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    Title: 多角化經營、公司治理與財務危機
    Diversification, Corporate Governance, and Financial Distress
    Authors: 張媛婷
    Contributors: 張清福
    張媛婷
    Keywords: 多角化
    公司治理
    財務危機
    離散時間涉險分析
    Diversification
    Corporate Governance
    Financial Distress
    Discrete-time Hazard Model
    Date: 2006
    Issue Date: 2009-09-11 17:27:06 (UTC+8)
    Abstract: 本研究利用離散時間涉險模型，分析台灣上市公司之多角化程度、公司治理與財務危機之關係。本研究分為三階段逐步加入多角化程度變數、公司治理與多角化程度之交叉相乘項及控制變數。首先探討相關或非相關多角化程度是否與公司發生財務危機之可能性具有關聯性。接著納入公司治理之考量，探究公司治理、相關或非相關多角化程度與公司發生財務危機可能性間之關係。
    實證結果顯示，無論是相關多角化或是非相關多角化均可顯著降低公司發生財務危機之可能性。當納入公司治理之考量後，實證結果顯示，當公司的董監質押比率、控制股東持股比率、關係人進貨比率、關係人融資比率、席次控制比率、董事席次等6項公司治理指標愈差時，公司的相關多角化程度愈高，發生財務危機的可能性也會提高；而當公司的控制股東持股比率、關係人進貨比率、關係人融資比率、席次控制比率、董事席次等5項公司治理指標愈差時，公司的非相關多角化程度愈高，發生財務危機的可能性也會愈高。
    This study employs discrete-time hazard model to investigate how the distress-diversification sensitivity is moderated depending on the level of corporate governance in nested models which sequentially incorporate diversification and then corporate governance as a moderator. The findings show that diversification reduces the possibility of financial distress while corporate governance moderates the diversification effect on financial distress.
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    Description: 碩士
    國立政治大學
    會計研究所
    94353044
    95
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0094353044
    Data Type: thesis
    Appears in Collections:[Department of Accounting] Theses

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