股權結構、董事會組成、資本結構與企業績效關係之研究

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王玉珍(Yu-Zhen Wang) 查詢紙本館藏

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企業管理學系

論文名稱

股權結構、董事會組成、資本結構與企業績效關係之研究

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摘要(中)

本研究主要檢視公司治理(corporate governance)與企業績效之間的關係。公司的經營取決於公司股權結構、董事會組成、資本結構之功能與績效，一旦透過公開市場籌措資金，則公司的成敗將對該公司之投資人、債權人、權益利害關係人甚至整體金融市場造成極大的影響。公司治理主要涵蓋「管理」與「監控」兩個面項1，透過效率性的管理與控制機制以舒緩代理問題的產生，而股權結構、董事會組成及資本結構皆能發揮公司治理功能，降低權益及負債之代理成本。同時，藉由公司治理機制，投資人及各方利害關係人，將更能掌握企業營運資訊，監督管理當局之經營績效。
另一方面，為因應全球化潮流及保障跨國投資人之權益，透過公司治理機制監督管理當局，亦為提昇個別企業績效與整體國家競爭力的要素之一。由於產業型態的差異，致使不同產業之管理當局，有不同的公司治理形式，因此本研究欲將產業分成高科技產業與傳統產業兩種類型，探討產業因素是否影響公司股權結構、董事會組成、資本結構三者與企業績效之間的關係。
本研究發現高科技產業與傳統產業於五種企業績效指標、內部人士持股比率、資本結構變數、環境不確定性程度上皆存在顯著差異，說明不同產業型態有不同之企業績效表現。若以獲利性指標、生產力指標作為企業績效衡量指標，則可發現大股東持股比率、機構投資人持股比率與企業績效成顯著正向關係，總負債比率則與企業績效成顯著之負向關係；若以市場指標作為企業績效衡量指標，則僅負債比率與企業績效成顯著負向關係，說明因市場績效指標的影響因素較多，且其影響因素多為管理人士所無法控制，因此股權結構、董事會組成與企業績效之關係並不顯著。另外於考量長期觀點後，本研究亦發現內部人士持股比率與企業績效成非線性關係，驗證不同的內部人士持股區段，分別適用利益收斂假說與管理據守假說。
整體而言，公司治理的確會影響企業績效之高低，不同的產業型態存在不同的績效表現水準，高科技產業的績效表現皆優於傳統企業，不過績效的高低並不會影響到公司治理機制與企業績效的關係。股權結構、董事會組成與資本結構間存在交互作用，企業可透過不同公司治理機制的安排以提昇整體企業之績效表現。

關鍵字(中)

★ 股權結構
★ 代理成本
★ 董事會組成
★ 企業績效

關鍵字(英)

論文目次

目錄
========================================================
摘要…………………………………………………………………………… 1
第一章、導論………………………………………………………………… 3
第二章、文獻探討……………………………………………………………. 6
一、公司治理 ……………………………………………………………6
二、代理問題……………………………………………………………. 6
三、產業特性差異 ……………………………………………………..14
第三章、研究方法……………………………………………………………16
第一節研究架構……………………………………………………...16
第二節研究假說……………………………………………………...20
第三節研究變數定義.. ... ………………………………...………….26
第四節研究對象與研究期間………………………………………...32
第五節統計分析方法………………………………………………...34
第四章、實證結果與分析……………………………………………………37
第一節基本敘述性統計……………………………………………...37
第二節相關分析……………………………………………………...48
第三節變異數分析…………………………………………………...49
第四節迴歸分析……………………………………………………..58
第五節參數估計值變動分析………………………………………..85
第五章、結論………………………………………………………………..96
第六章、研究限制與後續研究……………………………………………...102
註釋 ……………………………………………………………………….103
附錄 ……………………………………………………………………….105
附錄一新竹科學園區歷年實收資本額…………………………….105
附錄二研究變數定義彙總表……………………………………….106
附錄三自變數之相關係數-Pearson/(Spearman)……………………107
附錄四集中交易市場成交金額投資人類別比例表……………….108
參考文獻…………………………………………………………………….109

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指導教授

洪榮華(Jung-Hua Hung)

審核日期

2002-6-20

推文