- 學位論文
委託書徵求與董監改選對會計資訊與公司價值影響之研究
The Impact of Occurrence of Proxy Contest and Electing of Board on the Accounting Information and Corporate Value
摘要
委託書徵求制度之設計，乃在於股東得以代理投票行使參與公司管理之表決權，然而，透過股東投票權之代理行使，左右企業經營者的任免與否，進而支配公司的經營權，影響甚鉅。因此，控制委託書，也就等於控制股東大會，企業的在野者憑藉徵求委託書爭取企業的經營權，企業的經營者也藉徵求委託書保有公司經營權，進而形成委託書爭奪之情況，形成對公司經營權的監督與制衡。 本研究以1998年至2003年徵求委託書之公司為樣本，以驗證下列四個問題： 一、發生委託書微求之公司，有董監改選股東常會之公司是否較沒有董監改選股東常會之公司，其股票報酬與盈餘資訊相關性較差? 二、在委託書徵求與董監改選股東常會中，發生委託書爭奪之公司是否較未發生委託書爭奪之公司，其股票報酬與盈餘資訊相關性較差? 三、委託書微求公司中，有董監改選股東常會之公司是否較沒有董監改選股東常會之公司，其公司價值較差? 四、在委託書徵求與董監改選股東常會中，發生委託書爭奪之公司是否較未發生委託書爭奪之公司，其公司價值較差? 本研究之結論彙總如下： 一、在委託書徵求情況下，董監改選非為會計資訊與公司價值之影響因素。 二、委託書爭奪對股價報酬與盈餘資訊之關係呈正相關，此仍因為發生委託書爭奪之公司，易受到社會大眾之矚目，而受到更多監督，以致管理者未有機會操縱盈餘。 三、在區分虧損與非虧損樣本公司之後，虧損公司發生委託書爭奪對公司價值 有顯著正相關，可能因為虧損公司之管理者，在發現公司虧損後，如只徵求委託書，可能未能得到公司股東之支持，而需在股票市場買入股票，增加公司派之持股比率，以捍衛經營權，導致股價上漲，進而使公司價值增加。
並列摘要
This propose of the occurring of proxy contest is to make the shareholders have the ballot to participate the company’s management. The exercitation of shareholders’ ballot can decide the manager’s accreditation and control the firm’s administration. However, if they control the use of proxy contest, it means that they control all stockholders’ regular meetings. Because someone uses the occurring of proxy contest to control the firm and the manger uses it to ensure his own control, the proxy fight can monitor the corporate administration. This research uses the samples from 1998 to 2003 in order to investigate the four questions: 1. The company with occurring of proxy contest, is the relationship between stock return and earning in board of director election lower than others? 2. Is the relationship between stock return and earnings in the stockholders’ regular meeting with occurring of proxy contest and board of director election lower than others? 3. In the corporate with occurring proxy contest, is the firm’s value in the board of director election lower than others? 4. In the stockholders’ regular meetings with occurring of proxy contest and director election, is the firm’s value in firms having proxy fight lower than others? The conclusions are following: 1. In the situation of occurring of proxy contest, the board of director election is not the influenced factor of accounting information and firm’s value. 2. There are significant positive relationship between stock return and earnings in the firm having proxy contest. Because of more attention to such firms, the managers have no chance to manipulate earnings. 3. After distinguish of gain and loss earnings in companies, there is significant positive relationship between the firm’s value and loss .If the manager in the firm with loss earnings require the proxy contest, he will not have the chance to access the support of stockholders. Hence, in order to hold his control, he will purchase the firm’s outstanding stocks and make the firm’s value increase.