Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/158651
|
| Title: | 集團觀點之控制創業家族與信用風險 |
| Authors: | 涂書萍
Tu, Shu-Ping |
| Contributors: | 林宛瑩
涂書萍
Tu, Shu-Ping |
| Keywords: | 公司治理
信用風險
集團最終控制者
Corporate governance
Credit risk
Group ultimate controller |
| Date: | 2025 |
| Issue Date: | 2025-08-04 14:50:07 (UTC+8) |
| Abstract: | 本研究以2019至2023年之台灣一般產業上市(櫃)公司為樣本，以企業風險評量機構所提供之信用評等作為衡量企業信用風險之代理變數，主要探討集團最終控制者創業家族成員出任董事長對企業信用風險之影響。實證研究結果顯示，由集團最終控制者創業家族成員擔任董事長之企業，其信用風險顯著較低。分析結果亦指出，董監結構特性、人事穩定度、歷史危機經驗、財務特徵以及外部信用條件，皆對企業信用風險具有顯著影響。
Using a sample of Taiwanese publicly listed companies in general industries from 2019 to 2023, this study examines the effect of an ultimate controlling founding family member who also acts as the board chair on corporate credit risk (measured by TCRI). The empirical results show that the credit risk of a company with a board chair being the ultimate controlling founding family member is significantly lower than that of a company led by professional managers. The results also indicate that board structure, stability of management, historical crisis experience, financial attributes, and external credit conditions have significant influences on corporate credit risk. |
| Reference: | 台灣經濟新報TEJ，2023，TCRI台灣企業信用風險指標，資料來源：https://www.tejwin.com/news/tcri-%E4%BB%8B%E7%B4%B9/#TCRI_%E7%9A%84%E7%A0%94%E7%A9%B6%E6%AD%B7%E7%A8%8B
王曉雯、吳明政，2011，替換類型與市場競爭對總經理異動宣告股東財富之影響，人文及社會科學集刊，第23卷，第2期：1-35。
呂素蓮、李國榮、謝聖涵，2014，公司治理對企業信用評等之影響與預測，東吳經濟商學學報，第87期：97-133。
李馨蘋、呂奇潔，2012，領導結構會影響公司績效嗎？，會計與公司治理，第8卷，第2期：27-49。
金融監督管理委員會證券期貨局，2020，公司治理簡介，資料來源：https://www.sfb.gov.tw/ch/home.jsp?id=882&parentpath=0%2C8
金融監督管理委員會證券期貨局，2024，公司治理3.0-永續發展藍圖，資料來源：https://www.sfb.gov.tw/ch/home.jsp?id=992&parentpath=0,8,882,884
林有志、邱炳雲、高茂峰，2008，更換經理人對公司經營績效之影響，會計與公司治理，第5卷，第2期：1-27。
林宛瑩、許崇源，2008，台灣集團企業之控股型態及公司治理衡量指標之研究與建議，交大管理學報，第28卷，第1期：269-312。
林宛瑩、許崇源、戚務君、陳宜伶，2009，公司治理與信用風險，臺大管理論叢，第19卷，第2期：71-98。
林玟廷，2015，特殊的組織型態：集團企業，人文與社會科學簡訊，第17卷，第1期：34-41。
林美鳳、金成隆、林良楓，2009，股權結構、會計保守性與信用評等關係之研究，臺大管理論叢，第20期，第1卷：289-329。
張瑞當、方俊儒、曾玉琦，2007，核心代理問題與盈餘管理：董事會結構與外部監督機制之探討，管理學報，第24卷，第1期：17-39。
陳瑞斌、許崇源，2007，公司治理結構與資訊揭露之關聯性研究，交大管理學報，第27卷，第2期：55-109。
彭雅惠、呂佩珊，2011，公司治理機制對信用評等影響之研究，玄奘管理學報，第8卷，第1期：49-74。
劉啟群，1999，我國銀行年報自願性揭露與銀行特質關聯性研究，中山管理評論，第7卷，第1期：57-80。
蔡柳卿、陳苑如、張佩琪，2024，高階經理人和基層員工間薪酬差距與公司信用評等，會計審計論叢，第14卷，第2期：87-132。
Aaker, D. A. 1984. Strategic Market Management. New York : Wiley.
Amit, R., and Livnat, J. 1988. Diversification and the Risk-Return Trade-Off. Academy of Management Journal, 31(1), 154-166.
Anderson, R. C., and Reeb, D. M. 2003. Founding-Family Ownership and Firm Performance: Evidence from the S&P 500. The Journal of Finance, 58(3), 1301-1328.
Ansoff, H. I. 1957. Strategies for Diversification. Harvard Business Review, 5(35), 113-124.
Ashbaugh-Skaife, H., Collins, D. W., and LaFond, R. 2006. The effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics, 42(1), 203-243.
Balachandran, B., Bhagawan, P., Krishnamurti, C., and Zhou, Y. 2025. Intensity of exploitation-exploration innovation strategies and credit ratings. Economic Modelling, 151, 107169.
Bantel, K. A., and Jackson, S. E. 1989. Top Management and Innovations in Banking: Does the Composition of the Top Team Make a Difference? Strategic Management Journal, 10, 107-124.
Chapin, C. K., and Jermain, D. O. 1985. Increasing the Success of Your Diversification Program. Sloan Management Review, 26(4), 65.
