التفاصيل البيبلوغرافية
| العنوان: |
最終控制股東結構與股票市場績效之關聯性 ; The Relationship between Ultimate Controlling Shareholders and Market Performance |
| المؤلفون: |
徐中原, Shiu, Jung-Yuan |
| المساهمون: |
林宜勉, 中興大學, 林哲鵬, 游淑禎 |
| بيانات النشر: |
會計學研究所 |
| سنة النشر: |
2007 |
| المجموعة: |
National Chung Hsing University Institutional Repository - NCHUIR / 國立中興大學 |
| مصطلحات موضوعية: |
Market Liquidity, 市場流動性, Market Volatility, Ultimate Controlling Shareholders, Quality of Earnings, 市場波動性, 最終控制股東, 盈餘資訊品質 |
| الوصف: |
由於國內文獻主要探討最終控制股權結構與公司價值、盈餘資訊品質的影響，鮮少有研究探討控制股東剝削行為所造成的盈餘資訊透明度不足對市場流動性及波動性的影響。本文試圖探討股票市場績效，將市場績效區分為市場流動性與波動性指標，並將公司治理特性加入最終控制股東的概念 (LaPorta et al., (1999))，區分治理特性為最終控制股東之股權結構及最終控制股東董事會組成兩構面，分別探討控制股東可能引發的財富剝削行為是否降低公司會計資訊品質，進而是否會影響股票市場流動性與波動性。 實證結果發現：(1)最終控制股東所掌握的控制權越高，市場流動性越高，波動性愈低；最終控制股東所掌握的控制權與盈餘分配權偏離程度愈大，市場流動性越低，波動性愈大。 (2) 最終控制股東型態為家族或個人之公司，市場流動性較低，波動性較大；屬集團企業之公司，市場流動性較低，波動性較大。(3) 在考量剝奪誘因的同時，控制股東之董(監)事席次比率越高，市場流動性較低；控制股東之董(監)事席次與盈餘分配權偏離程度越大，市場流動性較低，波動性較大；董監事股權質押比率越高；市場流動性較低，波動性較大；最終控制股東的參與管理會使市場流動性降低，波動性變大。 ; Due to the fact that domestic literature review mainly discussed the effects of ultimate controlling shareholders ownership structures, firms' values, and quality of earnings, few studies have explored the effects of insufficient transparency of earnings caused by controlling shareholders' entrenchment effects on market liquidity and market volatility. This research examines market performance and distinguish market performance into market liquidity and market volatility, therefore, in terms of the concept of ultimate controlling shareholders that distinguishes the corporate governance of ultimate controlling shareholders' ownership structure and ultimate controlling shareholders board composition, this paper aims to explore whether or not the controlling shareholders' possible solicited wealth entrenchment effects would undermine the quality of financial statements that further influence stock market liquidity and volatility. The evidences show that (1) The more control rights the ultimate controlling shareholders obtain, the higher the market liquidity is and the lower the market volatility is ; the sharp divergence between cash-flow rights and control rights the ultimate controlling shareholders obtain, the lower the market liquidity is and the higher the market volatility is. (2) As for firms that are typically controlled by families or individuals, the market liquidity is lower but the market volatility is higher ; as for firms that are typically controlled by group, the market liquidity is lower but ... |
| نوع الوثيقة: |
thesis |
| اللغة: |
English |
| العلاقة: |
http://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-0307200611484400Test; U0005-0307200611484400; http://hdl.handle.net/11455/18789Test |
| الإتاحة: |
http://hdl.handle.net/11455/18789Test |
| حقوق: |
none |
| رقم الانضمام: |
edsbas.84FEC2D3 |
| قاعدة البيانات: |
BASE |
