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Author: 張岳愷
Yueh-Kai Chang
Thesis Title: 以Ohlson模型探討公司治理對股價攸關性 –以上市櫃金融業為例
Using the Ohlson Model to Explore the Influence of Corporate Governance on Stock Prices–Taking Financial Listing Stocks for an Example
Advisor: 陳俊男
Chun-Nan Chen
Committee: 謝劍平
Joseph C.P. Shieh
林軒竹
Hsuan-Chu Lin
陳嬿如
Yenn-Ru Chen
Degree: 碩士
Master
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2021
Graduation Academic Year: 109
Language: 中文
Pages: 38
Keywords (in Chinese): 公司治理主成分分析多元迴歸董事會運作Ohlson評價模型
Keywords (in other languages): Ohlson model
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  • 在過去的研究大多以帳面價值及每股盈餘來衡量公司股價,鮮少討論公司治理變數對公司股價的影響,本研究以Ohlson(1995)所提出股權評價模型為基礎,加入公司治理變數,並以台灣上市櫃公司金融業為研究對象,金融業為高度監管產業,公司治理重要性更加顯著。研究時間為2010至2019年財報資料,探討加入公司治理變數後是否能增加變數解釋的能力。公司治理變數包含前兩大股東持比例、第二代股東持股比/第一大股東持股比、外部董事比例、機構董事比例、轉投資家數、轉投資比例、參與管理、董監持股比例、董事會穩定以及經理人持股比例,以主成分分析(Principal components analysis)分類成分,總共分為五類,再以逐步迴歸篩選顯著之主成分。
    本研究發現顯著之變數為外部董事比例、轉投資家數、前兩大股東持股比例,外部董事比例及轉投資家數與公司價值成反比關係,代表外部董事監督能力受到質疑,轉投資項目增加也會增加成本使價值下降。前兩大股東比例則與公司價值成正比,顯示前兩大股東對公司有監督效果,使公司價值提升。


    In the past, most studies used book value and earnings per share to measure company stock prices, and rarely discussed the impact of corporate governance on company stock prices. This research is based on the equity evaluation model proposed by Ohlson (1995), adding corporate governance variables, and taking the financial industry of Taiwan listed companies as the research object, the financial industry is a highly regulated industry, and the importance of corporate governance.
    The research period is the financial report data from 2010 to 2019, to explore whether the ability to explain the variables can be increased after adding the corporate governance variables. Corporate governance variables include the ratio of the first two largest shareholders, the second-generation shareholder's shareholding ratio/the largest shareholder's shareholding ratio, the ratio of outside directors, the ratio of institutional directors, the number of reinvestors, the ratio of reinvestment, participation in management, and directors’ and supervisors’ shareholding ratio, board stability, and manager's shareholding ratio are classified into five categories by Principal Components Analysis, and then the significant principal components are screened by stepwise regression.
    This study found that the significant variables are the proportion of external directors, the number of reinvestors, and the shareholding ratio of the top two largest shareholders. The proportion of external directors and the number of reinvestors are inversely proportional to the company’s value. This means that the supervisory ability of external directors is questioned and the reinvestment project an increase will also increase the cost and decrease the value. The ratio of the first two largest shareholders is directly proportional to the company's value, which shows that the first two largest shareholders have a supervisory effect on the company and enhance the company's value.

    中文摘要 I ABSTRACT II 致謝詞 III 目錄 IV 圖目錄 VI 表目錄 VII 第一章、 緒論 1 第一節 、研究動機與背景 1 第二節 、研究目的 4 第三節 、研究流程 5 第二章、 文獻探討 6 第一節 、Ohlson股權評價模型 6 第二節 、公司帳面價值衡量 7 第三節 、董事會結構 7 第四節 、股東結構 8 第五節 、董事會穩定 9 第六節 、公司轉投資 9 第三章、研究方法 11 第一節 、資料來源與樣本篩選 11 第二節 、研究假說及變數 12 第三節 、研究模型 14 第四章、 實證結果與分析 16 第一節 、基本統計量分析 16 第二節 、多元迴歸分析 18 第三節 、主成份分析 20 第四節 、逐步多元迴歸分析 21 第五節 、公司治理特性增額解釋分析 23 第五章、 結論與建議 25 第一節 、研究結論 25 第二節 、研究建議 25 參考文獻 26

