不舉債公司價值與公司治理之研究 -以台灣上市櫃公司為例

Abstract

本研究探討不舉債公司之公司治理指標對公司價值的影響，研究樣本為我國上市（櫃）中之699 家傳統產業公司與高科技公司。本研究定義之不舉債公司為，現金與約當現金多於付息負債之公司。自M&M資本結構與公司價值無關理論後，主張資本結構與公司價值有關之抵換理論、融資順位理論、代理理論皆主張資本結構與公司價值有相關性。文獻上提出股權結構最適化有助減低代理成本，藉以提高公司之價值。本論文以內部人持股比(大股東含董監事持股)代表公司治理變數，以股價淨值比代表公司價值之指標以多元迴歸分析法，藉此了解公司治理對不舉債公司價值之影響。 本篇研究的實證結論彙整如下： （1）內部人持股比對傳統產業不舉債公司之價值有正向顯著效果。好的公司治理能替傳統產業不舉債公司增加價值。 （2）依本論文之不舉債定義下、不舉債公司價值高於舉債公司。

This research investigated the correlation between corporate governance index and firm value of debt-free company. It is contained 699 firms in research sample pool both in Taiwan Traditional Industry and High Technology Industry. The definition of debt-free company is cash and cash equivalents retain higher than interesting bearing liabilities. Compare to M&M theory that capital structure is non-correlate with firm-value that Static Trade-Off theory, Pecking Order theory and Agency theory are supporting optimized capital structure would increase firm value. As a result, firm value will be increased via optimizing Ownership Structure owing to reducing agency cost. This study indicate price to book value ration as corporate value index and ownership structure as corporate governance index. The evidence of debt-free firm value influencing by corporate governance is via statistical multiple factors regression methodology.

The results of this study are summarized as below: (1) Debt-free company in Traditional industrial show significant correlation with corporate governance index. The better corporate governance could increase their firm value. (2) Based on the definition of this thesis, the debt-free company own higher firm value than company with debt both in Traditional industry and High Technology industry.