公司治理與企業現金持有關係之探討-以台灣上市、櫃公司為例

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：22

、訪客IP：3.12.164.102

姓名

陳柏瑞(Po-Jui Chen) 查詢紙本館藏

畢業系所

企業管理學系在職專班

論文名稱

公司治理與企業現金持有關係之探討-以台灣上市、櫃公司為例
(The Relation between Corporate Governance and Corporate Cash Holdings : Examples of Taiwan Listed Companies)

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]

本電子論文使用權限為同意立即開放。
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。
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)

現金對於企業營運是非常重要且特別的流動資產，充足的現金能降低財務周轉風險，卻也可能造成閒置或遭經理人濫用而使資產價值減損，而企業現金持有水準除受營業活動與其他資產影響外，是否會受近年廣為討論的公司治理因素所影響，即是本研究要探討的主題。
本研究以台灣經濟新報(TEJ)之上市、櫃公司資料庫為財務資料主要來源，選擇2002年至2009年台灣19種產業(扣除金融產業)之上市、櫃公司作為觀察樣本，探討公司治理中經理人持股、董事會特徵與機構投資人持股等因素對於企業現金持有水準影響之關係。
研究結果發現，在經理人持股比率、董事會規模大小、本國機構投資人持股比率是與企業現金持有水準呈負向顯著影響，而董事長兼任總經理則與企業現金持有水準為正向顯著影響。可以推測公司治理因素對於企業現金持有水準的影響應存在某些關聯。

摘要(英)

Cash is an important and highly liquid asset for business operations. Sufficient cash holdings reduce financial risk, but high level of them may indicate low efficiency of operation, thereby decreasing the firm value. Corporate governance is a critical factor affecting corporate cash holdings and we try to investigate the relation between them.
We examine Taiwanese listed firms spanning 2002-2009 period and collect data from Taiwan Economic Journal Data Bank (TEJ). The results show that manager ownership, board size and domestic institutional investor ownership have a negatively significant association with the level of corporate cash holdings; however, CEO duality is positively significantly related to the level of corporate cash holdings. We suggest that the level of corporate cash holdings be influenced by some corporate governance factors.

關鍵字(中)

★ 董事會特徵
★ 持股比率
★ 公司治理
★ 現金持有

關鍵字(英)

★ Corporate Governance
★ Cash Holdings
★ Ownership
★ Board Characteristics

論文目次

中文摘要........................................ iv
Abstract........................................ v
誌謝............................................ vi
目錄............................................ vii
表目錄.......................................... ix
一、緒論........................................ 1
1-1研究動機與目的............................... 1
1-2論文結構..................................... 3
二、文獻探討與假說建立.......................... 4
2-1經理人與公司現金持有之關係................... 4
2-1-1利益收斂假說............................... 4
2-1-2鞏固地位假說............................... 5
2-1-3臨界說..................................... 5
2-2董事會特徵與公司現金持有之關係............... 7
2-2-1董事會規模................................. 7
2-2-2外部董事人數............................... 7
2-2-3董事長兼任總經理........................... 8
2-3公司股權結構與公司現金持有之關係............. 9
2-3-1外部股東及機構投資人持股................... 9
2-3-2外國機構投資人持股......................... 11
三、研究方法.................................... 14
3-1研究資料..................................... 14
3-1-1資料來源................................... 14
3-1-2樣本選擇................................... 14
3-2研究設計..................................... 14
3-2-1變數定義................................... 14
1.現金持有變數.................................. 14
2.公司治理變數.................................. 15
3.其他公司特性控制變數.......................... 16
3-2-2研究分析方法............................... 17
1.基本統計分析.................................. 17
2.迴歸分析...................................... 17
四、研究分析與實證.............................. 20
4-1基本統計分析................................. 20
4-1-1敘述統計................................... 21
1.現金持有變數.................................. 21
2.公司治理變數.................................. 21
3.公司特性變數.................................. 23
4-1-2相關矩陣................................... 26
4-2實證迴歸分析................................. 28
4-2-1現金持有變數I：現金比率.................... 28
4-2-2現金持有變數II：現金與淨資產比率........... 32
4-3穩健性測試................................... 36
4-3-1外部最大股東持股測試....................... 36
4-3-2股利發放變數調整測試....................... 36
4-3-3現金與銷售額比率測試....................... 37
五、結論與建議.................................. 38
5-1結論......................................... 38
5-2建議......................................... 39
參考文獻 ...................................... 40

