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Author: 洪愷伶
Kai-Ling Hung
Thesis Title: 公司治理對經營價值之影響 --以台灣上市公司為例
The Impact of Corporate Governance on Performance --Evidence from Listed Companies in Taiwan
Advisor: 謝劍平
Joseph C.P. Shieh
Committee: 劉代洋
Day-Yang Liu
陳俊男
Chun-Nan Chen
Degree: 碩士
Master
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2017
Graduation Academic Year: 105
Language: 中文
Pages: 69
Keywords (in Chinese): 公司治理機構投資人持股經理人持股經理人薪酬資訊透明度經營價值
Keywords (in other languages): corporate governance, institutional investors’ shareholding, managers’ holding, manager’s salary, information transparency, operating value
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  • 本研究以我國上市公司為研究對象,聚焦於研究公司治理各主要變數對公司經營價值所帶來之影響,以經營績效來衡量經營價值;選取2008到2014此7年之樣本資料,分析四個主要公司治理變數--機構投資人持股、經理人持股、經理人薪酬與資訊透明度對四種主要公司績效—總資產報酬率、權益報酬率、每股盈餘與Tobin’s Q之影響,以了解是否良好的公司治理內涵會為公司帶來較高之經營績效,以供經營管理者參考。實證結果顯示機構投資人持股比率越高會帶來較高之總資產報酬率與權益報酬率,而經理人持股比率越高,對權益報酬率有正向影響,經理人薪酬越高,對每股盈餘有正向影響,而資訊透明度越高反而會造成較低的托賓Q比率,帶來較差的績效表現。


    This study takes the listed companies in Taiwan as the researching object, focuses on the influence of the main variables of the corporate governance on the performance of the listed companies, and selects the sample data from 2008 to 2014. This research analyses the relationship between four major corporate governance variables – the institutional investors’ shareholding, managers’ shareholding, manager’s salary and information transparency and four main performance measure indicators of operating value – return on assets, return on equity, earnings per share, and Tobin’s Q, hopes to understand whether the good corporate governance will bring a higher operating value to the company. Hope the result will be a good reference for business managers. The empirical results show that the higher the shareholding ratio of the institutional investors, the higher the four main performance measure indicators. The higher the manager’s shareholding will have a positive impact on the return on equity, the higher the salary of the manager will have a positive impact on earnings per share, while the higher the transparency of the information will result in a lower Tobin’s Q ratio, resulting a poor performance.

    圖目錄 7 表目錄 8 第一章 緒論 9 第一節 研究動機 9 第二節 研究目的 11 第三節 研究架構 12 第二章 文獻探討 14 第一節 績效衡量 14 第一項 會計績效 16 第二項 市場績效 17 第二節 公司治理 19 第三節 股權結構 23 第一項 機構投資人持股比率 23 第二項 經理人持股比率 25 第四節 經理人薪酬 27 第五節 資訊透明度 29 第三章 研究方法與設計 31 第一節 研究期間 31 第二節 研究對象 31 第三節 樣本與資料來源 32 第四節 各變數定義 33 第一項 應變數 33 第二項 自變數 34 第五節 實證方法 39 第一項 資料分析方法 39 第二項 研究假說 41 第三項 模型建立 42 第四章 實證結果與分析 43 第一節 敘述統計分析 43 第二節 相關係數分析 50 第三節 迴歸分析 51 第五章 結論與建議 61 第一節 結論 61 第二節 研究限制與建議 62 文獻來源 63

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