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系統識別號 U0026-1807201115405500
論文名稱(中文) 外資在公司治理中所扮演之角色
論文名稱(英文) The Role of Foreign Investors in Corporate Governance
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 99
學期 2
出版年 100
研究生(中文) 洪綺君
研究生(英文) Chii-Jiun Horng
學號 r86981140
學位類別 碩士
語文別 英文
論文頁數 40頁
口試委員 指導教授-黃炳勳
口試委員-楊朝旭
口試委員-林軒竹
中文關鍵字 外資  公司治理  盈餘管理  CEO雙重性  審計委員會 
英文關鍵字 foreign investment  corporate governance  earnings management  CEO duality  audit committee 
學科別分類
中文摘要 本研究以台灣股票市場之上市、上櫃非金融業公司為研究對象,探討外資與公司治理之關係。本文分別從盈餘管理與董事會結構兩個面向來做探討。以Kothari et al. (2005) 模型估算裁決性應計項目衡量盈餘管理,並以董事長是否兼任總經理之CEO雙重性與公司是否有成立審計委員會為董事會結構指標,研究發現外資可有效抑制盈餘管理行為,減少董事長兼任總經理之CEO雙重性問題,並可促進公司成立審計委員會。此實證結果顯示外資在公司治理中扮演了監督的角色。另外此結果也顯示外資並沒有資訊不對稱的問題存在。
英文摘要 This paper investigates whether foreign investment improves corporate governance. In the sample of non-financial firms listed on the Taiwan Stock Exchange (TSE), the relationship between foreign share ownership and corporate governance is examined in the aspects of earnings management and board structure. There are 1,308 non-financial firms in the sample in 2010 and the sample period is from 2003 to 2010. The results show that foreign share ownership is significantly negatively associated with the magnitude of discretionary accruals and income-increasing discretionary accruals. It also provides evidence that foreign investment reduces CEO duality and increases the establishment of audit committees. The evidence supports that foreign investors play an effective role in corporate governance.
論文目次 ABSTRACT I
摘要 II
致謝 III
CONTENTS IV
LIST OF TABLE VI
CHAPTER 1 INTRODUCTION 1
CHAPTER 2 LITERATURES REVIEW 5
2.1 INFORMATION ASYMMETRY 5
2.2 FOREIGN INVESTORS AND CORPORATE GOVERNANCE 5
2.2.1 Earnings management 6
2.2.2 Board Structure 8
2.3 HYPOTHESIS 10
CHAPTER 3 METHODOLOGY 12
3.1 DATA 12
3.2 VARIABLES CONSTRUCTION 12
3.2.1 Measure of Foreign Share Ownership 12
3.2.2 Measure of Earnings Management 13
3.2.3 Measure of Board Structure 15
3.2.4 Control Variables 16
3.3 MODEL SPECIFICATION 18
3.3.1 Foreign Share Ownership and Earnings Management 18
3.3.2 Foreign Share Ownership and Board Structure 19
3.3.3 Simple correlations 20
CHAPTER 4 EMPIRICAL RESULTS 21
4.1 FOREIGN SHARE OWNERSHIP AND EARNINGS MANAGEMENT 21
4.2 FOREIGN SHARE OWNERSHIP AND BOARD STRUCTURE 22
CHAPTER 5 CONCLUSION 24
REFERENCES 25
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