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系統識別號 U0026-2706201300301200
論文名稱(中文) 初次上市(櫃)公司於興櫃市場期間股權結構及現金持有率對未來公司績效之研究
論文名稱(英文) Exploring Impact of Pre-Public Corporate Governance and Cash Holdings on Post-Public Corporate Future Performance: Evidence from Taiwan Stock Market
校院名稱 成功大學
系所名稱(中) 高階管理碩士在職專班(EMBA)
系所名稱(英) Executive Master of Business Administration (EMBA)
學年度 101
學期 2
出版年 102
研究生(中文) 賴孜玟
研究生(英文) Tzu-Wen Lai
電子信箱 connielaitw@yahoo.com
學號 R07004149
學位類別 碩士
語文別 中文
論文頁數 77頁
口試委員 指導教授-林軒竹
口試委員-陳嬿如
口試委員-王澤世
口試委員-陳俊男
中文關鍵字 現金持有率  股權結構  公司治理  公司績效 
英文關鍵字 cash holdings  corporate governance  corporate performance 
學科別分類
中文摘要 股權結構與現金持有率等對公司績效之影響一直是公司治理熱門的探討議題,過去實證研究上這方面研究的結果也並不一致。但公司治理是否對其公司經營績效也具有預測的功能,是本研究想要探討的主題。
本研究探討初次上市(櫃)公司於興櫃市場期間股權結構及現金持有率對長期公司績效的影響,以2005年至2009年於台灣興櫃市場初步轉上市(櫃)公司為其研究標的。實證研究發現:
(1)股權結構與現金持有率並無顯著相關。無法取得直接證據證明股權結構會影響公司現金持有之情形。
(2)現金持有率、經理人持股比率、董事獨立性對未來會計盈餘績效(資產報酬率(ROA)及股東權益報酬率(ROE))及市場績效(Tobin's Q)具有正向且顯著的關係。因此說明初次上市(櫃)時較為保守的財務政策、提昇高階經理人持股及透過外部或獨立董監事的設立的確能提昇公司治理的進行使公司未來的績效呈現較佳的結果。但其影響同時也會因時間的拉長而呈現遞減現象。
英文摘要 Corporate governance and cash holdings are currently popular issues in corporate finance. Since the related studies do not provide consistent implications and conclusions about the impact of corporate governance and cash holdings on corporate performances, this study examines the link between the pre-public corporate governance and cash holdings and post-public corporate long-term performances by using the sample in Taiwan from 2005 to 2009. My empirical findings show that pre-public firms with higher cash holdings, more shares held by managers, and boards with higher independence positively and significantly impact their post-public operating achievements.
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 4
第二章 文獻探討 6
第一節 興櫃市場的起源與現況 6
第二節 現金持有動機及理論、公司治理與現金持有關連性相關理論文獻 8
第三節 研究假說之設立 17
第三章 研究方法 21
第一節 研究資料來源 21
第二節 變數定義 22
第三節 研究模型 30
第四章 實證分析與研究發現 32
第一節 敍述性統計分析 32
第二節 股權結構變數對現金持有率之實證 38
第三節 股權結構變數與現金持有率對公司長期績效之實證 40
第五章 研究結論與建議 47
第一節 研究結論 47
第二節 研究限制 48
第三節 研究建議 49
參考文獻 73
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