經營績效、公司特性與資訊透明度關係之研究

A Study for Operating Performance, Firm’s Characteristics and Transparency

楊東明(Tong -Ming Yang)

指導教授 ： 彭俊揚

長榮大學/管理學院/經營管理研究所(博)/碩士(2006年)

https://doi.org/10.6833/CJCU.2006.00004

摘要

本研究主要是要探討公司績效與股權結構、資本結構等公司特性之間的關係。以往傳統的研究大多探討董監事的組成與經營績效之關聯性研究。而在本研究當中，除董監持股外之公司特性外分別加入、經理人持股及質押、外資持股及透明度等特性構面之變數進行分析。
（1） 透過相關分析後發現，透明度與董監事及經理人質押呈現顯著且負向的變動；透明度與經理人持股及外資持股的比例呈現顯著且正向的變動。在股權結構方面，公司經理人不偏愛持有公司負債比率高的股票，而偏愛持有自有資本比率高之股票；然而面對舉債愈多之公司，公司董事、監察人及經理人皆傾向質押其股票。
（2） 透過單變量分析後發現，評鑑之政策對於績效有正面之影響，且只要是被評鑑為透明度較佳之公司其經營績效皆比其它公司為佳。
（3） 透過迴歸分析後發現，董事、經理人及外資法人的持股比例和自有資本比率愈高及董事、經理人的質押比率及負債比率愈低時，則資產報酬率（ROA） 及股東權益報酬率（ROE）也相對會愈高。

關鍵字

資訊揭露 ； 資產報酬率 ； 股東權益報酬率

並列摘要

This research is mainly to probe into company's information disclosure the relation between the three with stock right structure, capital structure.Mostly probed into the studying relatedly of this thesis in the board of directors performance in traditional research in the past.In this research, except that the director holds share.Still join such as variables, for example manager hold share and the foreign capitals hold share .The main discovery of this research, put it in order as follows：
（1）In Pearson’s analysis we find, ,firm’s transparency and the board of directors in hypothecate are opposite correlation. Transparency and the manager hold share and foreign capitals hold share are positive correlation. In stock right structure, Company's manager does not prefer to hold the stock of high rate in debt of the company, and prefer to hold the stock of the own capital of high rate; But in the company highly in debt, company director and manager all inclined to to hypothecate his stock.
（2）Find after analyzing through the single variable, the comment policy have influence of front to performance. The company high in transparency, the performance is better than other companies.
（3）Find after analyzing through the regression ，director, manager, shareholding ratio and own capital, foreign capitals of legal person rate high and director, manager hypothecate when rate and debt rate the lower, it is then the rate of return on total assets ( ROA) And the rate of return on total stockholder's equity ( ROE) It will be high to be but also relative.

並列關鍵字

Disclosure ； ROA ； ROE

參考文獻

4. 曾素花（民94）。我國現階段公司治理之問題研討。中原大學會計研究所碩士論文，未出版，桃園縣。

4. Berle, Adolf A. Jr., and Gardiner C., Means, (1932). The modern corporation and private property, New York:MacMillan.

2. Aggarwal, R. and Rao, R. P. (1990). Institutional Ownership and Distribution of Equity Returns. The Financial Review, 25(2), pp.211-229.

3. Agrawal, A. and Knoeber, C. R. (1996). Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders. Journal of Financial and Quantitative Analysis, 31(3), pp.377-397.

5. Brickley,J. A., Lease, R. C. and Smith, C. W. (1988). Ownership structure and voting on antitakeover amendments. Journal of Financial Economics ,20(2), pp.267-292.