伊斯蘭教義、公司治理與成長機會對資本結構 影響之研究—以印尼上市公司為例

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李祥誌(Hsiang-Chih Li) 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、公司治理與成長機會對資本結構影響之研究—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、公司治理機制與成長機會對公司資本結構之影響，並且以2011 年至 2018 年印尼上市公司作為樣本，並採用多元迴歸模型進行實證分析。本文實證結果發現，伊斯蘭教義與董事會規模對資本結構呈現負相關；伊斯蘭教義與獨立董事比率對資本結構呈現負相關；伊斯蘭教義與內部持有人持股比率對資本結構呈現正相關；伊斯蘭教義與機構投資人持股比率對資本結構呈現正相關，在加入成長機會調節下，伊斯蘭教義與董事會規模、獨立董事比率與機構投資人持股比率對資本結構呈現有顯著影響，在不考慮宗教的前提下，公司治理可以幫助公司舉債，然而在教義的
約束下，公司治理品質較高的公司，則會選擇較低的資本結構。

摘要(英)

This thesis mainly discusses the impact of Islamic doctrine,corporate goverance and growthopportunity on firm’s capital structure. This thesis uses the Indonesia listed company from 2011 to 2018 as the sample and uses OLS for empirical analysis. The empirical results show that Islamic doctrine and board size are negatively correlated with capital structure; Islamic doctrine and independent director ratio are negatively correlated with capital structure; Islamic doctrine and internal holders′ shareholding ratio are positively correlated with capital
structure; Institutional investor′s shareholding ratio has a positive correlation with capital structure. Under the adjustment of growth opportunities, Islamic doctrine and board size,independent director ratio and institutional investor′s shareholding ratio have a significant impact on capital structure, without considering of religion, the corporate governance can help companies borrow debt, but under the constraints of doctrine, companies with higher
corporate governance quality will choose a lower capital structure.

關鍵字(中)

★ 伊斯蘭教義
★ 資本結構
★ 公司治理
★ 董事會規模
★ 獨立董事
★ 股權結構
★ 成長機會

關鍵字(英)

★ Shariah
★ Capital Structure
★ Corporate Governance
★ Board Size
★ Independent Director
★ Ownership Structure
★ Growth Opportunity

論文目次

目錄
摘要 ..................................................................... i
Abstract.................................................................. ii
壹、緒論 ................................................................. 1
1-1 研究動機與目的 .................................................... 1
1-2 研究架構 .......................................................... 6
貳、文獻探討與假說發展 ................................................... 7
2-1 伊斯蘭教義、公司治理機制與資本結構間的關係 ........................ 7
2-1-1 伊斯蘭教義與董事會規模對資本結構的影響 ..................... 7
2-1-2 伊斯蘭教義與獨立董事比率對資本結構的影響 ................... 9
2-1-3 伊斯蘭教義與所有權結構對資本結構的影響 .................... 10
2-2 成長機會、伊斯蘭教義與公司治理機制對資本結構的影響 ............... 12
參、研究設計 ............................................................ 13
3-1 資料來源與樣本篩選 .............................................. 13
3-2 研究方法 ...................................................... 13
3-3 模型建立 ...................................................... 13
3-4 變數定義 ...................................................... 14
肆、實證結果與分析 ..................................................... 16
4-1 基本敘述性統計分析 .............................................. 16
4-2 迴歸分析 ........................................................ 21
4-2-1 伊斯蘭教義與董事會規模對於公司資本結構之影響 .............. 21
4-2-2 伊斯蘭教義與獨立董事比率對於公司資本結構之影響 ............ 23
4-2-3 伊斯蘭教義與內部人持股比率對於公司資本結構之影響 .......... 24
4-2-4 伊斯蘭教義與機構投資人比率對於公司資本結構之影響 .......... 26
4-3 成長機會調節伊斯蘭教義與公司治理對資本結構之影響 ................ 27
4-4 穩健性分析 ...................................................... 30
伍、結論與建議 ......................................................... 34
5-1 研究結論 ......................................................... 34
5-2 管理意涵與研究限制 ............................................... 34
參考文獻 ................................................................ 36

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指導教授

洪榮華林翠蓉

審核日期

2020-6-5

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