Title: | 探討外部融資需求對公司治理與公司價值之影響:以美國上市公司為例 The Impact of External Financing Needs on the Relationship Between Corporate Governance and Firm Value: Empirical Evidence from US |
Authors: | 徐翠伶 Tsui-Ling Hsu 鍾惠民 陳達新 Huimin Chung Dar-Hsin Chen 財務金融研究所 |
Keywords: | 公司治理;公司價值;外部融資需求;Corporate Governance;Firm Value;External Financing Needs |
Issue Date: | 2006 |
Abstract: | 本研究以1998年至2003年美國上市公司為研究樣本,探討外部融資需求對於公司治理與公司價值關係之影響。過去實證研究發現,公司治理好的公司有較高的公司價值與投資效率,顯示公司治理可以減緩股東與經理人間的代理問題。本研究欲探討外部環境 (如市場競爭、投資機會及外部融資需求)對於公司治理結構之影響,企業是否會因應外部環境改變公司治理程度,並著重於探討外部融資需求對於既有公司治理及價值之影響。由於公司治理與公司價值成正向關係,因此存在企業主動改善公司治理之誘因,造成公司治理與公司價值內生性或聯立決定的潛在疑慮,為精確的探討公司治理對公司價值影響,因此使用3SLS與GMM計量方法,允許模型中公司治理與公司價值可相互影響。本文實證結果指出公司治理與公司價值的確存在內生聯立關係,外部環境將會影響企業公司治理之決策,且外部融資需求會強化公司治理對於公司價值的影響。 The purposes of this study are to investigate the impact of external finance needs on the relationship between corporate governance quality and firm value and to examine the relationship between firm value and corporate governance by taking account for the endogeneity problem. We find that corporate governance quality and firm value have a reverse causality. This suggests that better governance could enhance firm valuation and a reversal effect might be at work as well. We also find that external forces, such as external financial needs, growth opportunities, and industrial environments are associated with corporate governance practices. Moreover, external finance needs would strengthen the influence of antitakeover provisions on firm value. |
URI: | http://140.113.39.130/cdrfb3/record/nctu/#GT009439517 http://hdl.handle.net/11536/81871 |
Appears in Collections: | Thesis |