股權分置改革對中國上市公司資訊不對稱及 權益資金成本的影響

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姓名

王思涵(Sih-Han Wang) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

股權分置改革對中國上市公司資訊不對稱及權益資金成本的影響
(The impact of share structure reform on information asymmetry and the cost of equity capital: Evidence from Chinese listed firms)

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本電子論文使用權限為同意立即開放。
已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。
請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。

摘要(中)

本篇研究以公司治理為主，聚焦於所有權集中所造成的公司治理問題，探討中國股權分置改革對上市公司資訊不對稱與權益資金成本的影響。本研究以2001年至2011年間上海交易所與深圳交易所的上市公司進行實證分析。在股改與公司治理機制之部分，實證研究結果顯示，股改與權益資金成本呈正向關係。此外，股改後的控制股東持股比例下降者，其權益資金成本是上升的。在公司治理機制與資訊不對稱的部分，實證研究結果顯示，以每日價差作為應變數時，控制股東持股比例與股權分離度皆呈顯著負相關；以分析師預測之標準差作為應變數時，僅有股權分離度呈顯著負相關。

摘要(英)

This research focuses on corporate governance issues resulting from ownership concentration and examines if the share structure reform in Chinese stock markets affects the relation between corporate governance, information asymmetry and cost of equity capital. The research sample includes listed firms of Shanghai and Shenzhen Stock Exchanges from 2001 to 2011. We first investigate the relation between share structure reform and the cost of equity capital and find that they are positively correlated. Then, we examine the relation among share structure reform, corporate governance and cost of equity capital and document that the cost of equity capital is positively correlated with the dummy variable of the controlling ownership after the reform. Finally, we explore if corporate governance affects cost of equity capital through the channel of information asymmetry. The empirical results show that when we use bid-ask spread as the dependent variable, the controlling ownership and deviation are both negatively associated with information asymmetry. In addition, when we use standard error of analysts’ forecasts as the dependent variable, only deviation is negatively correlated to information asymmetry.

關鍵字(中)

★ 公司治理
★ 資訊不對稱
★ 權益資金成本
★ 中國
★ 股權分置改革

關鍵字(英)

★ Corporate Governmence
★ Information asymmetry
★ Cost of equity capital
★ China
★ Share structure reform

論文目次

論文摘要.................................................I
Abstract...............................................II
目錄....................................................III
表目錄..................................................IV
第一章　緒論.............................................1
第二章　文獻探討..........................................4
2-1　股權分置改革前後，股權結構的改變與公司治理機制之關係........4
2-2　股權分置改革與資訊不對稱程度對權益資金成本之影響...........8
第三章　研究方法.........................................10
3-1　資料來源...........................................10
3-2　研究設計...........................................10
3-3　資訊不對稱與公司治理的衡量............................12
3-4　其他控制變數.......................................13
第四章　實證研究結果.....................................15
4-1　敘述性統計.........................................15
4-2　多元迴歸分析結果....................................18
4-2-1　股改對權益資金成本與公司治理之影響...................18
4-2-2　股改對權益資金成本、公司治理與資訊不對稱之影響.........22
第五章　結論與建議......................................28
5-1　研究結論.........................................28
5-2　研究限制與建議....................................29
參考文獻.............................................30
附錄A：權益資金成本的預估...............................34

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指導教授

洪榮華(Jung-Hua Hung)

審核日期

2014-6-30

推文