博碩士論文 103421048 詳細資訊




以作者查詢圖書館館藏 以作者查詢臺灣博碩士 以作者查詢全國書目 勘誤回報 、線上人數:11 、訪客IP:3.80.5.157
姓名 孫逸寧(I-Ning Sun)  查詢紙本館藏   畢業系所 企業管理學系
論文名稱 所有權結構與政治連結對風險承擔關係之研究 -中國上市公司之實證
(The relationship of the ownership structure and political connection on risk-taking: evidence from China listed firms)
相關論文
★ 股權分置對中國上市公司現金股利發放之影響★ 所有權結構與政治連結對股利政策之影響—以中國國有企業為例
★ 董監事最低持股成數規定之研究★ 合格境外機構投資人制度對投資/現金流量敏感度之影響
★ 從股票價格區間探討股票買回活動之資訊內涵★ 跨境上市對於企業負債比率的影響:以中國跨港上市公司為例
★ 家族集團之盈餘管理行為★ 股權結構與投資效率:中國上市公司之多重大股東實證研究
★ 股權分置改革對中國上市公司現金持有的影響★ 手機按鍵生命週期探討企業轉型之路
★ 制度改革對於關係人交易的影響★ 伊斯蘭教義、公司治理與營運資金管理對公司價值影響之研究—以印尼上市公司為例
★ 股利宣告對股價超常報酬的影響-以台灣集團與非集團上市公司為例★ 公司規模、股價、益本比、淨值市價比與股票超常報酬關係之實證研究
★ 台灣股票上市公司營運資金管理相關議題之實證研究★ 我國財務危機上市公司股權結構之探討
檔案 [Endnote RIS 格式]    [Bibtex 格式]    [相關文章]   [文章引用]   [完整記錄]   [館藏目錄]   [檢視]  [下載]
  1. 本電子論文使用權限為同意立即開放。
  2. 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。
  3. 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) 本研究主要探討中國市場中,不同所有權身分對於風險承擔策略的影響,並進一步加入,中國特殊的政治環境—政治連結,試圖了解在公司與政治關係良好時,不同所有權身分對企業風險承擔之影響,研究期間為2008年至2014年。實證結果發現,不同所有權身分確實會對風險承擔造成影響,國有企業以及家族企業趨避風險;而國內法人與國外法人則偏好風險,而深入討論政治連結因素後,發現政治連結在不同所有權身分中扮演著不同的調節角色,尤其作用在非國有企業中,會提高公司的風險承擔,隱含若非政府主導之企業,政治連結會提高公司願意承擔風險的能力與誘因。
摘要(英) Using 9434 listed firms in China from 2008 to 2014, this research investigates the relationship among the identity of ownership structure, political connection and corporate risk-taking behaviors. We found strong and robust evidence that state and family (domestic legal person and foreign institutional investor) ownership are negatively (positively) related to corporate risk-taking. Moreover, reference with the factor of the political environment in China, we try to figure out whether political connection will change investment strategies of different identities. Also, our empirical result indicates that political connection plays an important role and has positive effect on corporate risk-taking in non-SOE.
關鍵字(中) ★ 風險承擔
★ 所有權結構
★ 股東身分
★ 政治連結
關鍵字(英) ★ risk-taking
★ ownership structure
★ shareholder identity
★ political connection
論文目次 論文摘要 I
Abstract II
目錄 III
表目錄 IV
第一章 緒論 1
一、 研究動機與目的 1
二、 研究貢獻 3
第二章 文獻探討與假說建立 5
一、 所有權結構對公司風險承擔之影響 5
二、 政治連結 11
第三章 研究方法 17
一、 資料來源與樣本篩選 17
二、 研究方法與研究模型 17
第四章 實證結果 20
一、 基本敘述性統計 20
二、 多變量分析結果 24
三、 穩健度測試 32
第五章 結論與建議 37
一、 研究結論 37
二、 研究限制與建議 38
參考文獻 39
參考文獻 〔1〕 P. Bromiley, “Testing a causal model of corporate risk taking and performance”, Academy Management Journal 34(1), pp.37-59, 1991.
