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Student Number 90421032
Author Chung-Ying Ko(柯璟瑩)
Author's Email Address No Public.
Statistics This thesis had been viewed 2869 times. Download 2248 times.
Department Business Administration
Year 2002
Semester 2
Degree Master
Type of Document Master's Thesis
Language zh-TW.Big5 Chinese
Title 董事會特性、股權結構與負債關聯性之研究
Date of Defense 2003-06-19
Page Count 80
Keyword
  • 代理問題
  • 股權結構
  • 董事會特性
  • 負債
  • Abstract 本研究主要探討公司在考量董事會特性與股權結構之監督功能下,從代理問題觀點,探究對公司負債之影響。由於負債、管理者股權、機構人持股與股利間具交互影響關係,因此除利用OLS探討影響負債因素外,並以聯立方程式,採用二階段最小平方法(2SLS)探討四者關連並對負債造成之影響。此外,不同組織型態之代理問題嚴重程度不一,本研究進一步將樣本分群為集團及非集團企業,觀察董事會特與股權結構對負債之影響。本研究以84年至90年曾發公開說明說之上市公司為樣本,共計457個觀察值。研究結果說明如下:
    一、董事會特性與負債
    外部董事與負債關係,不論採OLS或2SLS皆無發現兩者呈顯著影響。因此,並無證據說明外部董事比率會對負債造成影響。董事會規模與負債關係,考慮其他變數彼此相互關係後,集團企業之董事會規模由原來OLS下對負債不顯著,轉變與總負債呈顯著負相關。董事長兼任總經理對總負債影響2SLS分析發現,董事長兼任總經理在集團樣本下對總負債比率呈顯著負相關,支持本研究假說。
    二、股權結構與負債
      內部人持股對負債影響以2SLS分析來看,大多與總負債比率呈顯著負相關,分群下,兩群體皆與長期負債達負相關,內部人持股比率越高,代理問題趨緩因而降低負債的使用作為監督機制。另外,由分析看來,內部人持股、負債、機構人持股與股利的確互為影響,因此在考慮影響負債因素時,必須將聯立關係納入考量。機構持股人與負債關係,機構人持股對負債呈顯著正相關,與本研究推論方向相反。金融機構持股與負債關係,集團金融機構持股與負債關係呈顯著負向關係,顯然金融機構在非集團企業中扮演重要監督角色,並符合本研究預期。股權集中度對負債影響方面,股權集中度在集團樣本中對總負債呈顯著負向影響。另外,股權集中度對長期負債呈顯著負向影響。此結果表示,股權集中度越高的公司,其代理問題較不嚴重,因此較不需要以負債作為監督機制,負債比率通常較低。
    Table of Content 第壹章 導論1
    第一節 研究背景及動機1
    第二節 研究目的3
    第三節 研究流程3
    第貳章 文獻探討4
    第参章 研究方法17
    第一節 研究架構17
    第二節 研究假說18
    第三節 研究變數定義22
    第四節 研究對象與研究期間30
    第五節 統計分析方法32
    第肆章 實證結果與分析35
    第一節 基本敘述性統計35
    第二節 相關分析44
    第三節 迴歸分析45
    第伍章 結論與建議62
    第一節 結論62
    第二節 研究限制與建議65
    附錄66
    參考文獻76
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  • Jung-Hua Hung(洪榮華)
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    Date of Submission 2003-06-23

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