台灣上市公司發行存託憑證(DR)股權結構與Tobin’s Q關係之研究

Abstract

本研究是探討台灣上市公司發行存託憑證(簡稱DR)股權結構與Tobin’s Q關係之研究。其中股權結構分為『內部人持股』及『機構法人持股』二部份探討，此部份為本文研究探討之重點，同時針對這類型公司IPO年限、負債比率及資本資出率等公司經營屬性變數對Tobin’s Q的影響。

本研究樣本期間取自2000年至2010年之間已發行DR之上市公司(排除財報資訊不全者及金融保險業)，總樣本觀測值有58家公司，588筆資料。主要以Panel Regression方法來進行分析。

研究結果發現台灣發行存託憑證的公司，主要為電子業占所有樣本的79%，研究結果顯示經理人持股比率對於Tobin’s Q是負相關的，此結果與Jensen and Ruback (1983)提出的『利益掠奪假說』(Entrenchment Hypothesis )一致。

The purpose of this study is to explore the Relationship between Ownership and Tobin’s Q for the Issuing Depositary Receipts in Taiwan. Ownership structure is divided into insider ownership and institutional ownership, this parts explore the focus of this study, at the same time the type of company for the years IPO, the debt ratio and the capital assets ratio During this study, samples taken from 2000 to 2010 listed companies issued DR (exclude earnings information insufficiency and finance and insurance), 58 companies, 588 document (s) observations of the total sample. Panel Regression methods for analysis The results showed that the issuing depository receipts of companies in Taiwan, mainly for the electronics industry accounted for 79% of all samples, the results show manager shareholding ratio of Tobin's Q is negative, this result with Jensen and Ruback (1983)consistent with the Entrenchment Hypothesis