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

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王楓鈞(FENG-JUN WANG) 查詢紙本館藏

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企業管理學系

論文名稱

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

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摘要(中)

本文主要探討伊斯蘭教義、公司治理與營運資金管理對公司價值影響，並以2012年至2017年印尼上公司為樣本，進行實證分析。伊斯蘭教是世界重要宗教，教義影響管理行為甚深，本文從伊斯蘭教義影響公司治理行為與營運資金管理效率為出發點，探討將伊斯蘭教義落實於管理者行為，對公司價值產生何種影響。本文從伊斯蘭教義的宗旨與實務面相，推論出四個研究假說，分別為遵循伊斯蘭教義的公司有較低的營運資金管理效率；遵循伊斯蘭教義的公司，董事會規模越大，營運資金管理效率越低；遵循伊斯蘭教義的公司，獨立董事比例越高，營運資金管理效率越高，以及遵循伊斯蘭教義的公司，機構投資人持股越高，營運資金管理效率越高等假說。本文實證研究發現，遵行伊斯蘭教義公司營運資金管理效率較低，而公司治理行為與營運資金管理對公司價值則呈現與過去文獻不一致的結果，顯示過去文獻針對以西方基督教、天主教等宗教影響管理行為的結論，無法一體適用於充滿神秘色彩的伊蘭教義世界中。本文研究結果對伊斯蘭教義的管理行為有重大貢獻，亦即教義的實踐與管理行為的反饋，落實於公司價值的體現仍有相當大的落差。

摘要(英)

This paper mainly discusses the impact of Islamic doctrine, corporate governance and working capital management on company value, and conducts empirical analysis based on the sample of Indonesian companies from 2012 to 2017. This article starts from the influence of Islamic religion on corporate governance behavior and the efficiency of working capital management, and discusses how to implement Islamic doctrine in managerial behavior and in company value. This paper deduces four research hypotheses from the purpose and practice of Islamic doctrine. The companies that follow the Islamic doctrines have lower working capital management efficiency. For companies that follow Islamic doctrines, the larger the board of directors, the lower the efficiency of working capital management. The company that follows Islam, the higher the proportion of independent directors, the higher the efficiency of working capital management, and the hypothesis that companies that follow Islamic doctrines, the higher the institutional investors′ holdings, and the higher the efficiency of working capital management. The empirical research in this paper finds that the management of working capital of Islamic Shariah is less efficient, while the corporate governance and working capital management are inconsistent with the past literature, which shows that the past literature is aimed at the management of Western Christianity, Catholicism and other religions. The conclusion cannot be applied to the mysterious Islam doctrine world. The results of this paper have made a significant contribution to the management of Islamic doctrines, that is, the feedback of the practice and management behavior of the doctrine, and there is still a considerable gap in the implementation of the company′s value.

關鍵字(中)

★ 伊斯蘭
★ 印尼
★ 營運資金管理
★ 宗教
★ 伊斯蘭教義

關鍵字(英)

論文目次

目錄
摘要 i
Abstract ii
第一章緒論 1
1-1研究動機與目的 1
1-2研究架構 3
第二章文獻探討與假說發展 4
2-1 伊斯蘭教義與營運資金管理之關係 4
2-2 伊斯蘭教義與公司治理機制對營運資金管理效率的影響 6
2-2-1 伊斯蘭教義與董事會結構對於營運資金管理效率的影響 6
2-2-2伊斯蘭教義與獨立董事比率對營運資金管理效率的影響 6
2-2-3所有權結構對伊斯蘭教義公司營運資金管理效率的影響 7
第三章研究方法 8
3-1資料來源與樣本篩選 8
3-2 研究方法 8
3-3研究模型建立 8
3-4變數定義 9
第四章實證結果與分析 11
4-1 基本敘述性統計分析 11
4-2 迴歸分析 16
4-2-1伊斯蘭教義與營運資金管理對於公司效率的影響 16
4-2-2伊斯蘭教義與董事會規模對於營運資金管理效率之影響 18
4-2-3 伊斯蘭教義與獨立董事比例對於企業營運效率之影響 20
4.2.4 伊斯蘭教義與機構投資人比例對於企業營運效率之影響 22
4-3 穩健性分析 25
第五章結論與建議 29
5-1 研究結論 29
5-2 管理意涵與研究限制 29

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指導教授

洪榮華林翠蓉

審核日期

2019-6-25

推文