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    题名: 公司治理的價值攸關性
    作者: 李珍瑩
    贡献者: 張清福
    李珍瑩
    关键词: 公司治理
    偏離程度
    ohlson模式
    質押比
    日期: 2003
    上传时间: 2009-09-18 09:00:22 (UTC+8)
    摘要: 本文以La Porta 等人（1999）「最終控制權」的概念，來衡量控制股東之控制權與現金流量權的偏離情形，並以董監事持股質押比率來衡量董監事介入股市的程度，將之融入於Ohlson(1995)及Feltham and Ohlson(1995)動態線性資訊評價模式中，作為該評價模式之其他資訊項目，以探討除了超額盈餘、帳面價值等會計資訊外，公司治理因素在台灣是否具有評價攸關性。實證結果發現前後期超額盈餘相關且有持續性及預測相關性；超額盈餘及帳面價值等會計資訊能夠反應公司價值，是公司重要評價資訊；控制權與現金流量請求權偏離值與公司價值呈顯著負相關。亦即兩者偏離值越小，即控制權與現金流量請求權之偏離程度越大，公司價值越大，研究獲得與過去相關文獻研究中不同之異常現象；另外，在董監事介入股市方面，顯示董監事持股質押比率與股價兩者成負相關，但迴歸分析的結果並不顯著。整體來看，對台灣上市公司而言，本研究公司治理因素可為公司評價的重要增額資訊。
    Based on Ohlson (1995) and Feltham and Ohlson (1995) valuation models, this study examines the effects of corporate governance, in addition to abcdrmal earnings and book value, on firm value. The results indicate that the abcdrmal earnings have persistent and forecast relevance. Both abcdrmal earnings and equity book values are significantly relevant to firm value. Contrary to the literature, the corporate governance has negative effects on firm value.
    參考文獻: Ball, R. and P. Brown. 1968. An empirical evaluation of accounting income numbers, Journal of Accounting Research (Autumn): 159-178.
    Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review 71 (April): 443-465.
    Beaver, W. H., R. Clarke, and W. F. Wright. 1979. The Association between
    Unsystematic Security Returns and the Magnitude of Earnings Forecast Errors. Journal of Accounting Research 17(2): 316-340.
    Berle, A., and G. Means. 1932. The modern corporation and private property. New York, NY: MacMillan.
    Brad ley, M., A. Gregg, E. H. Kim, and W. H. Mikkelson. 1984. On the existence of an optimal capital structure: Theory and evidence/discussion. The Journal of Finance 39: 857-870.
    Barnea, A., R. A. Haugen, and L. W. Senbet. 1981. Market Imperfections, agency
    Problems and Capital Structure: a Review. Financial Management 10: 7-21.
    Black, B.1998. Shareholder Activism and Corporate Governance in the United States, in Peter Newmaned., The New Palgrave Dictionary of Economics and the Law, vol.3, 459-465.
    Black, B. 2001. The Corporate Governance Behavior and Market Value of Russian Firms. Emerging Markets Review 2: 89-108.
    Chen, Y. and S. Hu, 2001. The controlling shareholder’s personal stock loan and
    firm performance, working paper, National Taiwan University.
    Cho, M. H. 1998. Ownership structure, investment and the corporate value: An
    empirical analysis, Journal of Financial Economics 47: 103-121.
    Collins, D.W., Maydew, E.L., and Weiss, I.S. 1997. Change in the value-relevance of earnings and book values over the past forty years. Journal of Accounting and Economics 24: 39-67.
    描述: 碩士
    國立政治大學
    會計研究所
    91353016
    92
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0091353016
    数据类型: thesis
    显示于类别:[會計學系] 學位論文

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