Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/24769
標題: 公司治理對財務危機公司價值攸關性之影響
The Impact of Corporate Governance on the Value Relevance of Financially Distressed Companies
作者: 吳家奇
Wu, Chia-Chi
關鍵字: 危機公司
http://etds.lib.nchu.edu.tw/etdservice/view_metadata?etdun=U0005-0807201019441700
公司治理
價值攸關性
出版社: 高階經理人碩士在職專班
引用: 一、中文文獻 王鼎立,2002,「董事會結構與公司盈餘的傳遞效果」,東吳大學會計學系碩士 論文。 王漢民、吳幸蓉,2003,「公司治理與企業短視行為關係之研究」,第二屆公司治理國際研討會,中國南開大學國際商學院主辦。 吳聲坡,1996,「查帳報告對財務危機預測能力之研究」,國立中與大學會計研究所碩士論文。 周行一、陳錦村與陳坤宏,1996,「家族企業、聯屬持股與公司價值之研究」,中國財務學刊,第四卷第一期,115-139 頁。 林君玲,1999,「企業財務危機預警資訊之研究—考慮公司監理因素」,國立臺灣大學會計學研究所碩士論文。 林嬋娟、洪櫻芬與薛敏正,1997,「困難公司之盈餘管理實證研究」,管理學報,第十四卷第一期(3月),頁15-38。 柯承恩,2000,「我國公司監理體系之問題與改進建議」,會計研究月刊,173 ,75-81。 張明峰,1991,「股權結構對公司績效影響之研究」,國立政治大學企業管理研究所碩士論文。 張惟明,1997,「運用會計資訊於財務危機預警模型之研究:比較二元與多元邏輯斯模型」,淡江大學會計學研究所碩士論文。 張智欽,1995,「財務比率、區別分析與台灣股票上市公司升降類之研究」,國立成功大學企業管理研究所碩士論文。 張雅芸,2002,「台灣上市(櫃)公司財務報表可靠性研究-隨機邊界模型之應用」,中原大學會計研究所碩士論文。 張瑞當,方俊儒與曾玉琦,2007,「核心代理問題與盈餘管理:董事會結構與外部監督機制之探討」,管理學報,第24 卷第1 期(2 月):17-39。 張漢傑,2007,破解財務危機,台灣首度以財務及非財務指標分析危機公司,梅霖文化事業有限公司。 梁清源,1993,「財務危機判斷模式之比較:公司財務比率與相對財務比率判斷能力之比較研究」,淡江大學管理科學研究所碩士論文。 郭淑芬,1995,「董監事特性與盈餘操縱現象及盈餘品質之關聯性研究」,中正大學會計研究所碩士論文。 陳家慧,1999,「我國上市公司管理機制與盈餘管理相關性之實證研究」,政治大學會計研究所碩士論文。 陳振遠、智堯王、王蘭芬、李文智,2005,「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15卷第2期,頁123-142。 陳肇榮,1983,「運用財務比率預測財務危機之實證研究」,國立政治大學企管研究所博士論文。 陳慧慧,2003,「公司治理、總經理更換與公司績效關聯性之研究」,國立嘉義大學管理研究所碩士論文。 彭政錦,2003,「董事會特性、股權結構及機構投資人持股與盈餘管理關聯性之研究」,國立嘉義大學管理研究所碩士論文。 黃文隆,1993,「財務危機預警模式建立與驗證」,東吳大學管理科學研究所碩 士論文。 楊淑萍,2001,「企業財務健全度影響盈餘與帳面價值在評價模式相對重要性之研究」,國立成功大學會計學系碩博士班未出版碩士論文。 劉正淮,2006,「公司治理之價值攸關性研究」,台北大學企業管理學系博士班。 潘玉葉,1990,「台灣股票上市公司財務危機預警分析」,淡江大學管理科學研究所博士論文。 鄭桂蕙、林宛瑩與許崇源(2006) ,「董監事持股高低對庫藏股買回誘因之影響」,東吳經紀商學學報,第54期,頁1-26。 鄭皓元,2004,「公司治理與公司價值攸關性之研究」,中原大學會計研究所碩士論文。 鄭瑞楠,1999,「財務分析在銀行授信決策上的應用之研究」,東華大學企管研碩文論文。 鄭碧月,1997,「上市公司營運危機預測模式之研究」,朝陽技術學院財務金融研究所碩士論文。 蕭信義,2002,「業績衰退公司盈餘管理之研究-以上市公司為例」,國立成功大學會計研究所碩士論文。 二、英文文獻 Agrawal, A. & Mandelker, G. N. ,1990, “ Large Shareholders and the Monitoring of Managers: The Case of Anti-takeover Charter Amendments,”Journal of Financial & Quantitative Analysis, 25(2), 143-161. Altman, E. I. 1968,“ Financial ratios, discriminant analysis and the prediction ofcorporate bankruptcy,”Journal of Finance 23(September): 589-609. Barth, M. E., W. H. Beaver, and W.R. Landsman.,1998,“ Relative Valuation Roles of Equity Book Value and Net Income As a Function of Financial Health,”The Accounting Review 68:150-178. Beasley, M.,1996,“ An Empirical Analysis between the Board of Director Composition and Financial Statement fraud,”The Accounting Review, 71,443-466. Beaver , W. H., 1966,“ Financial Ratio as Prediction of Failure,”Empirical Research in Accounting, supplement, 71-111. Brickly, J. A., Coles, J. L. & Jarrell, G.,1997,“ .Leadership structure: Separating theCEO and Chairman of the Board, ”Journal of Corporate Finance, 3, 189-220. Chen , K.C., And B.k.Church ,1992,“ Default debt obligations and theissues of going-concern Opinions,”Auditing: A journal of Practiceand Theory 11, fall , 30-49. Chung, Richard, Michael Firth and Jeong-Bon Kim, 2002,“ Institutional Monitoring and Opportunistic Earnings Management,”Journal of corporate finance, 8: 