    一、 英文部分
    1. Agrawal, A. (1990). Large Shareholders and The Monitoring of Managers: The Case of Antitakeover Charter Amendments. Journal of Financial and Quantitative Analysis.P.143-161.
    2. Al-Najjar B & Taylor P (2008). The relationship between capital structure and ownership structure: New evidence from Jordanian panel data. Managerial Finance. P.919-933
    3. Belesis, N., Sorros, J. & Karagiorgos, A. (2020). Financial Market Data Versus Accounting Data:Which Better Explains Stock Returns? International Advances in Economic Research; Edwardsville P.59-72
    4. Crutchley, C.E., Jacqueline G. & L,Marshall B. B. (2002). An examination of board stability and the long-term performance of initial public offerings. Financial Management P.63-90
    5. Edwards, J.S.S. & Weichenrieder, A.J. (2004). Ownership Concentration and Share Valuation. German Economic Review P.143-171
    6. Grinyer, P. H; Al-Bazzaz, S. & Yasai-Ardekani, M. (1980). Strategy, Structure, the Environment, and Financial Performance in 48 United Kingdom Companies. The Academy of Management Journal 23(2): P.193-220.
    7. Gural, N.(2013).Tangible Book Value: What's Left If a Firm Fails? Better Investing P.29
    8. Lundholm, R. J. (1995). A tutorial on the Ohlson and Feltham/Ohlson models: Answers. Contemporary Accounting Research P.749-761
    9. Morck, R. A. S. & Vishny, R.W. (1988). Management Ownership and Market Valuation:An Empirical Analysis. Journal of Financial Economics. P.293-315.
    10. Ohlson, J. A.(1995). Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research. P.661-687
    11. Oswald, S. L. & Jahera, Jr. J. S. (1991). Research Notes And Communications The Influence Of Ownership On Performance: An Empirical Study. Strategic Management Journal P.321-326
    12. Owen, L. (1997). Cash Flow and Investment: Evidence from Internal Capital Markets. The Journal Of Finance. P.83-109
    13. Reeb, D.M, Kwok,C.C.Y.H. & Young, B. (1998). Systematic risk of the multinational corporation. Journal of International Business Studies P.263-275
    14. Theil, M.(1971). Principles of Econometrics. N.Y.: Wiley
    15. Walter, J. E. (1986). Regulated Firms under Uncertain Price Change: The Case of Property and Liability Insurance Companies. Journal of Risk and Insurance P.5-21
    16. Yeh, Y.H. & Woidtke, T. (2005). Commitment or Entrenchment? Controlling shareholders and board composition. Journal of Banking & Finance. P.1857-1885
    17. Pillay, C. A. (2004). Can fundamental value predict stock returns? An empirical assessment of the Feltham -Ohlson model.(Doctoral dissertation, Louisiana Tech University, 2004). ProQuest Dissertations and Theses, 305171223
    二、 中文部分
    1. 于東至、池國華(2004),董事會規模、穩定性與公司績效:理論與經驗分析,經濟研究,頁70-79
    2. 白偉華(2017),淺談主成分分析,數碼世界,頁235
    3. 朱文儀、李庭閣、莊正民、廖盈琇(2019)大股東股權集中度、外部法人持股、外部董事年資對公司績效之影響—台灣上市公司的實證研究,中山管理評論,頁551-582
    4. 汪茜、郝雲宏、葉燕華(2017),多個大股東結構下第二大股東的制衡動因分析,經濟與管理研究2017年第4期,頁115-123
    5. 林鳳儀、蘇信安(2011),應用VIKOR 為計分模式之公司治理評等系統,電子商務研究第九卷第一期,頁101-124
    6. 胡勤勤、沈藝峰. (2002). 獨立外部董事能否提高上市公司的經營業績,世界經濟 頁55-62.
    7. 張露露(2018)。公司轉投資法律問題研究。法制博覽,頁259-259。
    8. 陳松、浙江舜傑律師事務所(2020)。公司轉投資行為的法律思考。法制與社會,頁67-68。
    9. 陳振遠、張智堯、王蘭芬、李文智(2004),應用Ohlson 會計評價模型探究公司治理之價值攸關性—以台灣上市公司電子業為例,台大管理論叢第十五卷第二期,頁123-142
    10. 陳錫龍(2005),強化我國金融業公司治理,金融監理與風險管理選輯,頁235-274
    三、 網站
    1. 金管會證期局
    https://www.sfb.gov.tw/ch/home.jsp?id=882&parentpath=0%2C8
    2. 台灣證交所公司治理中心
    https://cgc.twse.com.tw/evaluationCorp/listCh
    3. 全國法規資料庫
    https://law.moj.gov.tw/Index.aspx

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    Full text public date 2071/07/13 (Internet public)
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