政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/34064

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/34064

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政大典藏 > College of Commerce > Department of Finance > Theses > Item 140.119/34064

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/34064

Title:	內部人持股，投資人保護與公司價值 Ownership, Protection, and Firm Value
Authors:	林惠珊 Lin, Huei-Shan
Contributors:	屠美亞 Twu, Mia 林惠珊 Lin, Huei-Shan
Keywords:	內部人持股現金流量權投資人保護代理問題公司價值 insider ownership cash flow rights investor protection agency problem firm value
Date:	2007
Issue Date:	2009-09-17 19:19:28 (UTC+8)
Abstract:	La Porta 等人以提高內部人持股可使內、外部股東利益一致，進而降低代理問題的觀點出發，在2002 年發表的實證研究中指出，提高內部人持股有助於提升公司的價值，特別是在對外部投資人保護較差的國家；他們也發現，對投資人保護程度愈好的國家，該國企業的價值也較高。本研究則從提高內部人持股可能產生的代理問題著手，在利弊同時存在之下，以涵蓋範圍更廣、時間更長的樣本，探討在不同的投資人保護環境下，提高內部人持股對公司價值的影響，以及投資人保護程度對於內部人持股集中與分散的公司價值是否也有不同的影響。本研究發現，在投資人保護較佳的國家，提高內部人持股會傷害公司價值，但在投資人保護較差的國家，提高內部人持股可增加公司價值。另外，公司價值與內部人持股率之間呈現曲線關係，當內部人持股率相對較低時，提高內部人持股對公司價值是弊多於利；當內部人持股水準相對較高時，提高內部人持股則是利多於弊。而投資人保護程度對於內部人持股較分散的公司而言，顯得較為重要。因此，法律層面對投資人的保護程度和內部人持股集中度對於公司價值的影響有顯著的替代效果。 This paper uses a sample of companies from 34 countries around the world to shed light on the relationships among legal protection of shareholders, ownership structure, and firm value. La Porta et al. (2002) indicate a positive relationship between cash flow, ownership, and firm value, especially in countries with poor investor protection. Besides, they also find evidence of higher valuation of firms in countries with better protection of minority shareholders. However, they don’t consider the effect of higher ownership on the cost of stealing, which may cause the controlling shareholders to expropriate more from minority shareholders. Also, their study covers only large firms with a controlling shareholder by one year data. Their results can be restricted to large firms and a particular year. Therefore, we use more comprehensive time series and cross section data to probe into the subject. Using various specifications of the valuation regressions of Fama and French (1998), we find that higher ownership improves valuation in poor protection countries while higher ownership deteriorates valuation in good protection countries. In addition, stronger legal protection improves firm value, especially the firms with low ownership concentration. That is, there is a substitute effect of legal protection and ownership concentration on firm valuation. Finally, we also testify that dividends are valued more in poor protection countries and firms with low ownership concentration.
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Description:	碩士國立政治大學財務管理研究所 94357004 96
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0094357004
Data Type:	thesis
Appears in Collections:	[Department of Finance] Theses

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