與親屬有關的股權結構與公司績效

Board Structure in Terms of Relatives and Firm Value

黃婉綺(Wan-Chi Huang)

指導教授 ： 倪衍森

淡江大學/商管學院/管理科學學系企業經營碩士在職專班/碩士(2019年)

https://doi.org/10.6846/TKU.2019.00150

摘要

本論文以台灣證劵交易所上市公司為研究樣本，探討公司價值在控制股權結構變數、財報與其他變數後，是否會受到與親戚有關的股權結構變數所影響，並得到以下重要的研究發現：其一、董監事親屬持股比率對公司價值有正向影響，其結果與董監事持股對公司價值的影響相一致。其二、經理人親屬持股比率高對公司價值呈負向關係，推論經理人親屬可以透過經理人告知而持股增加，其可能會有資訊不透明的疑慮，致使不利公司價值的提升。其三、其他變數而言，十大股東持股及獨立董監事對公司價值呈現正向影響，董事會規模則為負向影響；總資產周轉率對公司價值呈正向關係，但負債比率則為負向影響，此大致與過去相關文獻相一致。

關鍵字

股權結構 ； 親屬持股比重 ； 公司績效

並列摘要

This paper explore whether firm value would be affected by board structure in terms of relatives after controlling corporate governance, financial and other controlling variables by using the firms listed on Taiwan Stock Exchange as our samples, and reveal the following important findings. First, the shareholding of director’s relatives has a positive impact on firm value consistent with the positive impact of directors' shareholding on firm value. Second, the shareholding ratio of manager's relatives is negatively related to firm value. We infer that the shareholding of managers’ relatives increased might be suspected that the firm with the issues of information leakage, thereby, resulting in firm value weakened. Third, in terms of other variables employed, the shareholding of top 10 shareholders and independent directors have positive impacts on the firm value, board size is negatively related to firm value. Besides, asset turnover ratio is positively related to firm value, but debt ratio is negatively related to firm value. These results are rather consistent with the relevant literature.

並列關鍵字

Board structure ； Shareholding of Relatives ； Firm Value

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