持股轉讓對公司價值的影響

The Effect of Shares Transferred on Firm value

陳志澤(Chihtse Chen)

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(2020年)

https://doi.org/10.6846/TKU.2020.00736

摘要

本研究以 2013 到 2017年台灣上市公司為研究樣本，探討公司治理股權結構變數、財報表現及控制變數，對持股轉讓之影響。本研究從實證結果得到以下發現: 其一、持股轉讓之公司其價值較低。這意味著由於持股轉讓可能會被投資人視為公司營運不如預期，股價可能因此會有下修的疑慮，導致公司價值下降。其二、董事持股比例較低的公司經常發生股份轉讓，表明這些公司可能存在公司治理問題。其三、我們還發現，發生大規模股權轉讓的公司與我們的認知有些不同，這是因為這些規模較大的公司可能是董事持股比例較低的公司，其似乎與上述的研究發現相一致。

關鍵字

公司價值 ； 內部人行為-持股轉讓 ； 股權結構 ； 財報表現

並列摘要

This study explores whether firm value would be affected by shares transferred after controlling the variables in terms of board structure, financial performance, and others, and reveals the following important findings. First, the firms with share transferred might not have higher firm value. We infer that shares transferred might not be regarded as a positive signal resulting in falling share price, thereby weakening firm value. Second, share transferred are often occurred for the firm with lower directors’ holdings ratio, indicating these firms might have corporate governance issues. Third, we also reveal that stock transferred is often occurred for the firm with large scales somewhat different from our cognition. We deduce that these firms with larger scale might be the firms with lower directors’ shareholding ratio consistent the finding mentioned above.

並列關鍵字

Firm value ； shares transferred ； corporate governance ； financial performance

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