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論文中文名稱:從代理人的角度探討管理者能力對股價崩跌風險之影響 [以論文名稱查詢館藏系統]
論文英文名稱:The Impact of Managerial Ability on Stock Price Crash Risk:From Agent Perspective [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:范心瑜
英文姓名:Hsin Yu Fan
研究生學號:105578006
學位類別:碩士
語文別:中文
口試日期:2018/06/11
論文頁數:88
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:葉金成;王登仕;吳政穎
中文關鍵詞:代理理論管理者能力股價崩跌風險公司治理
英文關鍵詞:Agency TheoryManagerial AbilityCrash RiskCorporate Governance
論文中文摘要:本研究選用2007至2017年臺灣上市櫃公司,探討從代理人的角度下,管理者能力對股價崩跌風險的影響,並檢驗公司治理是否對於管理者能力與股價崩跌風險之間具有調節效果。在公司為全產業、電子產業時,實證結果發現:管理者能力對股價崩跌風險呈正向顯著影響,意味能力高的管理者會為了自身利益,提高自身收入和保障職位安全,傾向策略性地隱瞞壞消息,增加資訊不對稱的情況,進而增加股價崩跌風險的發生。而公司治理制度是保障公司資金提供者應有權益,主要目的在降低股東與經理人間之代理問題。進一步發現,在電子產業中,當機構持股波動度愈大、董事長與總經理為同一人、董事會規模愈大、獨立董事席次愈高時,對管理者能力與股價崩跌風險之間具有顯著影響。這代表當機構持股波動度越大,持股不穩定的機構投資者較注重短期績效,會惡化經理人隱藏公司壞消息行為,導致股價崩跌風險增加;代表當董事長與總經理為同一人時,會造成權力集中化,使利益衝突更加惡化並降低監督效能,增加股價崩跌風險;董事會規模愈大時,其董事成員能客觀制定企業經營之決策,不受控制股東所影響,使企業財務報表透明度進而提升,進而減少股價崩跌的發生;獨立董事席次越高,可做出更為客觀之決策,降低經理人為了自身利益的考量而從事盈餘管理或利用資訊不對稱的優勢去隱藏公司壞消息,減少股價崩跌風險的發生。
論文英文摘要:This study selects Taiwanese listed companies from 2007 to 2017. From agent perspective, it discusses the impact of managerial ability on the stock price crash risk, and examines whether corporate governance has moderator effect between managerial ability and stock price crash risk. When the company is in the whole industry and electronics industry, the empirical results show that managerial ability have a positive and significant impact on the stock price crash risk, which means that managers with higher ability will improve their own income for their own benefit and to protect job security, the tendency to conceal the bad news strategically, increasing information asymmetry, thereby increasing the stock price crash risk. Corporate governance system protects the equity of the company’s fund providers. The main purpose of this study is to reduce the agency between the shareholders and managers. Therefore, this study further explores the impact of corporate governance on managerial ability and stock price crash risk. And further discover that in the electronics industry, when the institutional holdings volatility, chairman and general manager for the same person, the board of directors is larger in scale, the higher the number of independent directors, there is a significant impact on the managerial ability and the stock price crash risk. It is shows that the more institutional holdings volatility, institutional investors with unstable stocks pay more attention to short-term performance, which will worsen managers’ hiding of bad corporate news and increase the stock price crash risk. It represents when the chairman and the general
manager are the same, it will result in centralized power, the conflict of interest worsened and reduce the supervision efficiency, increase the stock price crash risk. The board of directors is larger, board members can objectively formulate decisions on business operations and are not affected by the controlling shareholders, so that transparency of corporate financial statements can be further enhanced, thereby reducing the occurrence of stock price crash risk. The higher the number of independent directors, the more objective the business can make the decision-making to reduce managers for their own interests in earnings management or using information asymmetry to hide bad news to reduce stock price crash risk.
論文目次:目 錄

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 文獻探討與假說建立 7
2.1管理者能力 7
2.1.1衡量管理者能力的方法 7
2.1.2管理者能力相關文獻 8
2.2 代理理論相關文獻 12
2.3股價崩跌風險相關文獻 15
2.3.1股價崩跌風險定義 15
2.3.2國外股價崩跌風險相關文獻 15
2.3.4國內股價崩跌風險相關文獻 17
2.3.5中國大陸股價崩跌風險相關文獻 17
2.4公司治理相關文獻 19
2.4.1公司治理之發展 19
2.4.2股權結構 20
2.4.3董事會結構 23
2.5 假說之建立 27
2.5.1管理者能力對股價崩跌風險之影響 27
2.5.2公司治理在管理者能力對股價崩跌風險間的
調節效果 29
第三章 研究設計 32
3.1研究架構 32
3.2 樣本選取與資料來源 34
3.3變數定義 36
3.3.1管理者能力之衡量 36
3.3.2股價崩跌風險之衡量 40
3.3.3公司治理之衡量 41
3.4實證模型 42
第四章 資料分析與結果 46
4.1敘述性統計分析 46
4.2相關性分析 50
4.3多元迴歸分析 52
4.3.1衡量管理者能力對股價崩跌風險之影響
52
4.3.2衡量在公司治理下對管理者能力與股價崩跌
風險之間的影響 53
4.4額外性測試 62
4.5穩健性測試 64
第五章 結論與建議 67
5.1研究結論 67
5.2研究貢獻與意涵 70
5.3研究限制與未來研究建議 71
參考文獻 72


表目錄

表3.1 樣本篩選過程表 34
表3.2 全樣本產業分布表 35
表3.3衡量效率值的變數定義 37
表3.4衡量Tobit迴歸的變數定義 38
表3.5公司治理變數定義 42
表3.6變數定義彙整表 45
表4.1敘述性統計分析表−全產業 48
表4.2敘述性統計分析表−電子產業 49
表4.3 Pearson相關係數表 50
表4.4全產業迴歸結果表(以Ncskew的方法衡量) 56
表4.5全產業迴歸結果表(以Duvol的方法衡量) 57
表4.6電子產業迴歸結果表−迴歸式1到4 (以Ncskew的方法衡量) 58
表4.7電子產業迴歸結果表−迴歸式5到7 (以Ncskew的方法衡量) 59
表4.8電子產業迴歸結果表−迴歸式1到4(以Duvol的方法衡量) 60
表4.9電子產業迴歸結果表−迴歸式5到7(以Duvol的方法衡量) 61
表4.10衡量管理者能力對股價崩跌風險之影響-非電子產業 .63
表4.11股權偏離差衡量表 65
表4.12席次偏離差衡量表 66
表5.1假說結果彙整表 69


圖目錄

圖1.1研究流程圖…………………………………………………………………………..5
圖3.1研究架構圖…………………………………………………………………………33
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