 72(3): 475-487. Hovakimian, A., T. Opler, and S. Titman. 2001. The debt-equity choice. The Journal of Financial and Quantitative Analysis 36(1): 1-24. Huang, Roger D., and Cheng-Yi Shiu, 2009. Local Effects of Foreign Ownership in an Emerging Financial Market: Evidence from Qualified Foreign Institutional Investors in Taiwan. Financial Management: 567 - 602. Hudson, C. D., J. S. Jr. Jahera , and W. P. Lloyd. 1992. Further Evidence on the Relationship between Ownership and Performance. Financial Review 27:227-39. Ikenberry, D., J. Lakonishok, and T. Vermaelen. 1995. Market underreaction to open market share repurchases. Journal of Financial Economics 39: 181-208. Jensen, Michael C. and William H. Meckling, 1976. Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics 3:305-360. Jensen, M.C. 1986. Agency costs of free cash flow, corporate finance and takeovers. American Economic Review 76(2): 323-329. Jensen, M. C. 1993. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance 48: 831-880. Jun, S. G., M. Jung, and R. A. Walkling. April 2009. Share repurchases, executive options and wealth changes to stockholders and bondholders. Journal of Corporate Finance 15(2):212-229. Kahle, K. 2002. When a buyback isn’t a buyback: Open market repurchase and employee options. Journal of Financial Economics 63: 235-261. Khanna, T., and K. Palepu, 1999. Emerging market business groups, foreign investors, and corporate governance. Working paper, Harvard University. Kiel, G. C. and G. J.Nicholson (2003), Board Compositiona and Corporate Performance: How the Australian Experience Informs Contrasting Theories of Corporate Governance. Corporate Governance 11:189-205. La Porta, Rafael, Florencio Lopez-De-Silanes, and Andrei Shleifer. 1999. Corporate Ownership Around the World. The Journal of Finance 2, 471-517. La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. W. Vishny. 2002. Investor protection and corporate valuation. Journal of Finance 57: 1147-1170. Lakonishok, J., and T. Vermaelen 1990. Anomalous Price Behavior Around Repurchase Tender Offers. Journal of Finance 45:455-477. Luan, C. J. and M. J. Tang, 2007. Where is independent director efficacy? Corporate Governance: An International Review 15:636-643. Peasnell, K. V., Pope, P. F., & Young, S. 2005. Board monitoring and earnings management: Do outside directors influence abnormal accruals? Journal of Business Finance & Accounting 32(7) & (8). Pound, John 1988. Proxy Contests and The Efficiency of Shareholder Oversight. Journal of Financial Economics 20: 237-265. Rechner, P. L. and D. R. Dalton 1989. The Impact of CEO as Board Chairperson on Corporate Performance, Academy of Management Executive 2:141-143 Reitenga, A. L. andM. G. Tearney, 2003. Mandatory CEO Retirements, Discretionary Accruals, and Corporate Governance Mechanisms. Journal of Accounting, Auditing & Finance 18(2): 255- 280. LaPorta, R., Lopez-de-Silanes, F. and Shleifer, A. 1999. Corporate ownership around the world, Journal of Finance 54:471–517. McConnell, John J., and Henri Servaes 1990. Additional evidence on equity ownership and corporate value. Journal of Financial Economics 27: 595-612. Millestein, I.M., & Macavoy, P.W., 1998, The active board of directors and performance of the large publicly traded corporation. Columbia Law Journal 98:1283-1321. Mintzberg, H. 1983. Power in and around organizations. Englewood Cliffs NJ: Prentice-Hall. Netter, J. M. and M. L. Mitchell.1989. Stock-repurchase announcements and insider transactions after the October 1987 stock market crash. Journal of Financial Management 18(3): 84-96. Nikos Vafeas. 2000. Board Structure and the Informativeness of Earnings. Journal of Accounting and Public Policy 19:139-160. Opler, T. and T. Sheridan 1996, The Debt-Equity Choice : An Analysis of Issuing Firms. Working paper, Columbus: Ohio State University. Oswald, S. L., and J. S. J. Jahera. 