〔2〕 M.H. Cho, “Ownership structure, investment, and the corporate value: an empirical analysis”, Journal of Financial Economics, 47(1), pp.103-121, 1998
〔3〕 E. Croci and D. Petmezas, “Do risk-taking incentives induce CEOs to invest? Evidence from acquisitions”, Journal of Corporate Finance 32, pp.1-23, 2015
〔4〕 E.H. Kim and Y. Lu, “CEO ownership, external governance, and risk-taking”, Journal of Financial Economics 102(2), pp.272-292 , 2011
〔5〕 M. Faccio, M.T. Marchica and R. Mura, “Large Shareholder Diversification and Corporate Risk-Taking”, The Review of Financial Studies 24(11), pp.3601-3641, 2011
〔6〕 N. Liu, L. Wang and M. Zhang, “Corporate Ownership, Political Connections and M&A: Empirical Evidence from China”, Asian Economic Papers 12(3) pp.41-57, 2013
〔7〕 W. Wu, C. Wu and O.M. Rui, “ownership and the value of political connection: Evidence from China” , European Financial Management 18(4) pp.695-729, 2012
〔8〕 N. Boubakri, S. Mansi and W. Saffar, “Political institutions, connectedness, and corporate risk-taking”, Journal of International Business Studies 44(3) pp.195-215,2013,
〔9〕 N. Boubakri, J. ClaudeCosset and W. Saffar, “The role of state and foreign owners in corporate risk-taking: Evidence from privatization”, Journal of Financial Economics 108(3) pp.641-658, 2013
〔10〕 P. Wright, S.P. Ferris, “Impact of corporate insider, Blockholder, and Institutional equity ownership on firm risk taking”, Academy of Management, 39(2) pp.441-463, 1996
〔11〕 M. Faccio, “Differences between Politically Connected and Nonconnected Firms: A Cross-Country Analysis”, Financial Management 39(3) pp.905-927, 2010
〔12〕 N. Boubakri, J.C. Cosset and W. Saffar,“Political Connections of Newly Privatized Firms”Journal of Corporate Finance 14(5), pp.654-673, 2008
〔13〕 S.W. Bauguess, M.B. Slovin and M.E. Sushka, “Large shareholder diversification, corporate risk taking, and the benefits of changing to differential voting rights”, Journal of Banking and Finance 36(4) pp.1244-1253, 2012
〔14〕 N. Boubakri, J.C. Cosset and W. Saffar, “Politically connected firms: an international event study”, working paper, 2009
〔15〕 T.Y. Chen, S. Dasgupta, and Y. Yu, ”Transparency and financing choices of family firms”, Journal of Financial and Quantitative Analysis 49(2) pp.381-408, 2014,
〔16〕 N. Xu, X. Xu and Q. Yuan, “Political connection , financing frictions, and corporate investment: Evidence from Chinese listed family firms”, European Financial Management 19(4), pp.675–702, 2013
〔17〕 H.B. Li, et al. “Political connections, financing and firm performance: Evidence from Chinese private entrepreneurs”, Journal of Development Economics 87(2), pp.283-299, 2008
〔18〕 C. Leuz, F. Oberholzer-Gee, “Political relationships, global financing, and corporate transparency: evidence from Indonesia”, Journal of Financial Economics 81(2) pp.411-439, 2006
〔19〕 B. Villalonga, R. Amit, “How do Family Ownership, Control, and Management Affect Firm Value?” Journal of Financial Economics 80(2), pp.385-417, 2006
〔20〕 A. Khwaja, A. Mian, “Do lenders favor politically connected firms? Rent provision in an emerging financial market”, Quarterly Journal of Economics 120(4), pp.1371-1411, 2005
〔21〕 Y.L. Cheung, P.R. Rau and A. Stouraitis, “Tunneling, propping and expropriation: evidence from connected party transactions in Hong Kong” Journal of Financial Economics, 82(2), pp.343-386, 2006
〔22〕 S. Cheung, et al. “political connections, and expropriation: the dark side of state ownership in Chinese listed companies”, working paper, 2005
〔23〕 W.Q. Penga, K.C.J. Wei and Z. Yang, ‘Tunneling or propping: Evidence from connected transactions in China’, Journal of Corporate Finance 17(2), pp.306-325, 2011
〔24〕 J. Li, L. Zhao. “The costs of socializing with government officials: A new measure of corporate political connections”, China Journal of Accounting Research 8(1) pp.25-39, 2006
〔25〕 W. Wu, et al. “Political connections, tax benefits and firm performance: Evidence from China”, Journal of Account and Public Policy 31(3) pp.277-300, 2012
〔26〕 G. Jiang, C.M.C. Lee and H. Yue, “Tunneling through intercorporate loans: The China experience”, Journal of Financial Economics 98(1) pp.1-20, 2010
〔27〕 R. Fisman, “Estimating the value of political connections” American Economic Review 91(4) pp.1095-1102, 2001
〔28〕 H. Berkman, R. Cole and J. Fu “Political connections and minority-shareholder protection: evidence from securities-market regulation in China” Journal of Financial and Quantitative Analysis 45(6) pp.1391-1417, 2010
〔29〕 A. Adhikari, C. Derashid and H. Zhang, “Public policy, political connections, and effective tax rates: longitudinal evidence from Malaysia” Journal of Accounting and Public Policy 25(5), pp.574-595, 2006.
