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標題: 財務危機公司之剖析
Analysis of Financial Distress
作者: 陳進村
Chen, Chin-Tsun
關鍵字: 財務危機;;公司治理;代理問題
出版社: 高階經理人碩士在職專班
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本研究利用 Ohlson (1980) 之模式來偵測台灣上市(櫃)公司發生財務危機的可能性,預測模型同時考量財務變數及公司治理變數,並根據財務危機發生原因將破產公司分為現金流量不足與人為因素兩組樣本,試圖檢驗其間之差異;研究結果顯示,加入公司治理變數後可有效提升模型的預測能力,隱含財務危機公司普遍存在代理問題,具有公司的控制權之少數股東為一己之私利,利用職權剝削小股東之財富。在兩組破產樣本中,會計變數對現金流量不足的組別有較佳的預測能力,而公司治理變數則對人為因素組別之預測能力略高於現金流量之組別。

This study employs Ohlson's (1980) logit model to detect the probabilities of financial distress of Taiwanese public companies. In addition to financial variables traditionally used in the literature, corporate governance factors are incorporated into the logit model. Also I separate the sample of distressed companies into two groups: insufficient cash flows and human manipulations. The results show that adding corporate governance factors can increase the explanatory power of financial distress. It implies that distressed companies do have serious agency problems, in which major shareholders expropriate wealth from minor shareholders. Furthermore, I find that financial variables have a stronger prediction on the distress probabilities of the group with insufficient cash flows and corporate governance factors can better explain the group of human manipulations.
其他識別: U0005-1808200616175100
Appears in Collections:高階經理人碩士在職專班

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