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系統識別號 U0026-1803201921093500
論文名稱(中文) 控制權與現金流量權偏離對成本僵固性之影響
論文名稱(英文) Effect of Deviation between Control Rights and Cash Flow Rights on Sticky Costs.
校院名稱 成功大學
系所名稱(中) 財務金融研究所碩士在職專班
系所名稱(英) Graduate Institute of Finance (on the job class)
學年度 107
學期 2
出版年 108
研究生(中文) 郭祈言
研究生(英文) Chi-Yan Kuo
學號 R87061278
學位類別 碩士
語文別 中文
論文頁數 31頁
口試委員 指導教授-周庭楷
口試委員-顏盟峯
口試委員-梁少懷
中文關鍵字 成本僵固性  控制權與現金流量權偏離  代理問題 
英文關鍵字 cost stickiness  deviation between control rights and cash flow rights  agency problem 
學科別分類
中文摘要 本研究以1998年至2017年台灣上市櫃公司為研究對象,檢視控制股東之控制權與現金流量權偏離程度對成本僵固性程度之影響。實證結果顯示,台灣公司存在成本僵固性的現象;而公司控制股東之控制權與現金流量權偏離程度愈大,控制股東愈有誘因與能力建立帝國以謀取個人私利,導致成本僵固性之程度愈高。於額外測試顯示,當公司之法人持股比率低時,控制權與現金流量權偏離程度對成本僵固性的影響愈明顯,顯示代理問題誘發的成本僵固行為會隨著外部監督機制的增強而減輕。
英文摘要 This paper takes Taiwan listed companies from 1998 to 2017 as its research object and examines the degree to which cost stickiness is impacted by differences in the degree of deviation of the control rights and cash flow rights of controlling shareholders. The empirical results show that Taiwan companies have a cost stickiness phenomenon: the greater the deviation between the control rights and cash flow rights of the company's controlling shareholders, the more incentives and capabilities arise to encourage shareholders to establish an empire for personal gain, resulting in a higher degree of cost stickiness. Through further tests it is seen that when a company's institutional investors shareholding ratio is low, a positive relationship between the degree of deviation between control rights and cash flow rights on sticky cost is more obvious. Cost-stricken behavior induced as a result of agency problems will be mitigated by the enhancement of external supervision mechanisms.
論文目次 摘要 I
目錄 VIII
第一章 緒論 1
第二章 文獻回顧與假說發展 5
第一節 成本僵固性相關文獻 5
第二節 控制權與現金流量權偏離相關文獻 8
第三節 假說發展 9
第三章 研究方法 12
第一節 樣本選取 12
第二節 實證模型 12
第四章 實證結果16
第一節 敘述性統計 16
第二節 相關係數 17
第三節 迴歸分析 19
第四節 額外測試:法人高持股比率及低持股比率之比較 21
第五章 結論 24
參考文獻 25
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