 |
English
|
正體中文
|
简体中文
|
Post-Print筆數 : 27 |
Items with full text/Total items : 113311/144292 (79%)
Visitors : 50925351
Online Users : 965
|
|
|
Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/72697
|
| Title: | Agency Problem of Proxy Contest and Monitor Mechanism: the Evidence on The Separation of Ownership and Control, and Minority Shareholders’ Expropriation |
| Other Titles: | 委託書之代理問題及制衡機制：對控制權偏離暨少數股東侵占行為之實證研究 |
| Authors: | 陳嬿如
Lin, H.F;Chen, Y.R.;Wu, T.Z. |
| Contributors: | 財管系 |
| Keywords: | 委託書;控制權與現金流量權偏離
Proxy contest;Separation of ownership and control |
| Date: | 2012 |
| Issue Date: | 2015-01-08 17:51:00 (UTC+8) |
| Abstract: | 本研究主要檢視委託書制度所可能衍生之控制權偏離及代理問題，委託書之董事選舉權設計，原係賦予公司股東可經由委託書授與，對於經營不善之現任管理者發揮監督功能，惟此項制度設計亦使少數股東無須購買股權即可取得公司控制權，造成控制權與現金流量權偏離之經濟後果。本研究由證券期貨局建置之委託書公告系統取得2002年至2005年間改選董事及徵求委託書資料，實證檢測徵求委託書與董事席次控制權偏離情形，本文發現徵求委託書與控制股東董事席次權與現金流量權偏離具有統計上顯著正相關，顯示相對於未徵求委託書公司，徵求委託書公司在控制股東董事席次權與現金流量權偏離程度顯著為高。此外，本文分別採用不同型態之關係人交易、轉投資損益及處分轉投資損益作為小股東權益被侵占之代理變數，觀察與徵求委託書相關性，結果顯示徵求委託書公司具有顯著較高關係人財產交易損失，及較低之轉投資損益及處分轉投資損益。最後，本文考量董事股權對緩和委託書公司不當侵占之效果，研究發現董事股權較高者，關係人應收借支占資產比率較低及轉投資收益占營收比率較高，傾向支持利益收斂假說。
This research aims to investigate the implications of the proxy contest on the separation of ownership and control and agency problems in Taiwan. The design of the director`s suffrage in the proxy was meant to give the shareholders authority to oversee the management teams. However, such design also enables certain shareholders acquire substantial board control right without holding a large stake of company shares, and may therefore cause a negative economical outcome. Using a dataset of 1,066 corporations which had elected directors in 2002 to 2005, this research finds a greater divergence between controlling shareholders` control over the board seats and their ownership when the companies solicit the proxy for board seats. In addition, this research adopts various forms of related party transactions, investments income, and income on disposal of investments for expropriation of minor shareholders wealth. The findings show that companies soliciting the proxy possess higher related party property transaction loss, lower investment income, and lower income on disposal of investments. Finally, this research takes into account the moderating effect of director`s share ownership on proxy contest and minority shareholders wealth, and finds that a high level of director ownership adds to increase the investment income and the income on disposal of investments, supporting the convergence of interest hypothesis. |
| Relation: | International Journal of Accounting Studies, 54, 1-42 |
| Data Type: | article |
| Appears in Collections: | [財務管理學系] 期刊論文
|
Files in This Item:
| File |
Description |
Size | Format | |
|---|
| 142.pdf | | 2028Kb | Adobe PDF2 | 2082 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
著作權政策宣告 Copyright Announcement1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.
2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(
nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(
nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
