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論文中文名稱:政治連結與股價崩跌風險之關聯性 :以財報品質、管理者能力為調節變數 [以論文名稱查詢館藏系統]
論文英文名稱:The Relationship between Political Connections and Stock Price Crash Risk : Using financial report quality and managerial ability as Moderators [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:106
畢業學期:第二學期
出版年度:107
中文姓名:黃怡華
英文姓名:Yi-Hua Huang
研究生學號:105578011
學位類別:碩士
語文別:中文
口試日期:2018/06/11
論文頁數:82
指導教授中文名:林鳳儀
口試委員中文名:葉金成;王登仕;吳政穎
中文關鍵詞:政治連結股價崩跌風險財報品質管理者能力
英文關鍵詞:Political ConnectionsStock Price Crash RiskFinancial Report QualityManagerial Ability
論文中文摘要:本文以2001年到2017年台灣上市櫃公司作為研究樣本,主要探討政治連結與股價崩跌風險之關聯性,再進一步分析在財報品質、管理者能力的影響下,探討政治連結對股價崩跌風險的影響,結果顯示公司為電子產業時,政治連結較高的公司,其會增加股價崩跌風險,意味政治連結之企業會降低向投資者傳遞公司內部的私有消息,提升資訊不對稱的可能性,導致股價崩跌風險增加;另外也進一步發現到企業為電子產業之政治連結較高的公司,當財報品質較低時,其股價崩跌風險愈高,意即政治連結之企業內外部的監督機制較鬆散,容易產生自利行為,使財報品質降低,導致股價崩跌風險增加;最後管理者能力則對電子產業之政治連結與股價崩跌風險並沒有產生顯著影響。
論文英文摘要:This paper uses Taiwanese listed companies from 2001 to 2017 as a research sample. It mainly discusses the relationship between political connections and the stock price crash risk, and further analyzes the impact of political connections and the stock price crash risk on the influence of financial reporting quality and managerial ability. The results show that when the company is an electronics industry, companies with higher political connections will increase the stock price crash risk. The meaning that political connected companies will reduce the transmission of private news within the company to investors and increase the possibility of information asymmetry, leading to the stock price crash risk has increased.
In addition, it has been further discovered that companies with higher political connections have higher the stock price crash risk in their financial reports in the electronics industry. This means that the internal and external monitoring mechanisms of politically connected companies are looser and tend to generate self-interest. This will reduce the quality of financial reports and increase the stock price crash risk. Finally, managerial ability has no significant impact on political connections and the stock price crash risk in the electronics industry.
論文目次:摘 要 i
ABSTRACT ii
誌 謝 iv
目 錄 v
表目錄 vii
圖目錄 viii
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政治連結與股價崩跌風險 7
2.1.1 政治連結相關文獻 7
2.1.2 股價崩跌相關文獻 12
2.1.3 政治連結與股價崩跌相關文獻 15
2.2 在財報品質的影響下,政治連結對股價崩跌風險之影響 17
2.3在管理者能力的影響下,政治連結對股價崩跌風險之影響 22
第三章 研究設計 27
3.1研究架構 27
3.2樣本選取與資料來源 29
3.3變數定義 31
3.3.1自變數-政治連結 31
3.3.2應變數-股價崩跌風險 32
3.3.3 調節變數 33
3.3.4 控制變數 37
3.4 實證模型 38
第四章 資料分析與結果 42
4.1敘述性統計分析 42
4.2相關性分析 50
4.3多元迴歸分析 51
4.3.1衡量政治連結與股價崩跌風險之間關係 51
4.3.2財報品質對於政治連結與股價崩跌風險之間的影響 59
4.3.3管理者能力對於政治連結與股價崩跌風險之間的影響 62
4.4額外性測試 64
4.4.1內生性檢定(Hausman test) 64
第五章 結論 68
5.1研究結論 68
5.2研究貢獻與意涵 69
5.3研究限制及未來研究建議 70
參考文獻 71
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