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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政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 > Item 140.119/34064

請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/34064

題名:	內部人持股，投資人保護與公司價值 Ownership, Protection, and Firm Value
作者:	林惠珊 Lin, Huei-Shan
貢獻者:	屠美亞 Twu, Mia 林惠珊 Lin, Huei-Shan
關鍵詞:	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
日期:	2007
上傳時間:	2009-09-17 19:19:28 (UTC+8)
摘要:	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.
參考文獻:	Atiase, R., K., 1985, “Predisclosure Information, Firm Capitalization, and Security Price Behavior around Earnings Announcements.” Journal of Accounting Research, 23(1). Burkart, M., D. Gromb and F. Panunzi, 1997, “Large Shareholders, Monitoring, and the Value of the Firm.” Quarterly Journal of Economics, 112, 693-728. Claessens, S., Simeon Djankov, Joseph P. H. Fan, and Larry H. P. Lang, 1999, “Expropriation of minority shareholders: Evidence from East Asia.” The World Bank, Washington, DC. Claessens, S., Simeon Djankov, Joseph P. H. Fan, and Larry H. P. Lang, 2002, “Disentangling the Incentive and Entrenchment Effects of Large Shareholdings.” Journal of Finance, 6. Chirinko, R, H van Ees, H Garretsen, and E Sterken, 2004, “Investor Protections and Concentrated Ownership: Assessing Corporate Control Mechanisms in the Netherlands.” German Economic Review, 5(2), 119-138. Collins, D.W., Kothari, S.P., Rayburn, J.D., 1987, “Firm size and the information content of prices with respect to earnings.” Journal of Accounting and Economics, 9, 109-138. Dittmar, Amy, and Jan Mahrt-Smith, 2007, “Corporate governance and the value of cash holdings.” Journal of Financial Economics, 83, 599-34. Dittmar, Amy, Jan Mahrt-Smith and Henri Servaes, 2003, “International Corporate Governance and Corporate Cash Holdings.” Journal of Financial and Quantitative Analysis, 38(1), 111-133. Fama, E., French, K., 1993, “Common Risk Factors in the Returns on Stocks and Bonds.” Journal of Financial Economics 33, 3-56. Fama, E., French, K., 1998, “Taxes, Financing Decisions, and Firm Value.” Journal of Finance 53, 819-843. Fama, E., MacBeth, J., 1973. “Risk, Return, and Equilibrium: Empirical Tests.” Journal of Political Economy 81, 607-636. Fauver, L., J. Houston and A. Naranjo, 1998, “Capital Market Development, Legal Systems and the Value of Corporate Diversification: A Cross-Country Analysis,” Mimeo, University of Florida. Frankel, Richard and Xu Li, 2004, “Characteristics of a Firm’s Information Environment and the Information Asymmetry between Insiders and Outsiders.” Journal of Accounting and Economics, 37, 229-259. Freeman, Robert N., 1987, “The Association Between Accounting Earnings and Security Returns for Large and Small Firms.” Journal of Accounting and Economics, 9(2), 195-228. Gorton, G., and Frank A. Schmid, 2000, “Universal Banking and the Performance of German Firms.” Journal of Financial Economics, 58, 29-80. Jensen, Michael, and William Meckling, 1976, “Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure,” Journal of Financial Economics, 3, 305-360. La Porta, Rafael, Florencio Lopez-De-Silanes, and Andrei Shleifer, 1998, “Law and Finance.” Journal of Political Economy, 106(6), 1113-1155. La Porta, Rafael, Florencio Lopez-De-Silanes, and Andrei Shleifer, 1999, “Corporate Ownership around the World.” Journal of Finance, 54(2), 471-517. La Porta, Rafael, Florencio Lopez-De-Silanes, Andrei Shleifer, and Robert W. Vishny, 2000, “Agency Problems and Dividend Policies around the World.” Journal of Finance, 55(1), 1-33. La Porta, Rafael, Florencio Lopez-De-Silanes, Andrei Shleifer, and Robert W. Vishny, 1997, “Legal Determinants of External Finance.” Journal of Finance, 52(3), 1131-1150. La Porta, Rafael, Florencio Lopez-De-Silanes, Andrei Shleifer, and Robert W. Vishny, 2000, “Investor Protection and Corporate Governance.” Journal of Financial Economics, 58, 3-27. La Porta, Rafael, Florencio Lopez-De-Silanes, Andrei Shleifer, and Robert W. Vishny, 2002, “Investor Protection and Corporate Valuation.” Journal of Finance, 57, 1147-1170. Pinkowitz, L., René Stulz and Rohan Williamson, 2006. “Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross-country Analysis.” Journal of Finance, 2006. Rozeff, Michael S., 1982, “Growth, Beta, and Agency Costs as Determinants of Dividend Payout Rations.” Journal of Financial Research, 249-259. Schooley, Diane K., and L. Dwayne Barney Jr., 1994, “Using Dividend Policy and Managerial Ownership to Reduce Agency Costs.” Journal of Financial Research, 17(3), 363-373. Shleifer, Andrei and Robert W. Vishny, 1997, “A Survey of Corporate Governance” The Journal of Finance, 52(2), 737-783.
描述:	碩士國立政治大學財務管理研究所 94357004 96
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0094357004
資料類型:	thesis
顯示於類別:	[財務管理學系] 學位論文

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