公司治理與公司績效關係之實證研究—以中國大陸上市公司為例

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姓名

施吉潤(Chi-Jung Shih) 查詢紙本館藏

畢業系所

企業管理學系在職專班

論文名稱

公司治理與公司績效關係之實證研究—以中國大陸上市公司為例
(The empirical research between Corporate Governance and corporate governance~China listed company)

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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)

本研究探討中國上市企業之公司治理與公司績效的關聯性，其中，公司治理變數包括負債比例、國家持股比重、內部人持股比重，及國內/外國機構投資人持股比重，而公司績效指標則為股東權益報酬率(ROE) 、資產報酬率(ROA) 、每股盈餘(EPS) 、總資產週轉率、Tobin’s Q等。
研究結果顯示，負債與公司績效有顯著的非線性關聯，但方向並不明確；國家持股與績效有極大的正關聯性；國內機構投資人持股比重與績效有顯著關聯性，而外國機構投資人方面則與績效關聯不明顯；內部人持股比重與績效呈非線性關係。

摘要(英)

This research examines the relationship between corporate governance mechanisms and firm performance for Chinese listed companies. We focus on four corporate governance mechanisms: Debt Ratio, State Ownership, Managerial Ownership、Domestic/Foreign Institution Ownership. The five proxies to measure the firm performance including ROE, ROA, EPS, Total Asset Turnover ratio and Tobin’s Q.
The empirical results show that there is a significant none-linear-relationship between debt ratio and firm performance as well as between insider and firm performance. In addition, the relationship between state ownership and firm performance is positive, and that between domestic institutions and firm performance is significant. Finally, there is no significant relationship between foreign institutions ownership and firm performance.

關鍵字(中)

★ 負債比例
★ 公司治理
★ 國家持股
★ 內部人持股
★ 外國機構投資人持股
★ 國內機構投資人持股

關鍵字(英)

★ Managerial Ownership
★ Domestic/Foreign Institution ownership
★ State ownership
★ Debt Ratio
★ Corporate Governance

論文目次

中文摘要 ………………………………………………….….… i　　
英文摘要 ………………………………………………………. ii　　
目錄 ……………………………………………….…..… iii
表目錄 ………………………………………………………. v　　
一、導論……………………………………………………… 1　　
二、文獻探討與假說建立………………………………… 2　　
2-1 負債比例……………………………………………….. 2　　
2-2 國家持股比重…………………………………………. 4
2-3 內部人持股比重…………………………………….… 5
2-4 機構投資人持股比重………………………………… 7
三、研究方法………………………………………………… 10　　
3-1 資料來源……………………………………………….. 10　　
3-2 應變數………………………………………………….. 11
3-3 自變數………………………………………………….. 12
3-4 其他控制變數………………………….……………….. 13　
3-5 實證模式…………………………….……………….… 15　　
四、實證結果與分析……………………………………… 16　　
4-1 敘述統計分析……………………………………….… 16
4-2 模型之檢定與結果…………………………………… 17
4-3 穩健性檢定……………………………………………. 22
五、結論與建議.…………………………………………… 23
5-1 研究結論………………………………………………. 23
5-2 相關建議………………………………….…………… 23
5-3 研究限制及研究建議…………………….….….…….. 24
參考文獻 ………………………………………………………….. 25
附錄一實證模型之檢定與估計~附P值與控制變數………. 28　　
附錄二穩健性測試刪除極端值之比較~附P值與控制變數… 28

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指導教授

洪榮華(Jung-Hua Hung)

審核日期

2010-12-21

推文