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論文中文名稱:公司治理與股價崩跌風險之關聯性 [以論文名稱查詢館藏系統]
論文英文名稱:The Association between Corporate Governance and Stock Price Crash Risk [以論文名稱查詢館藏系統]
院校名稱:臺北科技大學
學院名稱:管理學院
系所名稱:經營管理系碩士班
畢業學年度:105
畢業學期:第二學期
出版年度:106
中文姓名:羅翊華
英文姓名:Yi Hua Luo
研究生學號:104578037
學位類別:碩士
論文頁數:55
指導教授中文名:林鳳儀
指導教授英文名:Fengyi Lin
口試委員中文名:林鳳儀;葉金成;張森河;黃劭彥
中文關鍵詞:公司治理股價崩跌風險代理問題資訊透明度
英文關鍵詞:corporate governancecrash riskagency probleminformation transparency
論文中文摘要:台灣2016年多起企業背信及經營失敗的案件如樂陞案和兆豐案,導致許多投資人損失慘重,使公司治理的制度再度受到考驗。過去研究指出嚴重代理問題為股價崩跌的原因,經理人為了工作職位及薪酬考量,會利用資訊不對稱的優勢去隱藏公司壞消息,滿足個人利益。然而,當壞消息達到極限後會一次釋放至市場,導致股票崩跌風險增加。本研究利用2003年至2015年(排除金融海嘯2008年)台灣上市上櫃的公司做為樣本,探討公司治理兩大構面-股權結構與董事會結構對股價崩跌風險的影響。實證結果顯示在股權結構方面,機構持股波動度與股價崩跌風險呈正向顯著,意謂持股不穩定的機構投資者較注重短期交易,並不會費心去監督經理人的投機行為,導致股價崩跌風險增加;董事持股與股價崩跌風險呈負向顯著,代表持股高的董事會實行對經理人的監督,抑制股價崩跌風險。在董事會結構方面,總經理雙元性與股價崩跌風險呈正向顯著,說明當兼董事長任總經理時,造成總經理權力過大,董事會無法有效監督其自利行為,導致股價崩跌風險增加。此外,本研究進一步以資訊透明度和企業社會責任將全部公司分為兩類,並指出在資訊透明度低或是企業社會責任低的情況下,公司治理效果更加顯著。
論文英文摘要:In 2016, a series of corporate scandals in Taiwan such as XPEC Entertainment or Mega International Commercial Bank results in many investors suffered severe losses. Previous studies indicate that stock price crashes are likely to occur among firms with severe agency problems. Managers, in such firms, due to career and compensation concerns, may exploit information asymmetries to conceal negative information. However, If managers accumulate bad news up to a certain threshold, all bad news comes out at once leading to a stock price crash. Using the sample of Taiwanese firms for the period 2003-2105(excluding the period of the financial crisis 2008).This study examines the impact of two corporate governance dimensions which comprise ownership structure and board structure on future stock price crash risk. Empirical evidence shows that institutional holdings volatility and CEO duality increase crash risk while stockholding of directors mitigate crash risk. Overall these relationships are more pronounced for firms with lower degree of information transparency or lower degree of corporate social responsibility.
論文目次:目錄
摘要 i
ABSTRACT iii
誌謝 v
目錄 vi
表目錄 viii
圖目錄 ix
第一章 緒論 1
1.1研究背景與動機 1
1.2研究目的 4
1.3研究流程 5
1.4論文架構 6
第二章 文獻探討與研究假說 7
2.1 資訊不對稱與股價崩跌風險 7
2.1.1 代理問題與資訊不對稱 7
2.1.2股價崩跌風險 8
2.2公司治理相關文獻 11
2.2.1公司治理-股權結構 11
2.2.2公司治理-董事會結構 15
2.3研究假說 19
第三章 研究設計 23
3.1研究架構 23
3.2樣本選取與資料來源 23
3.3變數定義 25
3.3.1 股價崩跌風險 25
3.3.2資訊透明度 26
3.3.3企業社會責任 27
3.4實證模型 27
第四章 資料分析與結果 30
4.1敘述性統計分析 30
4.2相關性分析 32
4.3多元迴歸分析 34
4.3.1 衡量公司治理與股價崩跌風險之間關係 34
4.3.2 資訊透明度對於公司治理與股價崩跌風險之間的
影響 37
4.3.3企業社會責任對於公司治理與股價崩跌風險之間的
影響 40
第五章 結論 43
5.1研究結論 43
5.2研究貢獻與意涵 44
5.3研究限制及未來研究建議 45
參考文獻 46
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