1991. The influence of ownership on performance: An empirical study. Strategic Management Journal 12 (May): 321-326. Pearce J.A., and S. A. Zahra. 1989. Board of Director and Corporate Financial Performance: A Review and Integrative Model. Journal of Management 15(2):291-334. Pearce, J. A., and Zahra, S. A. 1992. Board compensation from a strategic contingency perspective. Journal of Management Studies 29: 411-438. Pfeffer, J. 1972. Size and composition of corporate boards of directors: The organization and its envi-ronment. Administrative Science Quarterly 17: 218-229. Pfeffer, J. 1973. Size, composition, and function of hos-pital boards of directors: The organization and its environment. Administrative Science Quarterly 18: 349-364. Pugh, W. and J. S. Jahera 1990. Stock repurchases and excess returns: an empirical examination. Financial Review 25(1):127-142. Rosenstein, S., Wyatt, J. G., 1997. Inside directors, board effectiveness, and shareholder wealth. Journal of Financial Economics 44:229-250. Shleifer, A. and Vishny, R.W. 1997. A survey of corporate governance. Journal of Finance 52:737–784. Singh, H. and F. Harianto 1989. Management-board relationships, takeover risk, and the adoption of golden parachutes. Academy of Management Journial 32: 7-24. Stephens, C. P. and M. S. Weisbach. 1998. Actual share reacquisitions in open-market repurchase programs. Journal of Finance 53(1): 313-333. Stulz, R. 1988. Managerial control of voting rights: financing policies and the market for corporate control. Journal of Financial Economics 20:25–54. TSE Committee on Corporate Governance in Canada(TSE). 1994. Where Were the Director? Toronto. Vafeas, N. and O. M. Joy, 1995. Open Market Share Repurchases and the Free Cash Flow Hypothesis G35. Economics Letters 48:405-410 Vance, S. 1995. Inside or Outside Directors: Is There Really a Difference. Across The Board :15-17. Vermaelen, T. 1981, Common stock repurchases and market signaling. Journal of Financial Economics 9: 139-183. Villalonga, B., and Amit, R. 2006. How do family ownership, control and management affect firm value? Journal of Financial Economics 80(2):385-417. Westphal, J. D. and E. J. Zajac. 2001. Decoupling policy from practice: The case of stock repurchase programs. Administrative Science Quarterly 46(2): 202-228. Xie, B., W. N. Davidson, and P. J. DaDalt. 2001. Earnings management and corporate governance: the role of the board and the audit committee. Journal of Corporate Finance 9: 295-316. Yeh, Y. H., Lee, T. S., and Woidtke, T. 2001. Family Control and Corporate Governance: Evidence from Taiwan. International Review of Finance 2: 21-48. Yermack, D. 1996. Higher Market Valuation of Companies with a Small Board of Directors. Journal of Financial Economics 40:185-211. Young, C. S., L. C. Tsai, and P.G. Hsieh, 2008. Voluntary appointment of independent directors in Taiwan: motives and consequences. Journal of Business Finance and Accounting 35(9)&(10): 1103-1137. Zhang, H. 2005. Share Price Performance Following Actual Share Repurchases. Journal of Banking & Finance, 29, 1888-1901. | |
dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/8663 | - |
dc.description.abstract | 本研究旨在探討所有權結構及董事會組成對於買回庫藏股宣告之市場反應的影響。本文是以2000年8月至2009年底宣告買回庫藏股之台灣上市公司為研究對象,僅選取每間公司每年第一次買回庫藏股為樣本,並剔除因目的二(作為股權轉換之用)而買回。篩選後的樣本總計有1133個事件,其中包含420家上市公司。
本研究探討之所有權結構,包括控制股東之現金流量權、控制股東之股份控制權與現金流量權偏離程度、內部人持股比例、外國機構投資人持股比率。董事會組成部分,則包含董事會規模、獨立董事、控制股東占董事席次比例,來探討公司治理之良窳是否影響宣告買回庫藏股之市場反應。 本文之實證結果發現,內部人持股比例、外資機構投資人持股比率均與累積平均異常報酬呈顯著正相關。另外,董事會規模、獨立董事均與累積平均異常報酬呈顯著正相關。而控制股東占董事席次比例與累積平均異常報酬則呈顯著負相關。而關於控制股東之現金流量權、股份控制權與現金流量權間之偏離程度所作之檢定顯示,其與累積平均異常報酬無顯著關係。推究其原因,可能因樣本公司獨立董事及外國機構投資人適時扮演監督角色,使控制股東與少數股東間之代理問題獲得改善,因而降低控制股東因素對庫藏股宣告之市場反應所造成之影響。整體而言,本文的結論支持當公司內部人持股比例較多、外資機構投資人持股比率較高、董事會規模較大、獨立董事較多、控制股東占董事席次比例越低,其宣告買回庫藏股時,可獲得投資人更正面之評價,其買回庫藏股宣告之正向市場反應也較大。 | zh_TW |
dc.description.abstract | This study investigates the impact of ownership structure and board composition on the market reaction surrounding share repurchase announcement.
