台灣市場股權結構與超額現金關連性之研究

The Impact of the Corporate of Government on Capital Structure

溫得志(De-Jr Wen)

指導教授 ： 夏侯欣榮

元智大學/管理學院/財務金融學系/碩士(2004年)

摘要

這篇研究主要在檢驗台灣市場中股權結構與超額現金的關係。我們的研究發現當公司股權越集中時，將會持有較多的超額現金。而當公司的股份被外部機構者高度持有時，公司將持有較少的超額現金。至於在內部人的部分，我們發現若內部人持股越高，公司將持有較少的超額現金，我們在這一部份的實證結果支持利益收斂假說。最後，我們的研究發現具有低market-to-book比率的公司，擁有較強的公司治理機制。

關鍵字

公司治理

並列摘要

This research examines the relation between ownership structure and excess cash in Taiwan. We find that firms with concentrated equity ownership have more excess cash. And firms with high ownership by outside blockholder have less excess cash. On the part of insider, firms with high ownership by insider have less excess cash. Our empirical evidence is support the convergence-of-interest hypothesis in this part. Finally, we find that firms with low market-to-book ratio have strong corporate governance mechanism.

並列關鍵字

corporate governance

參考文獻

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