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系統識別號 U0026-0207202010022200
論文名稱(中文) 公會及內部資金配置效率
論文名稱(英文) Labor unions and internal capital market efficiency
校院名稱 成功大學
系所名稱(中) 財務金融研究所
系所名稱(英) Graduate Institute of Finance
學年度 108
學期 2
出版年 109
研究生(中文) 蕭惠鈺
研究生(英文) Hui-Yu Hsiao
學號 R86084037
學位類別 碩士
語文別 英文
論文頁數 25頁
口試委員 口試委員-張紹基
口試委員-林軒竹
指導教授-周庭楷
中文關鍵字 公會  內部資金配置效率 
英文關鍵字 Labor unions  Internal capital market efficiency 
學科別分類
中文摘要 本篇研究探討公司中,本身具有衝突角色的利害關係人─公會─是否對於內部資金效率配置有所影響。本篇研究發現公會對於內部資金配置效率具有負面影響,且此負面影響在公司具有較少的監督機制─如較低的法人持股比或是較低的負債比─更為嚴重。然而,公會並未對公司的超額價值具有負面影響。
英文摘要 This work examines whether labor unions, who are stakeholders with conflicting roles, have impacts on the efficiency of internal capital markets. It is found that labor unions have negative impacts on the efficiency of internal capital markets and that these negative impacts are more pronounced in firms with less monitoring, such as those with less ownership of institutional blockholders and a lower debt ratio. However, labor unions do not have negative impacts on the excess value of firms.
論文目次 ABSTRACT......I
Acknowledgments......II
CONTENTS......III
LIST of TABLES......IV
1. INTRODUCTION.......1
2. LITERATURE AND HYPOTHESIS DEVELPOMENT.......4
2.1 Internal capital market efficiency.......4
2.2 Labor unions’ conflicting roles.......5
2.3 Hypothesis development.......6
3. SAMPLE SELECTION.......6
4. RESEARCH DESIGN.......8
4.1 Measure of internal capital allocation efficiency.......8
4.2 Regression equation.......10
5. EMPIRICAL FINDINGS.......11
5.1 Descriptive statistics.......11
5.2 Analyses of hypothesis.......14
5.3 Analyses of capital allocation efficiency under monitoring of institutional blockholders.......14
5.4 Analyses of capital allocation efficiency under monitoring of debt holders 15
6. ADDITIONAL TEST ─ FIRM EXCESS VALUE WITH LABOR UNIONS .......19
7. CONCLUSION AND LIMITATIONS.......21
REFERENCE.......22
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