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系統識別號 U0026-0812200911492649
論文名稱(中文) 董事會特性及組成與現金增資公司長期績效關連性研究
論文名稱(英文) The relationship between the characteristic and composition of board of directors and long-run performance of seasoned equity offerings (SEOs)
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 & Banking
學年度 94
學期 1
出版年 95
研究生(中文) 陳冠仲
研究生(英文) Kuan-Chung Chen
電子信箱 daryl@alumni.nccu.edu.tw
學號 r8692114
學位類別 碩士
語文別 中文
論文頁數 61頁
口試委員 口試委員-陳安琳
指導教授-邱正仁
口試委員-陳俊男
中文關鍵字 公司治理  董事會  長期績效  現金增資 
英文關鍵字 corporate governance  board directors  long-term performance  SEO 
學科別分類
中文摘要 本研究以1998-2001之間共142家有辦理現金增資的公司做為樣本,研究董事會的特性與組成是否對於現金增資後三年的股價以及營運績效有所影響,研究假說認為一個好的董事會特性以及組成,可以使得公司治理的機制能夠發揮,消極層面可以發揮監督的功能以避免代理問題的產生,更進一步可以積極的妥善利用現金增資所募得的資金,為公司選取淨現值為正的投資專案,為股東創造最大財富。
研究結果發現,董事會具有優良的學經歷、董事長不兼任經理人、董事成員可以親身參與管理職務、董事會持有越多的持股以及董事會不質押手中持股、關係人持股越低的公司,其內部公司治理機制發揮的功能越佳,因此現金增資後的三年長期股價績效相較於控制公司會越佳,但是這項關係在三年的長期營運績效上面並不成立,推測原因可能在於現金增資後的資金運用情形並不會立即的反映在公司的財務報表上,但是在有效率的資本市場,早已經可以一窺究竟。
英文摘要 The purpose of this study is to explore the relationship between the characteristic and composition of board of directors and long-run performance of seasoned equity offerings (SEOs) in Taiwan for the period from 1998 to 2001. Of particular is to examine whether a “well-organized” board of directors may put a company under sound supervision and may help to make use of proceeds from SEO more wisely as well, and which, may result in better stock and operating performances following SEOs.
We find significant empirical evidence that some variables of the characteristic and composition of board of directors are important factors explaining the three-year stock performance. However, we find no significant relationship between the variables and three-year operating performance. Possible explanation is that the efficacy of SEO may be shown in financial statement over a longer period but before that, it can be observed in an efficient stock market.
論文目次 目錄
第一章 緒論………………………………………………………………………………1
第一節 研究動機 …………………………………………………………………1
第二節 研究目的 …………………………………………………………………4
第二章 文獻探討…………………………………………………………………………7
一.公司治理對於長期績效的影響 ………………………………………………7
二.現金增資對於長期績效的影響………………………………………………12
三.董事會的角色以及功能—理論依據…………………………………………17
四.我國董事會之特色……………………………………………………………19
第三章 研究假說 ………………………………………………………………………20
第四章 研究設計 ………………………………………………………………………31
一.樣本選擇………………………………………………………………………31
1. 研究對象與期間 ………………………………………………………31
2. 資料蒐集 ………………………………………………………………31
二. 股價績效衡量與實證模型 …………………………………………………31
三. 營運績效衡量與實證模型 …………………………………………………34
四. 變數說明 ……………………………………………………………………36
第五章 實證結果 ………………………………………………………………………37
一. 樣本蒐集結果 ………………………………………………………………37
二. 敘述性統計量 ………………………………………………………………39
三. 迴歸結果 ……………………………………………………………………42
1.檢視現金增資公司董事會特性以及組成對股價的長期績效影響 …… 42
2.檢視現金增資公司董事會特性以及組成對營運的長期績效影響 …… 44
第六章 結論 ……………………………………………………………………………47
參考文獻(中文部分)…………………………………………………………………50
參考文獻(英文部分)…………………………………………………………………52
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