股權結構對於財務危機解除日之資訊內涵相關研究

The Relationship between Information Contentand Ownership Structure in Financial DistressRelieves Companies

林翠華(LIN TSUI HUA)

指導教授 ： 黃劭彥

國立中正大學/管理學院/會計與資訊科技學系/碩士(2011年)

摘要

摘 要
自1997 年亞洲金融危機之後，發生財務危機事件之案例非常多，投資
大眾，對於投資到地雷股，不知道此地雷股是否還有投資價值，認賠賣出或
是等待公司恢復正常。台灣上市公司股權結構多為集中股權，代理問題來自
於大股東與小股東間的利益衝突，而這些財務危機事件的發生，確使小股東
的財富遭受重大的損失。有鑑於此，本研究藉以了解股權結構對公司財務危
機解除時之資訊內涵是否有攸關性。
本研究樣本及資料取自台灣經濟新報資料庫（TEJ），研究對象為2000
年至2010 年台灣上市櫃發生財務危機企業並解除財務危機者，依據TEJ 財
務危機的分類，藉由「事件研究法」找出財務危機解除時股價有顯著的標準
化累計異常報酬者，包含財務危機中繼續經營疑慮及準財務危機中掏空挪用
兩大類，並針對兩大類，進行廻歸分析。應變數為標準化累計異常報酬，而
自變數採用五項股權結構比率為變數：分為董監事持股比率、內部經理人持
股比率、大股東持股比率、法人持股比率、最大外部股東持股比率。
本研究實證發現，股權結構對於財務危機解除日之資訊內涵相關研究相
關結果如下：(1)董監事持股比率、大股東持股率、法人持股比率對於財務危
機解除時與標準化累計異常報酬無顯著的關係。(2)內部經理人持股比率、最
大外部股東持股比率對於財務危機解除時與標準化累計異常報酬有顯著的關
係。
關鍵字：股權結構、財務危機、事件研究法

關鍵字

事件研究法 ； 財務危機 ； 股權結構

並列摘要

Abstract
Since Asian financial Crisis in 1997, there are more financial crisis companies
than before. When investors invest financial crisis companies, they have no idea
whether they should keep their shares or not. Most Taiwan listed companies are
family companies. The major agency problem is between major stockholders and
minority stockholders. Therefore, this study tries to understand that is there any
relationship between ownership structure and the information connotation about
the relive of financial crisis companies.
The empirical data sets are collected from TEJ database. The sample firms are
financial distress relieves companies between 2000 and 2010 on TES or OTC. The
financial crisis companies is used the definition created by TEJ database. This
research uses Event Study to get standard cumulate abnormal return (SCAR).
Then, this research use SCAR as the dependent variable, Board of Director
ownership, Managers ownership, Major stockholder ownership, Institution
ownership, Largest external stockholder ownership, as independent variables.
Base on the regression model analysis, this result of the study as follows:
1. The relationship between Financial distress relieves of SCAR and Largest
external stockholder ownership, Managerial ownership are significant.
2. The relationship between Financial distress relieves of SCAR and the Board of
Director ownership rate, Major stockholder ownership, Institution ownership, are
not significant.
Keywords: Ownership Structure; Financial Distress; Event Study

並列關鍵字

Financial Distress ； Ownership Structure ； Event Study

參考文獻

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