标题: | 台湾上市柜公司减资后公司治理与 Tobin's Q之研究 Study on the Corporate Governance and Tobin’s Q for the De-Capitalization Firms |
作者: | 李俊明 Lee, Chun-Ming 王淑芬 Wang, Sue-Fung 管理学院财务金融学程 |
关键字: | 减资;亏损减资;现金减资;内部人持股比例;外部监督持股比例;市场评价;de-capitalization;eliminate deficit;return cash to the shareholders;internal ownership;external supervise ownership;Tobin’s Q |
公开日期: | 2011 |
摘要: | 减资是公司求取事业新生的过程,台湾近年来进行减资的企业逐年递增,减资的型态也更为多变,过去文献主要集中于以事件研究法探讨各类型减资公司减资后的宣告效果及超额报酬等议题,却鲜少有研究关注其公司治理机制,理论上公司治理机制越好的企业可以提升其营运绩效、降低财务危机的发生率;对于减资公司而言,提升绩效可以引领公司迈向新的里程碑,同时也是提高市场的评价的重要关键,故本研究目的在于检视减资后的公司治理机制与市场评价之间的相关性,文中将以曾经办理亏损减资及现金减资的台湾企业为研究对象,探讨内部人持股比例、外部监督持股比例与公司Tobin’s Q之间的关联性。 实证结果显示,对亏损减资样本而言,Tobin’s Q与内部持股人比例皆呈显着负相关,而与外部监督持股比例呈显着正相关;对现金减资样本而言, Tobin’s Q与内部持股人比例及外部监督持股比例皆呈显着正相关,由上述可知亏损减资公司欲提升市场评价需回归到企业本质及未来展望,无法藉由内部人持股比例对公司价值产生正向影响,但外部人持股仍能对公司产生监督作用,促使公司价值提升。现金减资公司则因营运状况稳定,财务体质较佳,内部人持股比例与外部监督持股比例皆可对市场评价产生正面影响。 De-capitalization is the process for many companies to restore their financial structure. In recent years, de-capitalization types have become varied and more and more popular in Taiwan. A lot of previous studies focus on the signal effect or abnormal return of different types of de-capitalization, yet but the corporate governance. Theoretically, the company with good corporate governance mechanism will improve its operating performance and reduce the probability of financial crisis. For a company which adopts de-capitalization policy, improving performance is the key point to lead the company to achieve the new milestone. This study focuses on analyzing the correlation between corporate governance and market valuation after one company reduces its capital. We use the listing companies which have been eliminate deficit or return cash to the shareholder as our samples, and discuss the correlation among de-capitalization companies’ Tobin’s Q , internal ownership, and external supervise ownership. For companies which eliminate deficit, the empirical evidence suggests that Tobin’s Q has significant negative correlation to internal ownership, but has significant positive correlation to external supervise ownership. From the result, we realize this kind of companies can’t improve performance by increasing internal ownership, while external supervise ownership does work. For companies which return cash to the shareholders, the empirical evidence suggests that Tobin’s Q has significant positive correlation to internal ownership and external supervise ownership. This kind of companies are in good operating condition, so the good corporate governance mechanism will have positive effect to the performance. |
URI: | http://140.113.39.130/cdrfb3/record/nctu/#GT079772524 http://hdl.handle.net/11536/46395 |
显示于类别: | Thesis |