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博碩士論文 etd-0906112-154619 詳細資訊
Title page for etd-0906112-154619
論文名稱
Title
公司治理機制與集團企業公司現金持有數之研究
Corporate Governance and Cash Holdings of Business Group-Affiliated Firms
系所名稱
Department
畢業學年期
Year, semester
語文別
Language
學位類別
Degree
頁數
Number of pages
67
研究生
Author
指導教授
Advisor
召集委員
Convenor
口試委員
Advisory Committee
口試日期
Date of Exam
2012-07-24
繳交日期
Date of Submission
2012-09-06
關鍵字
Keywords
董事會結構、集團多角化、公司治理、現金持有數、集團企業公司
Business Group-Affiliated Firms, Corporate Governance, Board Structure, Cash Holdings, Group Diversity
統計
Statistics
本論文已被瀏覽 5768 次,被下載 1178
The thesis/dissertation has been browsed 5768 times, has been downloaded 1178 times.
中文摘要
根據中華徵信所對國內集團企業的調查研究發現,前一百大集團企業的全球營收總額占國內GNP的比重由1997年的50% 一路上揚到2009年的141.34%。因此,集團企業公司在台灣的經濟發展與就業機會的創造上扮演著十分重要的角色。過去研究集團企業的相關文獻探討了集團企業公司的經營績效以及研發支出等決策的特性,本文則整合了代理理論和組織理論觀點,針對2005年到2009年台灣上市櫃公司的公司治理機制和集團企業的隸屬性對公司現金持有數的影響性進行研究。研究結果發現,相較於非集團企業之上市櫃公司,隸屬於集團企業旗下的上市櫃公司,傾向於持有較多的現金餘額。此研究結果也說明了台灣集團企業旗下的上市櫃公司在現金持有數上存在著集團控制持股股東與少數股權間(principal-principal) 利益掠奪的代理問題的現象。
針對此種有別於傳統所有權人與代理人間 (principal-agent) 的代理問題,本文採用股權結構、董事會結構以及資訊揭露及透明度評鑑等級等變數建構的公司治理代理變數來探討公司治理機制對此代理問題的監督效果。實證結果發現,此公司治理代理變數能夠有效的抑制集團企業組織型態因股權集中和錯縱複雜的交叉持股特性而對旗下上市櫃公司現金持有數所產生的代理問題。此研究結果除了實證本文所建構的公司治理代理變數的有效性之外,也代表台灣公開發行公司的資訊揭露及資訊透明度在公司治理品質上的重要性。此外,本文也以綜觀的角度,針對整體集團的其他特性對集團企業旗下上市櫃公司現金持有數之影響性進行研究。研究結果發現,集團多角化程度、集團規模以及家族集團核心企業的隸屬性與否等皆對集團企業旗下公司之現金持有數造成顯著性的影響。
關鍵詞:集團企業公司、現金持有數、公司治理、董事會結構、集團多角化

Abstract
English Abstract
Drawing on agency theory and the institutional perspective, this paper aims to examine the relationship between corporate governance and cash holdings for the business group-affiliated firms listed on the Taiwan Stock Exchange and in the Over-The-Counter market. The empirical results reveal that the group-affiliated firms hold more cash than non-affiliated firms. The findings show that the entrenched business group effects dominate the institutional network group’s effects and indicate that the presence of a pyramidal group ownership structure in the group-affiliated firms leads to a principal-principal conflict and therefore an increase in agency problems.
To avoid the confounding effect by which the different corporate governance mechanisms would lead to different predictions regarding corporate governance effectiveness, this paper constructs a corporate governance index by aggregating the six characteristics related to corporate governance effectiveness: the cash flow rights, the control-cash flow rights deviation, the control-affiliated directors, the control-affiliated supervisors, board independence, and the ITDRS rankings. The results show that good governance mechanisms are effective in mitigating the principal-principal agency costs and moderating the effect of group affiliation in affiliated firms’ cash holdings.
Keywords: Business Group-Affiliated Firms, Cash Holdings, Corporate Governance, Board Structure, Group Diversity
目次 Table of Contents
Contents
Acknowledgments i
Chinese Abstract ii
English Abstract iii
Contents iv
Tables vi
1. Introduction 1
1.1 Research Motivation 1
1.2 Research Method and Research Objective 4
1.3 Research Results 5
2. Literature Review and Hypotheses Development 7
2.1 Theories of the Benefits and Costs of Business Groups 7
2.2 Corporate Cash Holdings 10
2.3 Corporate Governance Mechanisms 12
3. Data and Methods 20
3.1 Sample Selection and Data Sources 20
3.1.1 Sample Selection 20
3.1.2 Data Sources 21
3.2 Measures 22
3.2.1 Corporate Cash Holdings and the Business Group-Affiliated Firms 22
3.2.2 Corporate Governance Index 23
3.2.3 Control variables 26
3.2.4 Business Group Characteristics 30
3.3 Empirical Models 32
4. Empirical Analysis 35
4.1 Descriptive Statistics 35
4.2 Empirical Results 40
4.2.1 The effects of corporate governance on cash holdings 40
4.2.2 Affiliated firms versus non-affiliated firms 43
4.2.3 The effects of business group characteristics on cash holdings 46
4.2.4 Additional analysis 48
5. Conclusion 50
References 52

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