29-48 Collins, D.W., Maydew, E.L., and Weiss, I.S.,1997,“ Change in the value-relevance of earnings and book values over the past forty years,” Journal of Accounting and Economics 24: 39-67. Daily, C. M. & D. R. Dalton, 1994,“ Bankruptcy and Corporate Governance:The Impact of Board Composition and Structure,”Academy of Management, Vol. 37,1603-1617. Deakin E. B., 1972,“ A Discriminant Analysis of Predictors of Business Failure,”Journal of Accounting Research, 166-179. DeAngelo, H., L. E. DeAngelo, and D. J. Skinner. , 1994,“ Accounting choice introubled companies, ”Journal of Accounting and Economics 17: 113-143. Denis, D. K. ,2001,“ Twenty-Five Years of Corporate Governance Research andCounting, ”Review of Financial Economics, 10, 191-211. Domsetz, H. ,1983,“ The structure of wenership and the theory of the firm,”J- -ournal of Law and Economics, 26, 375-390. Foster , B .P ., Ward, T. J., 1998,“ An analysis of theusefulness of Debt defaults and Going Concern Opinions in Bankruptcy Risk Assessment,”Journal of Accounting Auditing &Finance , Summer, 351-371. Gilson, S.C.,1989,“ Management Turnover and Financial Distress, ”Journal of Financial Economics, Vol. 25, pp.241-262. Hermalin, B. E., and M. S. Weisbach. 2003. “Boards of directors as an endogenously determined institution: a survey of the economic literature. ”Economic Policy Review9(April): 7-26. Jensen, M. C., & Ruback, R. S. ,1983,“ The market for corporate control: The scientific evidence, ”Journal of Financial Economics, 11(1-4), 5-50. Jensen,M.C.,1993,“ The Modern Industrial Revolution,Exit,and the Failure of Internal Control Systems,”Journal of Finance,48:831-880. Jensen. M. C., & W. H. Meckling.,1976,“ Theory of the firm: Managerial Behavior,Agency Costs and Ownership Structure,”Journal of Financial Economics, 3,305-360. Kasznik, R. 1999,“ On the association between voluntary disclosure and earnings Management,”Journal of Accounting Research 37(Spring): 57-81. Kesner , 1., 1987 ,“ Directors'' Stock Ownership and Organizational Performance: An Investigation of Fortune 500 Companies,”Journal of Management, 13 , 499 -508 . Lau, Amy Hing-Ling ,1987,“A Five-State Financial Distress Predication Model,” Journal of Accounting Research, Vol.25, 127-138. McConnell, J , & Servaes, H. ,1990,“ Additional Evidence on Equity Ownership andCorporate Value., ”Journal of Financial Economics, 27(2), 595- 612. Mehran , H.,1995,“ Executive Compensation Structure , Ownership and Firm Performance,”Journal of Financial Economic , 38 : 163 -184 , Morck , R . , A . Shleifer and R . Vishy ,1988,“ Managemem Ownership And Corporate Perforrnance : An Empirical Analysis ,”Journal of Financial Economic ,20( 1 ) ,293 -316. OECD,1999,OECD Principles of Corporate Governance. OECD,2003,OCED White Paper on Corporate Governance in Asia. Ohlson , J . A . ,1980,“ Financial ratios and the probabilistic prediction of bankruptcy,” Journal of Accounting Research 18(Spring) , 109-131. Ohlson , J . A . ,1995,“ Earnings , Book Values , And Dividends in Equity Valuation,”Contemporary Accounting Research 11 (Spring) , 661 -687 . Patton, A., & Baker, J. C.,1987,“ Why won’t directors rock