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博碩士論文 etd-0611104-155659 詳細資訊
Title page for etd-0611104-155659
論文名稱
Title
台灣上市公司影響代理問題因素之探討
none
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
84
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
2004-05-14
繳交日期
Date of Submission
2004-06-11
關鍵字
Keywords
管理者、公司治理、內部人、代理問題
insider, corporate goverance, managerment, agency problem
統計
Statistics
本論文已被瀏覽 5700 次,被下載 6789
The thesis/dissertation has been browsed 5700 times, has been downloaded 6789 times.
中文摘要
近年來,有關於「公司治理」的概念日趨重要,但其範圍中存在著一個不易辨認好壞的地帶,亦即代理問題,在法律上它並沒有明文之規範,亦無約束效力,因此。若企業內部存有這些問題時,將不易被察覺,故投資者就難以輕易辨別代理問題的輕重。
代理問題對於企業創造銷售額與獲利能力有著重要影響,進而使得公司價值發生變動,這些變動,將會迅速反應在上市公司的股價上,影響股東權益的價值,連帶也可能改變投資人的決策。而本論文的主要結論如下:
1、 投資人於評價公司代理問題時,應注意公司內部人的持股率高低,以免有過
度的代理成本出現。
2、考慮大股東持股率對於代理成本的影響時,應用在傳統產業以總資產週轉倍
數探討是較恰當的。
3、長期負債比率較高的公司,代理成本較負債比率低的公司大。
4、規模較大的公司,其代理問題會較小。
5、考慮監察人比率對於代理成本之影響,應用在傳統產業以總資產週轉倍數探
討是較合適的。
6、較大的董事會規模其代理問題會較董事會規模小的公司大。
Abstract
none
目次 Table of Contents
目錄
第一章 緒論
第一節 研究背景…………………………………………………1
第二節 研究動機…………………………………………………3
第三節 研究目的…………………………………………………6
第四節 論文研究架構……………………………………………7
第二章 相關文獻探討
第一節 代理問題及種類…………………………………………9
第二節 代理問題之探討…………………………………………10
權益代理問題……………………………………………10
降低權益代理問題之機制………………………………13
債權代理問題……………………………………………17
降低債權代理問題之機制………………………………19
第三節 文獻回顧…………………………………………………20
股權結構…………………………………………………20
第三人監督………………………………………………23
董事會規模與結構………………………………………26
第三章 研究設計
第一節 研究假說…………………………………………………28
第二節 變數名稱與定義…………………………………………31
第三節 研究方法…………………………………………………34
資料敘述與平均數差異差異檢定………………………34
迴歸分析…………………………………………………35
第四節 研究樣本…………………………………………………38
研究對象、研究期間與資料來源………………………38
樣本分類…………………………………………………39
第四章 實證結果與分析
第一節 資料敘述…………………………………………………40
第二節 兩母體平均數差異u1-u2檢定之實證結果………………45
第三節 迴歸分析之結果…………………………………………49
完整模式迴歸分析之結果………………………………49
修正後模型之結果………………………………………60
第四節 研究假說之實證結果與分析……………………………61
第五章 結論與建議
第一節 研究結論…………………………………………………68
第二節 研究建議…………………………………………………70
對投資者建議……………………………………………70
後續研究建議……………………………………………71
參考文獻……………………………………………………………72
附錄…………………………………………………………………80
參考文獻 References
參考文獻
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