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    题名: 公司治理、研發投入與企業價值-以台灣電子業為例
    Corporate Governance, R&D and Corporate Value- Evidence of Electronic Firms in Taiwan
    作者: 林鈺真
    Lin, Yu Chen
    贡献者: 詹凌菁
    Chan, Ling Ching
    林鈺真
    Lin, Yu Chen
    关键词: 單一家族主導
    公司治理
    創新投入
    企業價值
    family firms
    corporate governance
    innovation investment
    corporate value
    日期: 2011
    上传时间: 2013-09-02 15:28:56 (UTC+8)
    摘要: 本研究探討在單一家族主導之企業其公司治理對企業價值之影響。本文利用台灣經濟新報社（TEJ）資料庫，選取2008年至2011年期間之台灣上市上櫃電子業公司作為研究樣本。實證結果顯示，單一家族主導之電子企業，對（1）創新活動之投入而言，最終控制股東超額持股比率及管理階層持股比率越高，越有助於企業創新投入之強度；（2）企業價值而言，創新投入後，最終控制股東超額持股比率、董監事持股及管理階層之持股比率提高時，並不能提升企業價值。
    This study examines the association between corporate governance, R&D investments, and corporate value in family firms. The sample comprises of listed electronic companies in Taiwan from years 2008-2011. The empirical results suggest that family firms with greater ultimate owners’ excess shareholdings and managers’ shareholdings are more intensive innovation investments. However, R&D investments do not enhance corporate value if family firms have greater ultimate owners’ excess shareholdings, directors’ and supervisors’ shareholdings, and managers’ shareholdings.
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