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    題名: 股權結構及控股機制對財務危機成本之影響
    其他題名: The Impacts of Ownership Structures and Controlling Mechanisms on the Costs of Financial Distress
    作者: 林基煌
    關鍵詞: 財務危機成本;事件研究法;股權結構;公司治理;護盤行為
    cost of financial distress;event study;ownership structure;corporate governance;stock-buying behaviors
    日期: 2001
    上傳時間: 2007-04-18 16:41:53 (UTC+8)
    出版者: 臺北市：國立政治大學財務管理學系
    摘要: 本研究以八十七年七月至九十年六月，五十四家發生財務危機或股東發生財務危機的上市公司為樣本，基於事件研究法概念，由商譽成本、股票流動性成本、權益價值減損以及股票價格向下風險四個觀點，建構八個財務危機成本指標，檢視財務危機對公司價值及股東權益影響。實證結果發現，財務危機現象嚴重性會影響財務危機成本；股東財務危機未必造成公司價值之減損，但當該股東因為參與管理、護盤及對公司的違法行為，而與公司的財務狀況密切相關時，則其財務危機也會重創公司價值，而使公司遭致較高的財務危機成本。實證結果也顯示，除了負債程度、資產流動性、成長性等財務指標外，公司先前護盤行為、股權結構及公司治理等變數也和財務危機成本呈顯著的關聯性，而應被納入財務危機成本之預測模型。
    This study tries to measure the costs of financial distress of 54 corporations, which were listed on the Taiwan Stock Exchange and occurred financial distress from 1998 to 2001. We use multiple event-study indicators, representing the reputation cost, the liquidity cost, the loss of value of equity, and the downward risk of stock price separately, to proxy for the costs of financial distress. The results show that the costs of financial distress are positively related to the severity of financial distress. When the stockholders occurred financial distress and they had close financial relationship with the corporations, the value of corporations also decreased significantly. Besides traditional financial variables, the variables, which proxy for the stock- buying behaviors, ownership structures and corporate governance, also should be used to predict the costs of financial distress.
    描述: 核定金額：450900元
    資料類型: report
    顯示於類別:[財務管理學系] 國科會研究計畫

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