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系統識別號 U0026-0812200913435792
論文名稱(中文) 公司治理、成長機會與公司績效關聯之研究
論文名稱(英文) Corporate Governance, Growth Opportunities and Firm Performance
校院名稱 成功大學
系所名稱(中) 會計學系碩博士班
系所名稱(英) Department of Accountancy
學年度 95
學期 2
出版年 96
研究生(中文) 黃至敏
研究生(英文) Chin-Min Huang
學號 r1694407
學位類別 碩士
語文別 中文
論文頁數 76頁
口試委員 口試委員-王萬成
召集委員-張福星
指導教授-陳耀宗
中文關鍵字 上市上櫃治理實務守則  公司績效  成長機會  公司治理 
英文關鍵字 corporate governance  firm performance  growth opportunities  Corporate Governance Best-Practice Principles 
學科別分類
中文摘要 本研究檢驗「上市上櫃治理實務守則」和相關法規的制定是否表示在加強公司治理下能夠對公司績效有相關影響,以2000年至2003年上市櫃公司為研究對象,期間的設定是涵蓋「上市上櫃治理實務守則」實行前後。首先觀察樣本公司是否在強化董事會的機制下,即以董事長是否兼任總經理、獨立董監席次之比例以及獨立董監是否與財務專家作為公司治理特性之衡量變數,探討與營運績效存在之關聯性;接著由於公司治理機制對於有較大的資訊不對稱之成長機會較多公司較為重要,故以成長機會作為公司特徴連結,探討在成長機會較多的公司,其公司治理制度之落實是否對績效有所影響。
結果指出獨立董監事和獨立董監若為財務專家是有助於提升公司績效,也就是說獨立董監事的特性確實能夠強化公司治理的機制;並且發現成長機會較高的公司,其董事會中董事長與總經理各司其職或獨立董監愈多,則也會進而減少代理問題,增強董事會獨立性,故上述政策的制定確實能作為有效監督企業之公司治 理機制,以增進其營運績效。
英文摘要 We investigate whether corporate governance characteristics, following the announcement of the Corporate Governance Best-Practice Principles and related laws for companies listed in Taiwan Stock Exchange and GreTai Securities Market, are associated with firm performance. Our sample period covers both the pre-CGBPP period (2000 and 2001)and post-CGBPP period (2002 and 2003).First, we examine whether firms with independent corporate boards, CEO duality, the independence and financial expertise are associated with firm performance. Then owing to the incidence of information asymmetry is higher for growth firms, so we see firm’s growth opportunities as an organization environmental factor to examine the relationship among corporate governance, growth opportunities and firm performance.
Our findings show the ratio of the independent directors and independent supervisors and if they are financial expertise are associated with increasing performance. We also find that higher growth firms with CEO isn’t the chairperson of his firm’s board of directors or with higher proportion of independent directors on the board successfully result in more effective monitoring and thus are more likely to have better firm performance. Our findings generally support the requirements of the Principles as an effective governance control to increase firm’s performance.
論文目次 第一章 緒論1
第一節 研究背景與動機1
第二節 研究目的4
第三節 研究架構5
第二章 文獻回顧7
第一節 公司治理7
第二節 公司治理與經營績效之關聯12
第三節 成長機會之定義22
第四節 公司治理、成長機會與經營績效之關聯23
第三章 研究方法27
第一節 研究假說27
第二節 實證模型31
第三節 變數定義與衡量33
第四節 資料來源與樣本選取42
第五節 資料分析方法45
第四章 實證結果與分析46
第一節 成長機會代理變數之估計46
第二節 變數基本分析48
第三節 迴歸模型之實證結果53
第四節 敏感性分析60
第五章 結論與建議66
第一節 結論66
第二節 研究限制與建議68
參考文獻69
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