政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/95518
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113656/144643 (79%)
Visitors : 51708424      Online Users : 387
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/95518


    Title: 借殼上市公司的代理問題與經營績效之關係
    Authors: 倪偉倫
    Contributors: 周行一
    倪偉倫
    Date: 2002
    Issue Date: 2016-05-09 16:25:43 (UTC+8)
    Abstract: 　　過去十年來台灣股票市場興起一股「借殼上市」的熱潮，由於借殼上市屬於購併方式的一種，由學理上應該是能夠降低公司代理問題，提升公司績效的行為，但是後來這些被借殼公司卻常有財務危機的情況發生。為了找出可能的原因，本文利用一些股權變數來代表代理問題的嚴重性，比較借殼前後期的結果，並驗證是否這些變數就是造成公司績效變差的主因。
    　　實證結果顯示：
    　　1.比較被借殼公司在借殼前後，本文所提出可能造成代理問題更嚴重的代理變數：董監事或大股東採用金字塔結構和交叉持股、董監事持股、大股東現金流量權和控制權差距、董監事質押比例和最大股東佔有董事會比例，皆達到統計上顯著惡化的結果。
    　　2.董監事或大股東採用金字塔結構將對公司的股價報酬產生負面的影響，但是交叉持股卻未達統計上影響。
    　　3.董監事持股比例對公司股價報酬的改變無顯著影響。
    　　4.大股東現金流量權和控制權差距越大公司的短期股價報酬越差。
    　　5.董監事質押比例越高，對被借殼公司股價報酬的影響，短期為負，中期為正，長期為負。
    　　6.最大股東佔董事會比例越高，公司的股價報酬越差，並且在中長期有更顯著的趨勢。
    Reference: 中文部份
    1.隋何，財務管理（上）---公司理財，鼎茂圖書出版有限公司，1998年五月。
    2.林進富，公司併購教戰守則，聯經出版事業公司，1999年五月。
    3.洪麗芬，「借殼上市股東財富的影響」，政治大學財務管理研究所未出版碩士論文，1999年六月。
    4.余尚武，楊政麟，「台灣企業借殼上市之經濟行為與股價報酬之關係」，經濟情勢暨評論，第3卷第3期，1997年，頁206-221。
    5.許文祺，「國內企業股份收購後領導改變之研究-以借股上市公司為例」，東華大學國企所未出版碩士論文，1998年。
    6.柯承恩，我國公司監理機制體系之問題與改進建議（上），會計研究月刊第173期，2000年四月。
    7.柯承恩，我國公司監理機制體系之問題與改進建議（下），會計研究月刊第174期，2000年五月。
    8.葉銀華/邱顯比/何憲章，「利益輸送代理問題和股權結構之理論與實證研究」，中國財務學刊，第4卷第一集，頁48-73，1997年。
    英文部分
    1.Beck, P.J. and T.S. Zorn, “Managerial Incentives in a Stock Market Economy” The Journal of Finance; New York; Dec 1982
    2.Jensen, M.C. and W.C. Meckling, “Theory of the Firm：Managerial Behavior, Agency Costs, and Capital Structure, “Journal of Financial Economics, Vol. 33, 1976, pp.305-360.
    3.Fama, E.F. and M.C. Jensen, “Separation of Ownership and Control”; Journal of Law and Economics, 1983; Vol. 26, pp. 301-325
    4.Jensen, M.C. and R.S. Ruback, “the Market for Corporate Control：Empirical Evidence” Journal of Financial Economics, 1983, Vol.11, pp5-50
    5.Fama, E.F. and M.C. Jensen, ”Agency Problems and Residual Claims” Journal of Law and Economics, 1983, Vol. 26, pp.327-349
    6.Walking, R.A. and B. Long, ”Agency Theory, Managerial Welfare &Takeover Bid Resistance”, The Rand Journal of Economics, Vol.15,1984,pp54-68
    7.La Porta, R. ,F. Lopez-de-Silanes, and A. Shleifer, “Corporate ownership around the world” The Journal of Finance; Apr 1999
    8.Grinblatt, M. and S. Titman, Financial Markets and Corporate Strategy,1998
    9.Berle, A.A. and C.G. Means “The Modern Corporation and Private Property,” New York：Macmillan. 1932.
    10.Eisenhardt, K.M., “Agency Theory：An Assessment and Review” Academy of Management Review, 14(1),1989,pp.57-74.
    11.Williamson, O.E., ”Organization Form, Residual Claimants, and Corporate Control,” Journal of Law and Economics,26,1983,pp.351-366
    12.Pound, J., “The Information Effects of Takeover Bids and Resistance,” Journal of Financial Economics, Vol. 22, December 1988, pp. 207-227.
    13.Demsetz, H., “The Structure of Ownership and the Theory of the Firm.” Journal of Law and Economics, Vol.26, 1983, pp.375-390
    14.Morck, R., A. Shleifer, and R.W. Vishny, , “Management Ownership and Market Valuation: An Empirical Analysis”, Journal of Financial Economics, Amsterdam; Jan/Mar 1988; Vol. 20, Iss. 1,2; pp.293-315
    15.Shleifer, A., and R.W. Vishny, , “Large Shareholders and Corporate Control” The Journal of Political Economy, Chicago; Jun 1986; Vol. 94, Iss. 3; pp. 461-488
    16.Claessens, S., S. Djankov, and L.H.P. Lang, ” The separation of ownership and control in East Asian corporations” Journal of Financial Economics, Amsterdam , Oct/Nov 2000; Vol. 58, Iss. 1,2; pg. 81
    17.Grossman, S., and O. Hart, ”The costs and benefits of ownership：A theory of vertical and lateral integration,” Bell journal of Economics, 1988, Vol.11, pp.42-64
    18.Faccio, M., and Larry H.P. Lang, “The separation of Ownership and Control：An analysis of Ultimate Ownership in Western European Corporations,” 2000 European Financial Management Association Annual Meeting.
    19.Yeh, Y. H. and T. S. Lee, 2000, “Corporate Governance and Performance: The Case of Taiwan,” International Review of Finance (NSC86-2416-H-030-003)
    20.Jones, T.M. and L.D. Goldberg, ”Governing the Large Corporation: More Argument for Published Directors.”, Academy of Management Review, Vol. 7,1982, pp603-611
    21.Levmore, Saul, Securities and Secrets: Insider Trading and the Law of Contracts Virginia Law Review; Charlottesville; Jan 1982
    22.Harris, M., and A. Ravis, “Corporate governance: Voting rights and majority rules, ” Journal of Financial Economics, Vol.20, 1998, pp.203-235
    23.Claessens, S., S. Djankov, J. Fan, and H. P. Lang, “Expropriation of minority shareholders: Evidence from East Asia,” Policy research working paper 2088, The World Bank.1999
    24.Monks, A.G. Robert, and Minow, Nell, Corporate Governance, Blackwell Business, USA, 1995
    25.Weisbach, M., “Outside directors and CEO turnover” Journal of Financial Economics, Vol.20, 1988, pp.431-460.
    26.Loderer, C. and K. Martin, “Executive Stock Ownership and Performance：Tracking Faint Traces” Journal of Financial Economics, 1997,Vol. 45, pp.223- 255
    27.Hermalin, B.E. and M.S. Weisbach, ”The determinants of board composition” Rand Journal of Economics, Vol.19, 1988, pp.589-606.
    Description: 碩士
    國立政治大學
    財務管理研究所
    89357014
    Source URI: http://thesis.lib.nccu.edu.tw/record/#A2010000414
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

    Files in This Item:

    File SizeFormat
    index.html0KbHTML2279View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.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.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback