English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113656/144643 (79%)
Visitors : 51732004      Online Users : 625
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
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/99751
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/99751


    Title: 控制權、現金流量權及其偏離對外國企業來臺第一上市櫃承銷價及績效表現之影響
    The Effects of Control Rights, Cash-Flow Rights and Their Divergence on the Offering Prices and Operating Performance for the Foreign Firms Primary Listing in Taiwan
    Authors: 江逸民
    Chiang, Yi Ming
    Contributors: 張清福
    Chang, Ching Fu
    江逸民
    Chiang, Yi Ming
    Keywords: 控制權與現金流量權偏離
    外國企業來臺第一上市(櫃)
    承銷價
    經營績效
    the divergence between control rights and cash-flow rights
    foreign issuers primary listing in Taiwan security market
    offering price
    operating performance
    Date: 2016
    Issue Date: 2016-08-09 10:08:17 (UTC+8)
    Abstract: 「外國企業來臺第一上市(櫃)」是行政院自2008年以來,推行的重要政策。但因F股公司主要營運地點在海外,資訊較為不透明,其公司治理所釋放出的訊息就更為重要。
    本論文以2010年到2015年,來台第一上市(櫃)的79家F股公司為樣本,研究控制權、現金流量權及其偏離,對於F股公司掛牌的承銷價、短期股價報酬及長期經營績效的影響,獲得的主要結論如下:(1)最終控制者的控制權對F股公司上市(櫃)承銷價及承銷價倍數有負面影響。(2)控制權與現金流量權的偏離對F股公司短期的股價報酬率有負面的影響。(3)控制權與現金流量權的偏離對F股公司的長期經營績效有負面的影響。
    從以上結論投資人可經由這些指標,來進一步評價新上市(櫃)F股公司公司治理的好壞,也可進一步評估其短期股價的報酬和長期經營的績效。
    Reference: 一、中文部分
    工商時報,2015.06.12,證交所:公司治理優異,營運績效佳(A19)。
    方俊儒、李秀英及龍春伶,2008,獨立董監事對公司績效與盈餘品質之影響--控制股東之調節效果,會計與公司治理,第五卷,第1期: 55-80。
    朱純嬅,2014,股權結構與董事會結構對外國企業來臺第一上市櫃承銷價及掛牌後績效表現之影響,國立政治大學會計研究所碩士論文。
    李建興,2008,台灣IPO折價影響因素之探討:分量迴歸分析法,證券市場發展季刊,第二十卷,第1期: 47-100。
    李馨蘋,2011,新上市公司承銷價格因素之探討,中華管理評論國際學報,第十四卷,第2期: 1-12。
    沈中華、陳錦村及吳孟紋,2001,更早期預警模型:台灣銀行道德指標的建立及影響,討論稿,國立政治大學金融學系。
    林育嬌,2013,外國企業來台第一上市之公司特性、股權結構與Tobin`s Q關係之研究,國立交通大學管理學院管理科學學程碩士論文。
    高蘭芬、陳振遠及李焮慈,2006,資訊透明度及席次控制權與現金流量權偏離對公司績效之影響-以台灣電子業為例,台灣管理學刊,第六卷,第2期: 81-104.
    許崇源、李怡宗、林宛瑩及鄭桂蕙,2003a,控制權與盈餘分配權偏離之衡量(上), 貨幣觀測與信用評等,第42期: 15-31。
    許崇源、李怡宗、林宛瑩及鄭桂蕙,2003b,控制權與盈餘分配權偏離之衡量(下), 貨幣觀測與信用評等,第43期: 11-26。
    楊雅婷,2003,興櫃交易與上市(櫃)股票之蜜月效果,國立台北大學經濟學系碩士論文。
    葉銀華、邱顯比及何憲章,1997,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,第四卷,第4期: 47-73。
    葉銀華、李存修及柯承恩,2002,公司治理與評等系統 ,台北:商智文化事業股份有限公司。
    鄭慧敏,2006,探討公司治理對新上市櫃公司股票初期報酬與長期績效表現之影響,國立交通大學管理科學系碩士論文。

    二、英文部份
    Agrawal, A., and C. R. Knoeber, 1996, Firm performance and mechanisms to control agency problems between managers and shareholders., Journal of Financial and Quantitative Analysis 31: 377-397.
    Beatty, R. P., and J. R. Ritter, 1986, Investment banking, reputation, and the underpricing of initial public offerings, Journal of Financial Economics 15: 213-232.
    Berle, A., and G. Means, 1932, The modern corporation and private property. New York, N.Y.: MacMillan.
    Brennan, M. J., and J. Franks, 1997, Underpricing, ownership and control in initial public offerings of equity securities in the UK, Journal of Financial Economics 45: 391-413.
    Carter, R., and S. Manaster, 1990, Initial public offerings and underwriter reputation, The Journal of Finance 45: 1045-1067.
    Claessens, S., S. Djankov, P. H. F. Joseph, and H. P. L. Larry, 2002, Disentangling the incentive and entrenchment effects of large shareholdings. , The Journal of Finance 57: 2741-2771.
    Claessens, S., S. Djankov, and L. H. P. Lang, 2000, The separation of ownership and control in East Asian corporations, Journal of Financial Economics 58: 81-112.
    Fan, J. P. H., and T. J. Wong, 2002, Corporate ownership structure and the informativeness of accounting earnings in East Asia., Journal of Accounting and Economics 33: 401-425.
    Gompers, P. A., J. Ishii, and A. Metrick, 2010, Extreme governance: an analysis of dual-class firms in the United States, The Review of Financial Studies 23: 1051-1088.
    Hanley, K. W., 1993, The underpricing of initial public offerings and the partial adjustment phenomenon, Journal of Financial Economics 34: 231-250.
    Hayes, S. L., 1971, Investment banking: power structure in flux, Harvard Business Review 49: 136-152.
    Holderness, C. G., R. S. Kroszner, and D. P. Sheehan, 1999, Were the good old days that tood? Changes in managerial stock ownership since the great depression, The Journal of Finance 54: 435-469.
    Holderness, C. G., D. P. Sheehan, M. C. Jensen, and J. B. Warner, 1988, The role of majority shareholders in publicly held corporations: An exploratory analysis., Journal of Financial Economics 20: 317-346.
    Jensen, M. C., and W. H. Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3: 305-360.
    La Porta, R., F. Lopez-De-Silanes, and A. Shleifer, 1999, Corporate ownership around the world. , The Journal of Finance 54: 471-517.
    La Porta, R., F. Lopez-De-Silanes, A. Shleifer, and R. Vishny, 2002, Investor protection and corporate valuation., The Journal of Finance 57: 1147-1170.
    Lee, T. S., and Y. H. Yeh., 2001, Corporate governance and financial distress: evidence from Taiwan., Paper presented at the 2001 Asia Pacific Finance Association Conference, Bangkok, Thailand.
    Leland, H. E., and D. H. Pyle, 1977, Informational asymmetries, financial structure, and financial intermediation, The Journal of Finance 32: 371-387.
    Lin, T. H., and R. C. Fok, 1997, The information content of IPOs price adjustment, International Journal of finance 9: 650-667.
    Loughran, T., and J. R. Ritter, 2002, Why don`t issuers get upset about leaving money on the table in IPOs?, The Review of Financial Studies 15: 413-443.
    Mak, Y. T., R. S. K. Tan, Y. C. W. Tan, and H. P. Tee, 2003, Corporate governance and IPO pricing. Working paper, National University of Singapore.
    Michaely, R., and W. H. Shaw, 1995, Does the choice of auditor convey quality in an initial public offering?, Financial Management 24: 15-30.
    Morck, R., A. Shleifer, R. W. Vishny, M. C. Jensen, and J. B. Warner, 1988, Management ownership and market valuation: An empirical analysis., Journal of Financial Economics 20: 293-315.
    OECD, 1999, OECD Principles of corporate governance.
    Palmrose, Z.-V., 1988, 1987 competitive manuscript co-winner: An analysis of auditor litigation and audit service quality, The Accounting Review 63: 55-73.
    Prowse, S., 1998, Corporate governance: emerging issues and lessons from East Asia. World Bank Group.
    Rajan, R. G., and L. Zingales, 1998, Which capitalism? Lessons from the East Asian crisis., Journal of Applied Corporate Finance 11: 40-48.
    Ritter, J. R., 1991, The long-run performance of initial public offerings, The Journal of Finance 46: 3-27.
    Rosenstein, S., and J. G. Wyatt, 1997, Inside directors, board effectiveness, and shareholder wealth, Journal of Financial Economics 44: 229-250.
    Shleifer, A., and R. W. Vishny, 1986, Large shareholders and corporate control, Journal of Political Economy 94: 461-488.
    Shleifer, A., and R. W. Vishny, 1997, A survey of corporate governance., The Journal of Finance 52: 737-783.
    Titman, S., and B. Trueman, 1986, Information quality and the valuation of new issues, Journal of Accounting and Economics 8: 159-172.
    Wei, K. C. J., and Y. Zhang, 2008, Ownership structure, cash flow, and capital investment: Evidence from East Asian economies before the financial crisis, Journal of Corporate Finance 14: 118-132.
    WorldBank, 1999, Corporate governace: A framework for implementation- overview.
    Yeh, Y.-h., T.-s. Lee, and T. Woidtke, 2001, Family control and corporate governance: evidence from Taiwan. , International Review of Finance 2: 21.
    Description: 碩士
    國立政治大學
    會計學系
    99353006
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0099353006
    Data Type: thesis
    Appears in Collections:[會計學系] 學位論文

    Files in This Item:

    There are no files associated with this item.



    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