Chua, J. H., Chrisman, J. J., and Sharma, P. 1999. Defining the Family Business by Behavior. Entrepreneurship Theory and Practice, 23(4), 19-39.
Coasa, R., H. 1937. The Nature of the Firm. Economica, 4(16), 386-405.
Core, J. E., Holthausen, R. W., and Larcker, D. F. 1999. Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51(3), 371-406.
Cubbin, J., and Leech, D. 1983. The Effect of Shareholding Dispersion on the Degree of Control in British Companies: Theory and Measurement. The Economic Journal, 93(370), 351-369.
Cuervo-Cazurra, A. 2006. Business groups and their types. Asia Pacific Journal of Management, 23(4), 419-437.
Dang, M., Puwanenthiren, P., Jones, E., Nguyen, T. Q., Vo, X. V., and Nadarajah, S. 2022. Strategic archetypes, credit ratings, and cost of debt. Economic Modelling, 114, 105917.
Dawson, A., and Mussolino, D. 2014. Exploring what makes family firms different: Discrete or overlapping constructs in the literature? Journal of Family Business Strategy, 5(2), 169-183.
Donnelley, R. G. 1964. The Family Business. Harvard Business Review, 42(4), 93-105.
Duchin, R. 2010. Cash Holdings and Corporate Diversification. The Journal of Finance, 65(3), 955-992.
Eisenhardt, K. M. 1989. Agency Theory: An Assessment and Review. Academy of Management Review, 14(1), 57-74.
Fahlenbrach, R. 2009. Founder-CEOs, Investment Decisions, and Stock Market Performance. Journal of Financial and Quantitative Analysis, 44(2), 439-466.
Fama, E. F., and Jensen, M. C. 1983. Agency Problems and Residual Claims. The Journal of Law and Economics, 26(2), 327-349.
Fama, E. F., and Jensen, M. C. 1983. Separation of Ownership and Control. The Journal of Law and Economics, 26(2), 301-325.
Faulkender, M., and Petersen, M. A. 2006. Does the Source of Capital Affect Capital Structure? Review of Financial Studies, 19(1), 45-79.
Geiger, M. A., and North, D. S. 2006. Does Hiring a New CFO Change Things? An Investigation of Changes in Discretionary Accruals. The Accounting Review, 81(4), 781-809.
Grossman, S. J., and Hart, O. D. 1986. The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration. Journal of Political Economy, 94(4), 691-719.
Gompers, P., Ishii, J., and Metrick, A. 2003. Corporate Governance and Equity Prices. The Quarterly Journal of Economics, 118(1), 107-155.
Gupta, R. 2023. Financial determinants of corporate credit ratings: An Indian evidence. International Journal of Finance and Economics, 28(2), 1622-1637.
Hambrick, D. C., and Mason, P. A. 1984. Upper Echelons: The Organization as a Reflection of Its Top Managers. Academy of Management Review, 9(2), 193-206.
Hart, O. 1995. Firms, Contracts, and Financial Structure. Oxford University Press.
Hart, O., and Moore, J. 1988. Incomplete Contracts and Renegotiation. Econometrica, 56(4), 755-785.
Jensen, M. C., and Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jensen, M. C., and Ruback, R. S. 1983. The market for corporate control: The scientific evidence. Journal of Financial Economics, 11(1), 5-50.
Kisgen, D. J. 2006. Credit Ratings and Capital Structure. Journal of Finance, 61(3), 1035-1072.
Kisgen, D. J., and Strahan, P. E. 2010. Do Regulations Based on Credit Ratings Affect a Firm’s Cost of Capital? Review of Financial Studies, 23(12), 4324-4347.
La Porta, R., Lopez-De-Silanes, F., and Shleifer, A. 1999. Corporate Ownership Around the World. The Journal of Finance, 54(2), 471-517.
Litz, R. A. 1995. The Family Business: Toward Definitional Clarity. Family Business Review, 8(2), 71-81.
Mansi, S. A., Maxwell, W. F., and Miller, D. P. 2004. Does Auditor Quality and Tenure Matter to Investors? Evidence from the Bond Market. Journal of Accounting Research, 42(4), 755-793.
Maury, B. 2006. Family ownership and firm performance: Empirical evidence from Western European corporations. Journal of Corporate Finance, 12(2), 321-341.
Morck, R., Shleifer, A., and Vishny, R. W. 1988. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20(1-2), 293-315.
Moyer, R. C., Chatfield, R. E., and Sisneros, P. M. 1989. Security Analyst Monitoring Activity: Agency Costs and Information Demands. The Journal of Financial and Quantitative Analysis, 24(4), 503-512.
Penrose, E. 1995. The Theory of the Growth of the Firm. Oxford University Press.
Reed, R., and Luffman, G. A. 1986. Diversification: The Growing Confusion. Strategic Management Journal, 7(1), 29-35.
Ross, S. A. 1973. The Economic Theory of Agency: The Principal’s Problem. The American Economic Review, 63(2), 134-139.
Tihanyi, L., Ellstrand, A. E., Daily, C. M., and Dalton, D. R. 2000. Composition of the Top Management Team and Firm International Diversification. Journal of Management, 26(6), 1157-1177. |
| Description: | 碩士
國立政治大學
會計學系
112353004 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112353004 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
| File |
Description |
Size | Format | |
|---|
| 300401.pdf | | 2453Kb | Adobe PDF | 0 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