參考文獻

〔1〕史人豪，「外資投資決策與企業研發活動之研究－以我國上市資訊電子業為例」，國立台灣大學，碩士論文，民國92年。
〔2〕吳岱儒，財務管理，初版，全華科技圖書股份有限公司，台北市，民國93年。
〔3〕李永全，現代財務管理：理論與實務，二版，新科技書局，台北縣，民國91年。
〔4〕李馨蘋與莊宗憲(民96)，公司治理機制與公司績效之實證研究，東吳經濟商學學報，第五十七期。
〔5〕沈中華與吳孟紋，「銀行經營績效：公司治理、資產規模與外資進入」，國立政治大學，博士論文，民國97年。
〔6〕林佳穎，「財務危機公司特性與公司治理之探討」，國立台灣大學，碩士論文，民國91年。
〔7〕施閔偉，「公司現金持有因素與涵義之跨國比較分析」，國立暨南國際大學，碩士論文，民國94年。
〔8〕徐木蘭(1994)，企業經營者道德標準與企業倫理規範之關聯性研究，行政院國家科學委員會。
〔9〕徐銘謙，「公司治理、家族企業、集團企業與財務危機之探討」，國立中央大學，碩士論文，民國98年。
〔10〕苗棋輝，「台灣上市公司所有權結構與績效關係之實證研究」，私立輔仁大學，碩士論文，民國82年。
〔11〕許美玲，｢台灣批發零售業投資抵減對企業營收淨額之影響－以上市櫃公司為例」，國立政治大學，碩士論文，民國97年。
〔12〕康家祥，「接管行為與公司治理之關聯性研究」，國立高雄第一科技大學，碩士論文，民國91年。
〔13〕張明峰，「股權結構對公司經營績效影響之研究」，國立政治大學，碩士論文，民國80年。
〔14〕張雅茹，「外資股權對地主國銀行績效的影響：來自兩岸股權收購事件的證據」，國立暨南國際大學，碩士論文，民國99年。
〔15〕雲國華，「公司治理與現金持有關聯之研究－台灣上市公司之實證」，私立中原大學，碩士論文，民國95年。
〔16〕雲寧思，「家族特性、公司治理與盈餘管理的關係」，國立中央大學，碩士論文，民國97年。
〔17〕黃金蓮，「台灣上市(櫃)企業財務績效與外資持股比例之關聯性研究」，私立中原大學，碩士論文，民國90年。
〔18〕黃榮龍，「股權結構與經營績效之研究」，國立政治大學，碩士論文，民國82年。
〔19〕陳衍丞，「董監事制度獨立性對傳統產業營運績效關係實證探討」，國立中央大學，碩士論文，民國97年。
〔20〕陳釗銘，「台灣上市公司股權結構集中程度與內部股東持股質押對公司價值之影響」，國立中央大學，碩士論文，民國98年。
〔21〕陳碧滋，「我國上市公司股價行為與董監因素關連性之探討」，國立台灣大學，碩士論文，民國90年。
〔22〕謝士偉，「金控董監事、外資及官股持股比率與經營績效的關係」，私立輔仁大學，碩士論文，民國94年。
〔23〕謝淑娟，「以權益代理問題的觀點探討股權結構與公司經營績效之關係-以台灣上市公司實證」，國立交通大學，碩士論文，民國83年。
〔24〕Agrawal, A., and G. N. Mandelker, 1990, "Large Shareholders and the Monitoring of. Managers: The Case of Antitakeover Charter Amendments," Journal of Financial and Quantitative Analysis, 25, 2, pp.143-161.
〔25〕Berger Allen N., Clarke George R. G., Cull Robert, Klapper Leora and Udell Gregory F., 2005, "Corporate Governance and Bank Performance：A Joint Analysis of the Static, Selection, and Dynamic Effects of Domestic, Foreign, and State Ownership", Journal of Banking & Finance, 29, 8-9, pp.2179-2221.
〔26〕Bhagat, S. and Black, B., 1997, "Do Independent Directors Matter?" Working Paper, University of Colorado, Boulder.
〔27〕Black, B. and J. Coffee, 1994, "Hail Britannia? Institutional Investor Behavior under Limited Regulation," Michigan Law Review, 92, pp.1999-2088.
〔28〕Brickley, J. A., and James C. M., 1987, "The takeover market, corporate board composition, and ownership structure: The case of banking," Journal of Law and Economics, 30, pp.161-180.
〔29〕Brickley, J. A., Coles, J. L. and Terry, R. L., 1994, "The board of directors and the enactment of poison pills," Journal of Financial Economics, 35, pp.371-390.
〔30〕Brickley, J., R. Lease, and C. Smith, 1988, "Ownership structure and voting on antitakeover amendments," Journal of Financial Economics, 20, pp.267-291.
〔31〕Byrd, J. and Hickman, K., 1991, "Do outside directors monitor managers? Evidence from tender offer bids," Working paper, Pullman: Washington State University.
〔32〕Carpenter, Mason A., Timothy G. Pollock and Myleen M. Leary, 2003, " Testing a model of reasoned risk-taking : Governance, the experience of principals and agents, and global strategy in high-technology IPO firms," Strat. Mgmt. J., 24, pp.803-820.
