公司治理與價格效率性

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姓名

陳佳筠(Jia-Yun Chen) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

公司治理與價格效率性
(Corporate Governance and Price Efficiency)

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摘要(中)

本文主要在探討台灣上市公司從2006至2016年間，公司治理對於股價效率性的影響，其中本文運用的公司治理變數有四個面向，共有十三個變數，董事方面包含:董事規模、獨立董監事比率、席次盈餘偏離差、董事會實際出席比率、董監事具財會法經驗比例以及董事長兼任總經理；審計方面的包含:財報重編次數、是否設立審計委員會；股權結構方面包含:大股東持股比率、董監持股比率、董監事持股質押比率以及股份盈餘偏離差；進修方面包含:平均每位董監進修時數，而效率性變數主要是運用Hasbrouck (1993) 所提出的價格誤差之標準差以及自我相關來衡量。實證發現，獨立董監事比率、席次盈餘偏離差、董事會年實際出席比率、是否設立審計委員會以及平均每位董監進修時數對於價格效率性具有正向的影響性，也發現董監持股比率、董監質押比率對於價格效率性具有負向的影響性。值得注意的是，本文證實政府自2006年開始推動獨立董事以及設立審計委員會確實能促進價格效率性。

摘要(英)

This thesis studies the impact of the corporate governance on pricing efficiency during the period of 2006 to 2016 for Taiwanese listed companies. We utilize thirteen variables to measure corporate governance. And the efficiency variables are mainly based on both the standard deviation of the price error proposed by Hasbrouck (1993) and autocorrelation. The empirical evidence shows that there are five corporate governance variables, including ratio of independent directors and supervisors, director earnings deviation, attendance ratio of board meeting, whether firms establish audit committee, average number of training hours per directors and supervisors have significantly positive impact on price efficiency. Then, ratio of boards and supervisors′ shareholding, stock-on-pledge ratio among directors and supervisors have significantly negative impact on price efficiency. This result confirms that government promotes independent directors and the establishment of audit committees in recent years can strengthen market efficiency.

關鍵字(中)

★ 公司治理
★ 價格效率性

關鍵字(英)

★ corporate governance
★ price efficiency

論文目次

摘要 i
Abstract ii
誌謝 iii
目錄 iv
圖目錄 v
表目錄 vi
一、緒論 1
1-1 研究背景 1
1-2 研究動機與目的 2
1-3 研究架構 3
二、文獻回顧 5
2-1 公司治理 5
2-2 公司治理與價格效率性 6
2-1-1董事 8
2-1-2股權結構 12
2-1-3 審計 16
2-1-4進修 18
三、資料與研究方法 18
3-1 樣本與資料來源 18
3-2 效率性變數 19
3-3 公司治理變數 22
3-4 控制變數 24
3-5 研究方法 25
四、實證結果 33
4-1 敘述性統計分析 33
4-2 實證結果與分析 34
五、結論 39
參考文獻 41

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指導教授

高櫻芬(Yin-Feng Gau)

審核日期

2018-7-6

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