〔30〕 S. Claessens, E. Feijen and L. Laeven, “Political connections and preferential access to finance: the role of campaign contributions” Journal of Financial Economics 88(3), pp.554-580, 2008.
〔31〕 N. Boubakri, J. Cosset and W. Saffar, “Political connections of newly privatized firms” Journal of Corporate Finance 14(5) pp.654-673, 2008
〔32〕 M. Faccio, “Politically connected firms” American Economic Review 96(1) pp.369-386, 2006
〔33〕 J. Fan, O.M. Rui and M. Zhao, “Public governance and corporate finance: evidence from corruption cases” Journal of Comparative Economics 36(3), pp.343-364, 2008
〔34〕 M. Firth, P.M.Y. Fung and O.M. Rui, “Ownership, governance mechanisms, and agency costs in China’s listed firms” Journal of Asset Management 9(2) pp.90-101, 2008
〔35〕 T.H.D. King, M.M Wen, “Shareholder governance, bondholder governance, and managerial risk-taking” Journal of Banking and Finance 35(3) pp.512-531, 2011
〔36〕 V.Z. Chen, et al. “Ownership structure and innovation: An emerging market perspective.” Asia Pacific Journal Management 31(1) pp.1-24, 2014
〔37〕 R. Chaganti, F. Damanpour “Institutional ownership, capital structure, and firm performance” Strategic Management Journal 12(7) pp.479-491, 1991
〔38〕 S. Douma, R. George and R. Kabir. “Foreign and domestic ownership, business groups and firm performance: evidence from a large emerging market” Strategic Management Journal 27(7) pp.637-657, 2002
〔39〕 W. Huang, T. Zhu “Foreign institutional investors and corporate governance in emerging markets: Evidence of a split-share structure reform in China”, Journal of Corporate Finance 32 pp.312-326, 2015
〔40〕 D. Qi, W. Wu and H. Zhang, “Shareholding structure and corporate performance of partially privatized firms: Evidence from listed Chinese companies” Pacific-Basin Finance Journal 8(5) pp.587-610, 2000
〔41〕 X. Xu, Y. Wang “Ownership structure and corporate governance in Chinese stock companies” China Economic Review 10(1) pp.75-98, 1999
〔42〕 S.A. Zahra, “Entrepreneurial Risk Taking in Family Firms” Family Business Review 18(1) pp.23-40, 2005
指導教授 洪榮華、林翠蓉(Jung-Hua Hung Tsui-Jung Lin) 審核日期 2016-6-17
推文 facebook   plurk   twitter   funp   google   live   udn   HD   myshare   reddit   netvibes   friend   youpush   delicious   baidu   
網路書籤 Google bookmarks   del.icio.us   hemidemi   myshare   

若有論文相關問題,請聯絡國立中央大學圖書館推廣服務組 TEL:(03)422-7151轉57407,或E-mail聯絡  - 隱私權政策聲明