This thesis examines various ownership structure such as cash flow rights of controlling shareholders, the deviation between cash flow right and control right, shareholdings of insiders, and shareholdings of foreign institutional investors. Moreover, I also use the different measures of board composition, including board size, independent directors, and the percentage of seats held by the controlling shareholders. In sum, this research aims to investigate whether different corporate governance mechanism affects the market reaction surrounding the share repurchase announcement. Empirical results show that firms with higher shareholdings of insiders or higher shareholdings of foreign institutional investors experience a significant positive abnormal return when share repurchase is announced. From board composition perspective, board size and independent directors have positive significant impact on the market return surrounding share repurchase announcement. In addition, the higher percentage of seats held by the controlling shareholders, the less abnormal return surrounding the share repurchase announcement. However, I find the negative market reaction of control—cash flow right deviation is offset by independent directors and foreign institutional investors. | en |
dc.description.provenance | Made available in DSpace on 2021-05-20T19:59:28Z (GMT). No. of bitstreams: 1 ntu-99-R97722024-1.pdf: 1168348 bytes, checksum: 1f487e990e3fdba159ad37df7b264809 (MD5) Previous issue date: 2010 | en |
dc.description.tableofcontents | 目 錄
口試委員會審定書………………………………………………………Ⅱ 誌謝………………………………………………………………………Ⅲ 中文摘要…………………………………………………………………Ⅳ 英文摘要…………………………………………………………………Ⅴ 目錄 .....................................................Ⅶ 圖目錄....................................................Ⅸ 表目錄....................................................Ⅹ 第一章 緒論…………………………………………………………… 1 第一節 研究背景與動機……………………………………………1 第二節 研究目的……………………………………………………2 第三節 論文架構與研究流程………………………………………3 第二章 文獻探討與假說發展……………………………………………5 第一節 買回庫藏股…………………………………………………5 第二節 公司治理與庫藏股買回…………………………………16 第三章 研究方法………………………………………………………28 第一節 研究變數之定義…………………………………………28 第二節 樣本選取與資料來源……………………………………35 第三節 實證研究方法……………………………………………35 第四章 實證結果分析…………………………………………………43 第一節 敘述性統計分析…………………………………………43 第二節 庫藏股宣告效果…………………………………………47 第三節 複迴歸分析………………………………………………50第五章 結論與研究限制………………………………………………61 第一節 結論………………………………………………………61 第二節 研究限制…………………………………………………62 參考文獻…………………………………………………………………63 圖目錄 圖1-1 本文研究流程……………………………………………………3 圖2-1控制權(投票權)與現金流量權之計算…………………………16 圖4-1 公司宣告買回庫藏股全體樣本AR 與CAR 之趨勢圖…………47 表目錄 表 3-1 變數定義………………………………………………………38 表4-1 庫藏股事件之敘述性統計……………………………………43 表 4-2 樣本公司之敘述性統計………………………………………45 表 4-3 公司宣告買回庫藏股全體樣本之AR及CAR…………………46 表4-3 相關係數矩陣…………………………………………………50 表4-4 宣告買回庫藏股的市場反應之迴歸分析……………………53 | |
dc.language.iso | zh-TW | |
dc.title | 所有權結構、董事會組成與買回庫藏股宣告之市場反應 | zh_TW |
dc.title | Ownership Structure, Board Composition and the Market Reaction to the Repurchase Announcement | en |
dc.type | Thesis | |
dc.date.schoolyear | 98-2 | |
dc.description.degree | 碩士 | |
dc.contributor.oralexamcommittee | 廖芝嫻(Chih-Hsien Liao),蘇裕惠 | |
dc.subject.keyword | 公司治理,股權結構,董事會組成,庫藏股買回, | zh_TW |
dc.subject.keyword | Corporate governance,Ownership structure,Board composition,Open market stock repurchase, | en |
dc.relation.page | 72 | |
dc.rights.note | 同意授權(全球公開) | |
dc.date.accepted | 2010-06-14 | |
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-99-1.pdf | 1.14 MB | Adobe PDF | 檢視/開啟 |
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。