雙邊掛牌與公司治理

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姓名

張志睿(Chih-Jui Chang) 查詢紙本館藏

畢業系所

會計研究所

論文名稱

雙邊掛牌與公司治理
(Cross-Listing and Corporate Governance)

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至系統瀏覽論文 ( 永不開放)

摘要(中)

本研究採用52家台灣上市且於1991年2008年至海外發行雙邊掛牌之企業為樣本，並以相同產業且規模相近之企業作配對樣本，檢驗台灣企業至海外雙邊掛牌上市對公司治理之間的關連性。本研究檢測當企業作出至海外發行雙邊掛牌的決策對企業公司治理指標所造成的影響。實證結果顯示企業在雙邊掛牌後之公司治理指標皆較發行雙邊掛前有所改善，此現象更以發行後兩年及兩年以上最為明顯。而公司治理的指標中又以管理當局對董事會的影響力與股權結構中機構法人持股兩者最具有顯著的關聯性。
在董事會獨立性的部份，企業在雙邊掛牌之後其獨立董事佔董事會比例有顯著上升，另外相較於配對樣本，雙邊掛牌之企業在掛牌之事件年度與掛牌後一年中，獨立董事的比例亦顯著較高。在股權結構方面，本研究的實證結果顯示，機構法人的持股比率雖在企業掛牌前後一年內並無顯著的改變，但在掛牌兩年與兩年之後，雙邊掛牌企業的機構法人持股比率皆遠大於非雙邊掛牌之企業。此結果顯示了股權的分散可以增加並鞏固少數股權的保護能力，也與本研究之假說相符。

摘要(英)

This study investigates the relationship between corporate governance and cross-listing for 52 Taiwanese firms, which were cross-listed on other country during 1991 to 2008. And we find that firms will experience the improvement after cross-listing in independent boards in boards’ percentage and institution holding rate after cross-listing. Moreover, we find that cross-listed firms have more independent boards and institution holding than the non-cross-listing match samples.
Finally, we examine the relation between the cross-listed firm with independent boards’ percentage and CEO influence and owner structure as our robustness test. And the result shows that corporate governance factor is more important after firm cross-listed, this result is also consistent with the bonding hypothesis too.
Overall, these results provide evidences to support the literature on bonding role, which means that there’s a relations between cross-listing and corporate governance; and these results are consistent with the hypothesis this paper assuming.

關鍵字(中)

★ 束縛假說
★ 公司治理
★ 雙邊掛牌

關鍵字(英)

★ cross-listing
★ bonding hypothesis
★ corporate governance

論文目次

目錄　　　　　　
Abstract ……………………………………………………………… i
摘要 ……………………………………………………………… ii
誌謝 ……………………………………………………………… iii
目錄 ……………………………………………………………… iv
表目錄 ……………………………………………………………… v
圖目錄 ……………………………………………………………… 1
第一章、緒論………………………………………………………… 1
一、研究背景…………………………………………………… 1
二、雙邊掛牌…………………………………………………… 2
三、雙邊掛牌優缺點…………………………………………… 5
四、研究動機…………………………………………………… 5
五、研究問題與目的…………………………………………… 6
六、研究架構與流程…………………………………………… 6
第二章、文獻回顧與建立假說……………………………………… 8
一、雙邊掛牌、公司治理與束縛假說………………………… 8
二、企業雙邊掛牌前與掛牌後與公司治理之關聯…………… 9
2-1 雙邊掛牌之前……………………………………………… 9
2-2 雙邊掛牌之後……………………………………………… 10
三、研究假說…………………………………………………… 11
第三章、研究方法與資料來源……………………………………… 13
一、研究方法…………………………………………………… 13
二、公司治理變數……………………………………………… 13
三、資料來源…………………………………………………… 15
第四章、實證結果…………………………………………………… 15
一、敘述性統計………………………………………………… 15
二、雙邊掛牌事前年度前後公司治理的變化………………… 17
三、雙邊掛牌與非雙邊掛牌企業公司治理差異……………… 22
四、廻歸結果分析……………………………………………… 26
五、穩健性檢驗………………………………………………… 28
六、雙邊掛牌、公司治理與企業之價值關連性……………… 28
第五章、結論與建議………………………………………………… 32
一、研究結論…………………………………………………… 32
二、研究限制與建議…………………………………………… 32
參考文獻 ……………………………………………………………… 33

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指導教授

王曉雯(hsiao wen wang)

審核日期

2010-7-18

推文