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系統識別號 U0026-0812200913460304
論文名稱(中文) 台灣國營事業部份民營化後公司績效與風險之探討
論文名稱(英文) The investigation of firm performance and firm risk in Partial Privatization of Taiwan
校院名稱 成功大學
系所名稱(中) 企業管理學系專班
系所名稱(英) Department of Business Administration (on the job class)
學年度 95
學期 2
出版年 96
研究生(中文) 柯芃
研究生(英文) Peng-hsuan Ke
學號 r4794124
學位類別 碩士
語文別 英文
論文頁數 62頁
口試委員 召集委員-張紹基
口試委員-吳學良
指導教授-許永明
中文關鍵字 none 
英文關鍵字 risk  ownership structure  performance  corporate governance  SIPs  partial privatization 
學科別分類
中文摘要 none
英文摘要 In this thesis, we investigate the impact of corporate governance on partially privatized firm performance, especially on firm risk in accordance with privatization through share issues in Taiwan. Mainly we explore two issues in our studies: (1) whether privatization changes firm performance and risk in Taiwan, (2) whether corporate governance impacts firm performance and risk after partial privatization. Our studies emphasize the effects from mainly different ownership structures (shares by the government, local industrial groups, and foreign participants) in partially privatized firms. Our analysis examined by several variables indicates that privatization does improve firm performance, but firm risks will be in positive and negative aspects. This thesis is accessible to supply a simple scheme by different capital structures to go deep in investigating into partially privatizations development concomitant with performance and risk in the Taiwan specific context further.
論文目次 ACKNOWLEDGEMENTS…………………..……...III
ABSTRACT……………………...……..…...IV
LIST OF TABLES…………………...……..…V
LIST OF FITURE…………..….VI
CHAPTER ONE
Introduction…………...1
1.1 Background and motivation……………………….1
1.2 Objectives and contributions……………………5
1.3 Research structure…………………………...6
CHAPTER TWO
Literature Review………………………………..8
2.1 The impact on privatized firms from ownership structure……………...8
2.2 The impact on privatized firms from macroeconomic aspects………….10
2.2.1 Financial market development………….10
2.2.2 Institutional and macroeconomic reforms……………..11
2.2.3 Market competition……….12
2.3 Hypothesis………….13
CHAPTER THREE
Data………….14
3.1 The sample……….14
3.2 Variable…………..16
3.2.1 Performance variables…………..17
3.2.2 Risk variables………..…..17
3.2.3 Corporate governance variables..……….18
3.2.4 Firm-specific variables………………..…..19
3.2.5 Macroeconomic variables………..…..19
3.3 Descriptive statistics…..20
CHAPTER FOUR
Methodology…………24
4.1 Comparison of performance and risk between pre- and post- privatization…….24
4.2 Multivariate regression in Panel Data Model…………...25
4.3 Nested test…………..26
CHAPTER FIVE
The results……………28
5.1 Univariate analysis………28
5.1.1 Performance variables………30
5.1.2 Risk variables………32
5.2 Multivariate analysis……….33
5.2.1 The impact of ownership structure after partial privatization……………..34
5.2.1.1 Regression results in performance variables…………….34
5.2.1.2 Regression results in risk variables………….39
5.2.2 The impact of other explanatory factors after partial privatization……..46
5.3 Robustness…………….49
CHAPTER SIX
6.1 Conclusion……….52
6.2 Further research…………55
REFERENCE……….56
APPENDIX I………………..61
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