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    题名: 市場自由化與公司治理對公司價值及投資限制的影響---跨公司分析
    其它题名: The Impact of Market Liberalization and Corporate Governance on Firm Value and Financial Constraints--- A Cross-Firm Analysis
    作者: 周冠男
    贡献者: 國立政治大學財務管理學系
    行政院國家科學委員會
    关键词: 跨公司
    日期: 2009
    上传时间: 2012-10-22 11:10:55 (UTC+8)
    摘要: 自1980年代末期開始，許多新興國家開始實行資本市場自由化，使得大量的資金流入，同時也引起了眾多學者的研究興趣。此外，已經有許多文獻指出個別公司治理優劣對於公司績效有重要的影響。較佳的公司治理與公司營運績效及市場評價有顯著的正向關聯。因此我們計畫以新興市場公司為樣本，研究公司治理品質對市場自由化於公司股價表現與財務限制的影響。然而就我們所知，在這些研究當中，卻幾乎沒有探討個別公司治理結構將如何與金融市場自由化所造成的衝擊產生相互影響。在本計畫中，藉由納入公司治理因素，我們試著瞭解金融市場自由化之財富效果。於計畫的第一年，我們蒐集新興國家的公司為樣本，分析股票市場自由化對公司股價表現的影響，並已取得初步實證結果，證明公司治理為研究新興市場自由化效果時，所必須考量的重要因素。
    Many of the emerging economies have experienced liberalization of their capital markets since the late 1980s, inducing massive amounts of capital inflow, and at the same time giving rise to broad academic interest. Most of the prior studies on financial market liberalization focus on the aggregate change in the cost of capital (Stulz, 1999; Bekaert and Harvey, 2000; Henry, 2000a), little evidence is available on whether firm values are increased and whether financial constraints are effectively lifted in the post-liberalization period, at firm level. The importance of the firm-level corporate governance quality on firm performances has been well documented in the literature. The better corporate governance is highly correlated with better operating performance and market valuation. To the best of our knowledge, few of these studies, if any, have examined how a firm’s corporate governance structure would interact with the impact of financial market liberalization. In the first year’s project, we examine the role of financial market liberalization on the wealth effects. We find significant influences of corporate governance on the effect of market liberalization events. Market responses to stock market liberalization announcements are more favorable and valuable for low insider ownership firms than those for high insider ownership firms. This is likely due to the expropriation of minority shareholders. We also test the effect of major shareholder and foreign investors’ ownership. The results show that the market’s responses are more favorable and valuable for firms with higher foreign investors’ ownership.
    關聯: 基礎研究
    學術補助
    研究期間:9908~ 10007
    研究經費:995仟元
    数据类型: report
    显示于类别:[財務管理學系] 國科會研究計畫

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