〔33〕Chen,Yenn-Ru and Wei-Ting Chuang, 2009, "Alignment or entrenchment? Corporate governance and cash holdings, in growing firms," Journal of Business Research, 62, pp.1200-1201.
〔34〕Chhibber, P. K. and S. K. Majumdar, 1999, "Foreign Ownership and Profitability: Property Rights, Control, and the Performance of Frims in Indian Industry," Journal of Law and Economics, 42, pp209-38.
〔35〕Chow, Edward H., Jing Twen Chen and Kwin Hong Chen, 1996, "Family Business, Affiliated Groups, and the Value of Taiwanese Firms", Journal of Financial Studies, 4, 1, pp.115-139.
〔36〕Chueh Horace and Andy Chien, 2000, "The Impact of Managerial Ownership on Corporate Working Capital Policy," Asia Pacific Management Review, 5, pp.141-148
〔37〕Claessens, Stijn and Joseph P. H. Fan, 2002, "Corporate governance in Asia: A survey," International Review of Finance, 3, 2, pp.71-103.
〔38〕Cotter, J., Shivdasani A., and Zenner, M., 1996, "Do independent directors enhance target shareholder wealth during tender offers?" Journal of Financial Economics (in press)
〔39〕Cowling, Marc, 2003, " Productivity and corporate governance in smaller firms," Small Business Economics, 20, 4, pp335.
〔40〕Daily, Catherine M. and Dan R. Dalton, 1993, "Board of Directors Leadership and Structure: Control and Performance Implications," Entrepreneurship: Theory and Practice, 17.
〔41〕Denis, Diane K. and John J. McConnell, 2003, "International Corporate Governance," The Journal of Financial and Quantitative Analysis, 38, 1, pp. 1-36.
〔42〕Dittmar, A., Mahrt-Smith J. and Servaes H., 2003, "International corporate governance and corporate cash holdings," Journal of Financialand Quantitative Analysis, 38, pp.111–133.
〔43〕Dittmar, Amy and Jan Mahrt-Smith, 2007, "Corporate governance and the value of cash holdings," Journal of Financial Economics, 83, pp.599-634.
〔44〕Donaldson, Lex and James H Davis, 1991, "Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns," Australian Journal of Management, 16, 1, pp.49-64.
〔45〕El-Gazzar, S. M., 1998, "Predisclosure Information and Institutional Ownership: A Cross Sectional Examination of Market Revaluations during Earnings Announcement Periods," The Accounting Review, 73, pp.119-129.
〔46〕Faleye,Olubunmi, 2004, "Cash and corporate control", The Journal of Finance, 59, 5, pp.2041-2060.
〔47〕Fama, E. F., 1980, "Agency problems and the theory of the firm," Journal of Political Economy, 88, pp.288-307.
〔48〕Fama, E. F., and Jensen, M. C., 1983, "Agency problems and residual claims," Journal of Law and Economics, 26, pp.327-349.
〔49〕Fox, J., 1997, "Learn To Play The Earnings Game (And Wall Street Will Love You)," Fortune, March, pp.77-80.
〔50〕Guiso, Luigi, 1998, "High-tech firms and credit rationing," Journal of Economic Behavior & Organization, 35, 1, 30, pp.39-59
〔51〕Harford, J., 1999. "Corporate cash reserves and acquisitions", Journal of Finance 54, pp.1969-1997.
