博碩士論文 104428026 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:9 、訪客IP:54.226.41.91
姓名 張欣梅(Xin-Mei Leo)  查詢紙本館藏   畢業系所 財務金融學系
論文名稱 股權結構與公司績效:來自東南亞國家的實證
(Ownership and Firm Performance: Evidence from Southeast Countries)
相關論文
★ 台灣建置碳排放權交易機制之分析★ 保險業如何建立創造公司、顧客及員工三贏的RFP商業模式 —以全球人壽為例
★ 在IAS 21:「匯率變動之影響」規範下,我國企業如何應用商業模 式選擇功能性貨幣之研究-以A公司為例★ 台灣銀行業如何改變商業模式以因應ECFA下之變局-以個案銀行為例
★ 公司發行可轉債之宣告與長期績效★ 申請上市櫃過程中股票價格之變化:來自興櫃市場的實證
★ 外資買賣超對個股之影響★ 文創產業之融資模式探討
★ 私募股權基金入股後對台灣金融業的影響★ 新舊承銷制度下首次公開發行公司盈餘管理之比較研究
★ 匯率風險與管理策略研究-以個案公司為例★ 商業銀行併購融資之契機
★ 我國證券商辦理離境證券業務與海外子公司業務之比較:以個案銀行券商為例★ 借殼公司之探討以台灣市場為例
★ 家族企業接班:專業經理人與家族成員之績效比較★ 本國銀行Basel III 資本適足率與流動性覆蓋率探討
檔案 [Endnote RIS 格式]    [Bibtex 格式]    [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) 本研究使用印尼、馬來西亞、菲律賓、新加坡和泰國五個東南亞國家作為研究市場,探討從2007年到2016年間,不同類型的投資人持股對公司績效的影響。本研究分別對持股類型與同期和下一期的公司績效進行實證分析。結果顯示,各類持股在這五個國家的效果不完全一致。但普遍而言,各類持股在持有一年後對公司績效的影響程度增加了。東南亞五國的各類持股在同期對公司績效皆無顯著影響,而國外持股與英美法系持股經過一年後有助於提升公司的績效,其他類型的持股則無此效果。最後,本研究將五個樣本國家依據LLSV(1997) 提出的法源進行分類。迴歸結果顯示,國外持股無論是在英美法系國家或是大陸法系國家,皆能提升公司績效,而國內持股在英美法系國家也有助於提升公司表現,雖然其效果不及國外持股強,而國內投資人在大陸法系國家則無此結果。本研究的結果顯示,國外持股對提升東南亞公司績效扮演了重要的角色。
摘要(英) This paper explores the impact of different types of investors on the corporate performance. This paper focus on five Southeast Asian countries, including Indonesia, Malaysia, Philippines, Singapore, and Thailand, during the period of 2007 to 2016. The empirical study shows that the upshot of different types of ownership are different among those countries. In general, different types of holdings show no significant effect on corporate performance in the first year, however, the impact magnifies in the following year. Foreign holdings and english-law ownership shows significant positive effect on corporate performance in the following year, but other types of ownership have no such effect nonetheless. Finally, this study categorize those five countries into common-law countries and civil-law countries - citing the LLSV(1997). The results show that foreign ownership can indeed promote corporate performance in both english-law counties and civil-law countries. Domestic ownership in english-law countries exibit improvement in corporate performance, although its effect is less significant than foreign ownership. Meanwhile, civil-law countries do not have such result. The result demonstrates that foreign ownership, regardless of law affiliation, plays an important role in promoting corporate performance in Southeast Asia.
關鍵字(中) ★ 股權結構
★ 公司績效
關鍵字(英) ★ Ownership
★ Firm Performance
論文目次 摘要...............................................I
Abstract..........................................II
誌謝.............................................III
目錄..............................................IV
表目錄.............................................V
圖目錄..................................................VI
一、 諸論
1-1 研究背景與動機..............................1
1-2 研究目的.................................................2
1-3 研究架構.................................................2
二、文獻回顧
2-1 美國與非美國投資人持股..................... 4
2-2 英美法系與非英美法系國家投資人持股...........4
2-3 國內外投資人持股...........................5
2-4 機構投資人持股............................ 7
三、研究設計
3-1 研究方法...................................... 9
3-2 變數之定義與資料來源............................12
四、實證結果
4-1樣本敘述........................................14
4-2 股權結構與公司績效..............................15
五、結論...........................................45
參考文獻.......................................... 47
參考文獻
〔1〕 Aggarwal, Reena, Isil Erel, Rene Stulz and Rohan Williamson, 2008, Differences in Governance Practices between U.S. and Foreign Firm: Measurement, Causes and Consequences, 3131-3169.
〔2〕 Almazan, Andres, Jay C. Hartzell, Laura T. Starks, L., 2005. Active institutional shareholders and cost of monitoring: evidence from executive compensation. Financial Management 34, 5-34.
〔3〕 Bena, Jan, Miguel A. Ferreira, Pedro Matos, Pedro Pires, 2016, Are foreign investors locusts? The long-term effects of foreign institutional ownership, forthcoming in the Journal of Financial Economics.
〔4〕 Chen, Xia, Jarrad Harford, Kai Li, 2007, Journal of Financial Economics 86, Monitoring: Which institutions matter?, 279-305.
〔5〕 Dyck, Alexander, and Luigi Zingales, 2004, Private benefits of control: An international comparison, Journal of Finance 59, 537-600.
〔6〕 Ferreira, Miguel A., and Pedro Matos, 2008, The colors of investors’ money: The role of institutional investors around the world, Journal of Financial Economics 88, 499-533.
〔7〕 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.
〔8〕 La Porta, Rafael, Florencio Lopez-De-Silanes, Andrei Shleifer, and Robert W. Vishny, 1997,Legal Determinants of External Finance, Journal of Finance 52, 1131-1150.
〔9〕 Leuz, Christian, Karl V. Lins, and Francis E. Warnock, 2009, Do foreigners invest less in poorly governed firms? Review of Financial Studies 22, 3245-3285.
〔10〕 McConnell, J., Servaes, H., 1990. Additional evidence on equity ownership and corporate value. Journal of Financial Economics 27, 595-613.
〔11〕 Nenoca, Tatiana, 2003, The value of corporate voting rights and control: A cross-country analysis, Journal of Financial Economics 68, 435-351.
〔12〕 Shukla, R., van Inwegen, G., 1995. Do locals perform better than foreigners? Journal of Economics and Business 47, 241-254.
〔13〕 Vural-Yavas, Cigdem, and Seda Bilyay Erdogan, 2016, Australian Academy of Accounting and Finance Review(AAAFR), The Effect of Foreign Ownership on Firm Performance: Evidence from Emerging Market, 363-371.
〔14〕 Woidtke, T., 2002. Agents watching agents? Evidence from pension fund ownership and firm value. Journal of Financial Economics 63, 99-131.
指導教授 徐政義 審核日期 2017-9-21
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