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系統識別號 U0026-0812200913432536
論文名稱(中文) 公司治理對台商投資大陸之影響-以家族與非家族企業為區分
論文名稱(英文) The Effect of Corporate Governance in Family and Non-family Firms on the Investment in China: Evidence from Taiwan
校院名稱 成功大學
系所名稱(中) 企業管理學系碩博士班
系所名稱(英) Department of Business Administration
學年度 95
學期 2
出版年 96
研究生(中文) 林郁純
研究生(英文) Yu-chun Lin
學號 r4694101
學位類別 碩士
語文別 中文
論文頁數 83頁
口試委員 指導教授-邱正仁
指導教授-張淑昭
口試委員-黎明淵
口試委員-簡金成
中文關鍵字 公司治理  大陸投資  股權結構 
英文關鍵字 Corporate governance  Ownership structure  Investment in China 
學科別分類
中文摘要   本研究旨在探討公司治理機制對大陸子公司財務績效與赴大陸投資規模之影響以及從股權結構的角度切入,將樣本分為家族及非家族企業,了解這二種控制型態在公司治理面的差異是否會造成其大陸投資績效及規模的不同。
  本研究針對1997年至2005年有赴大陸投資之上市公司進行實證分析。在檢驗投資績效部份,本文以經理人持股代表正的努力經營誘因,將控制權與現金流量偏離、董監質押、最終控制者的董監事席次控制及轉投資的多寡作為負的侵占動機,並加上董監事持股來表示該公司的監督機制。結果發現家族企業赴大陸的投資績效比非家族企業優異。另外,經理人持股對投資大陸的台商來說存在正的誘因效果。對家族企業而言經理人持股高所帶來的效果是顯著正向;非家族企業則因為普遍經理人持股比率低,對大陸投資績效雖亦呈現正面的影響,但不顯著。在全體樣本下,控制權與現金流量分配權分離及最終控制者掌握愈多董監事席次有礙大陸投資績效,家族企業受到偏離程度大及董監席次控制程度高的影響,使得對大陸子公司投資績效的傷害大於非家族企業。董監質押比出現不同的影響力,在全體樣本和家族企業下,若僅單純考量負的侵占效果,其對投資績效的影響為反面的,和預期的方向相同;但在非家族企業下和投資績效的關係反而變為正相關,不過都呈現不顯著的情形。轉投資的影響效果並不明顯,且對家族企業和非家族企業的影響出現相反的方向。董監事持股有助於投資績效的增加,代表著監督效果的發揮,對家族企業來說,董監持股多確實有利於其對大陸投資績效的優於非家族企業。
  在檢驗投資規模部份,以投資對現金流量敏感度的觀點出發,測試大陸投資規模受內部及外部資金的影響。結果指出家族企業的大陸投資規模小於非家族企業。另外,投資規模確實會受到內部資金的影響,而家族企業由於資訊不對稱較嚴重,增加對外融資成本,使其在內部資金對投資的敏感度上大於非家族企業。此外,負債比率會形成投資規模的一道壓力,呼應家族企業面臨資訊不對稱的問題,非家族企業對外融資成本低,使得負債比率較高,導致其面對高的還款壓力,讓非家族企業的投資規模受到此因素的影響較深。
英文摘要  The purpose of this study is to explore whether corporate governance mechanism has impacts on the scale and performance of firm’s foreign direct investment. The sample in the research was drawn from Taiwan’s public firms and their FDI in Mainland China. And, the sample consists of the family firms and the nonfamily firms for the period 1997-2005 in Taiwan.
This paper took the shares held by manager as the proxy for positive incentive effect and the degree of control rights deviating from cash flow rights、board representation、the amount of shares that board pledged and the degree of invest other firms as the proxies for negative entrenchment effect. In addition, the board ownership is used as the proxy for monitor mechanism. The results show that the performance of family firms is better than that of nonfamily firms. The impacts of negative entrenchment and positive incentive effect on performance of FDI are more significant in family firms than that in nonfamily firms. For negative entrenchment effect, the higher degree of control rights deviating from cash flow rights and the higher the board representation, the lower level the investment income of FDI. The effects of monitor mechanism are the same as that of positive incentive effect.
On the other hand, based on Myers’s (1984) Asymmetric Information Hypothesis, this paper tests how the sources of capital affect the scale of investment. The results show that both the internal and external capital will affect the scale of the investment. Because the degree of information asymmetric in family firms would be greater than that in nonfamily firms, the scale of investment in China for family firms would be smaller than that for nonfamily firms.
論文目次  第一章 緒論                     1
第一節 研究背景及動機                 1
第二節 研究問題與目的                 3
第三節 研究架構                    4
 第二章 文獻探討                   5
第一節 家族企業與公司價值的相關文獻          5
第二節 董監事結構之相關文獻              15
第三節 投資與公司價值                 17
第四節 投資對現金流量敏感度的相關文獻         20
第五節 台商投資大陸之相關文獻             23
 第三章 研究方法                   29
第一節 假說架構                    29
第二節 研究假說                    30
第三節 研究範圍與資料來源               37
第四節 研究變數定義                  38
第五節 研究模型                    47
 第四章 實證結果分析                 49
第一節 敘述統計                    49
第二節 驗證投資績效假說                57
第三節 驗證投資規模假說                67
 第五章 結論與建議                  71
第一節 結論與貢獻                   71
第二節 研究限制及建議                 74
參考文獻                        75
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