〔52〕Harford, J., Mansi, S. and Maxwell, W., 2005, "Corporate governance and firm cash holdings," Unpublished working paper, University of Washington.
〔53〕Harford, Jarrad, 1999, "Corporate Cash Reserves and Acquisitions", The Journal of Finance, 54, 6, pp.1969-1997.
〔54〕Harford, Jarrad,Sattar A. Mansi and William F. Maxwell, 2008, "Corporate governance and the firm cash holdings in the US," Journal of Financial Economics, 87, pp.535-555.
〔55〕Hart, Oliver, 1995, "Corporate Governance: Some Theory and Implications," The Economic Journal, 105, 430, pp.678-689.
〔56〕Hayong, Yun, 2009, "The choice of corporate liquidity and corporate governance," The Review of Financial Studies, 22, 4, pp.1447-1475.
〔57〕Jensen, M., 1986, "Agency costs of the free cash flow, corporate finance and takeovers," American Economic Review, 76, pp.323-329.
〔58〕Jensen, Michael C., 1993, "The modern industrial revolution, exit, and the failure of internal control systems," The Journal of Finance, 48, 3, pp.831-880.
〔59〕Kim, C., Mauer, D. and Sherman, A., 1998, "The determinants of corporate liquidity: theory and evidence," Journal of Financial and Quantitative Analysis, 33, pp.335-359.
〔60〕Lang, M. and McNichols M., 1997, "Institutional Trading and Corporate Performance," Research Paper, Stanford University.
〔61〕Lee, C. I., Rosenstein, S., Rangan, N. and Davidson, W. N., 1992, "Board composition and shareholder wealth: The case of management buyouts," Financial Management, 21, pp.58-72.
〔62〕Levitt, A., 1998, "The Numbers Game-Remarks of Chairman," http://www.sec.gov/news/speeches/spch220.txt
〔63〕Lin, Xiaochi and Zhang Yi, 2009, " Bank ownership reform and bank performance in
China", Journal of Banking and Finance, 33(1), pp.20-29."
〔64〕Lins, K., Kalcheva, I., 2004, "International evidence on cash holdings and expected managerial agency problems," Working paper, University of Utah.
〔65〕Lipton, M. and J. Lorsch, 1992,"A Modest Proposal Improved Corporate Governance, "Business Lawyer, 48, pp.59-77.
〔66〕Loomis, C.J., 1999. "Lies, Damned Lies, And Managed Earnings: The Crack Down Is Here." Fortune, August, pp.75–92.
〔67〕Mayers, David, Anil Shivdasani and Clifford W. Smith, 1997, "Board Composition and Corporate Control: Evidence from the Insurance Industry," The Journal of Business, 70, 1 , pp.33-62.
〔68〕Morck, Randall, Andrei Shleifer and Robert W. Vishny, 1988, "Management ownership and market valuation: An empirical analysis," Journal of Financial Economics, 20, pp.293-315.
〔69〕Oi, D., W. Wu and H. Zhang, 2000, "Shareholding Structure and Corporate Performance of Partially Privatized Firms: Evidence from Listed Chinese Companies," Pacific-Basin Finance Journal, 8, pp.587-610.
〔70〕Opler, T., Pinkowitz, L., Stulz, R. and Williamson, R., 1999, "The determinants and implications of corporate cash holdings," Journal of Financial Economics, 52, pp.3-46.
〔71〕Ozkan, Aydin and Neslihan Ozkan, 2004, "Corporate cash holdings: An empirical investigation of UK companies," Journal of Banking & Finance, 28, 9, pp.2103-2134.
〔72〕Patton, Arch Baker, John C., 1987, "Why won't directors rock the boat?" Harvard Business Review, 65, 6, pp.10-18.
〔73〕Pearce II,John A. and Shaker A. Zahra, 1992,"Board composition from a strategic contingency perspective," Journal of Management Studies, 29, 4, pp.411-438.
〔74〕Pinkowitz, L., Stulz, R., Williamson, R., 2004, "Do firms with poor protection of investor rights hold more cash?" Working paper, Georgetown University.
〔75〕Porter, M.E., 1992, "Capital Choices: Changing the Way America Invests In Industry," Journal of Applied Corporate Finance, 5, pp.4-16.
〔76〕Pound, J. and R. J. Shiller, 1987, "Are Institutional Investors Speculators?" The Journal of Portfolio Management, 13, pp.46-52.
〔77〕Pound, J., 1992, "Beyond takeovers: politics comes to corporate control," Harvard Business Review, pp.83–93.
〔78〕Pound, John, 1988, "Proxy contests and the efficiency of shareholder oversight," Journal of Financial Economics, 20, pp. 237-265.
〔79〕Rosenstein, S. and Wyatt J. G., 1990, "Outside directors, board independence, and shareholder wealth," Journal of Financial Economics, 26, pp.175-191.
〔80〕Rosenstein, S. and Wyatt J. G., 1996, "Inside directors, board effectiveness and share-holder wealth," Working paper, Clemson, S.C.: Clemson University.
〔81〕Ross, Westerfield and Jordan Jaffe, Modern Financial Management, Eighth Edition, McGraw Hill International Edition.
〔82〕Sarkar, J. and S. Sarkar, 2000, "Large Shareholder Activism in Corporate Governance in Developing Countries: Evidence from India, "International Review of Finance, 1, pp.161-94.
〔83〕Shleifer, A. and R. Vishny, 1986, "Large Shareholders and corporate control," Journal of Political Economy, 94, pp.461-488.
〔84〕Stapledon, G.P., 1996a, "Disincentive to Activism By Institutional Investors In Listed Australian Companies," Sydney Law Review, 18, pp.152-192.
〔85〕Stulz, R., 1990, "Managerial discretion and optimal financing policies," Journal of Financial Economics, 26, pp.3-27.
〔86〕Szewczyk, S., G. Tsetsekos and R. Varma, 1992, "Institutional Ownership and the Liquidity of Common Stock Offerings," The Financial Review, 27, pp.211-225.
〔87〕Van, den Berghe and Abigail Levrau, 2002, " The Role of the Venture Capitalist as Monitor of the Company: a corporate governance perspective", Corporate Governance: An International Review, 10, 3, pp.124-135.
〔88〕Wasserman, J., 1988, "Impact of venture capital on high-technology industries," Rev Bus, 10, pp.5-6.
〔89〕Weisbach, M. S., 1988, "Outside directors and CEO turnover," Journal of Financial Economics, 20, pp.431-460.
〔90〕Zahra, Shaker A. and John A. Pearce II, 1989, "Boards of Directors and Corporate Financial Performance: A Review and Integrative Model," Journal of Management, 15, pp.291-334.

指導教授

洪榮華(Jung-Hua Hung)

審核日期

2011-6-19

推文