the boat, ” Harvard Business Review, 65(6), 10-18. Pound J. , 1988 ,“ Proxy Contests And The Efficency of shareholder Oversigh ,”Journal of Financial Economics , 20 , 237 -265. Rechner, P. L., & Dalton, D. R. ,1991,“ CEO Duality and Organization Performance:A Longitudinal Analysis,”Strategic Management Journal, 12(2), 155-260. Shleifer A. and R. Vishny,1986,“ Large Shareholders And Corporate Control, ”Journal of Political Economy,94,461-488. Standard & Poor’s Company. 2001.Standard & Poor’s Company Transparency &Disclosure Survey 2001. S & P/ IFC Emerging Asia. Ward, T. J. and Foster, B. P. ,1997,“ A Note on Selecting a Response Measure for Financial Distress,”Journal of Business Finance & Accounting, Vol. 24, pp.869-879. Wruck, Karen Hopper,1990,“Financial Distress, Reorganization, and Organizational Efficiency, ”Journal of Financial Economics. Yeh, Y. H., Lee,T.S. and Woidtke, T. 2001 ,“ Family Control and Corporate Government : Evidence from Taiwan,”International Review of Finance,2 ( 1 / 2 ) , 21-48. Yermack,D.,1996,“ Higher Market Valuation of Companies with A Small Board of Directors,”Journal of Financial Economics,40,185-211. Zmijewski, M.E.,1984,“ Methodological issues Related to the Estimation of financial Distress Prediction Models,”Supplementto Journal of Accounting Research, 59-82.
摘要: 本研究利用Ohlson(1995)股價評價模式,探討企業遭遇財務危機時,帳面價值與盈餘之攸關性相較於正常公司是否有差異,並從公司治理的角度,探討公司治理是否可以提升財務危機公司之價值攸關性;藉此說明公司治理能監督企業的缺失,增加企業的財務品質。 在公司治理議題方面,本研究從董監結構、股權結構及管理型態與董監質押三大構面考量;研究樣本,選取1986年至2009年之54家財務危機公司為觀察樣本,108家財務正常公司為對照樣本。 本研究之實證結果顯示:財務危機公司與財務正常公司之價值攸關性有差異;而在危機公司加入公司治理*EPS及公司治理*BV交互影響變數下,管理者持股比率*EPS之迴歸係數為顯著正相關;董監持股質押比率*EPS之迴歸係數為顯著負相關;機構投資人*BV之迴歸係數為顯著負相關。
In this study, Ohlson (1995) stock assessment model of enterprise runs the financial crisis, the book value and earnings compared to the normal company Relevance whether there are differences, and corporate governance from the perspective of corporate governance can be promoted to financial crisis The Value Relevance of the company; to explain corporate governance to the lack of supervision and enterprises, increase their financial quality. In the corporate governance issues, the study directors and supervisors from the structure, ownership structure and management style and pledge of directors and supervisors consider three dimensions; study sample, selected from 1986 to 2009 of the 54 financial crisis for the observation of the sample companies, 108 Financial normal company as control samples. The empirical results show that: the financial crisis, companies with financial normal value relevance are different; the company joined the company in crisis management and corporate governance*EPS *BV interaction variables, the Managerial Ownership ratio * EPS of regression coefficient was significant positive correlation; directors pledged shares ratio * EPS of significant negative regression coefficient; institutional investors*BV of the regression coefficient significantly negative.
URI: http://hdl.handle.net/11455/24769
其他識別: U0005-0807201019441700
Appears in Collections:高階經理人碩士在職專班

文件中的檔案:

取得全文請前往華藝線上圖書館



Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.