代理問題與私募後公司績效的關係

The relations between agency problems and performance after private

李翊寧(Lee, Yining)

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(2012年)

摘要

本研究的主題在於探討代理成本問題跟應募公司私募後績效的關係，是否代理成本問題愈嚴重的公司在引進私募基金後的績效表現，相對於其他公司而言會更加優異。私募制度立法原意，係為便利企業進行併購、策略聯盟及解決財務困難公司不易透過過公開募集或向金融機構借款等管道籌集資金，以協助企業達成策略目標或改善財務結構。所以本研究也希望研究公司私募有價證券策略性運用方式跟應募公司私募後績效的關係。
本研究擬以代理成本因素及私募有價證券策略性運用方式為自變數，深入探討其對應募公司私募後績效關聯性。綜合實證結果來看，代理成本問題愈嚴重的公司在引進私募基金後的績效表現，相對於其他公司而言會更加優異。
代理成本問題愈嚴重的公司在引進私募資金後的績效表現較佳。當私募股權引進公司後，可能改變管理誘因使管理當局和股東利益趨於一致，或是會更有效率的管理公司資源，朝公司最佳績效邁進。
私募有價證券策略性運用方式為策略聯盟者，較其他私募資金運用方式更可以提升公司的績效。一般而言，採行私募方式籌資的公司，通常都是營運遇到瓶頸，或是財務狀況惡化的公司，所以唯有尋求策略聯盟夥伴，藉助其經營企業經驗，透過長期但非合併的方式在研發、製造、銷售或服務上之合作，藉以達到資源互補的綜效，以確保、維持或增進公司的競爭優勢。

關鍵字

私募 ； 代理問題 ； 公司治理

並列摘要

The subject of this study is to investigate the relationship between agency cost problems and the performance of the company after adopting private equity. The company which has more serious agency costs will perform more excellent than others after the introduction of private equity fund. The legislative intent of private system is to facilitate corporate mergers and acquisitions, strategic alliances and to solve the financial difficulties when the company is difficult to raise funds publicly or to loan from financial institutions, and to assist companies to achieve strategic objectives or to improve its financial structure. So this study is also to explore the relations between the strategic use and the performance of the company after adopting private equity.
This study is intended to use the agent cost factors and the use ways of the private funds as independent variables to explore the corresponding correlations between these independent variables and the performance of the company after private. The empirical results show that the performance of the company which has more serious agency costs will perform more excellent after adopting private equity.
After the introduction of private equity, the management authorities and the shareholders' interests may become aligned, therefore they will manage the company resources more efficiently toward the company's best performance.
The strategic use of private funds for strategic alliances can enhance the performance of the company more than others. In general, the company adopted the private equity usually encounters the operating problems, or has the deterioration of the financial condition. Only to seek strategic alliance partners with its operating business experience, through long-term but non-merged cooperation on R & D, manufacturing, sales, or service, then the company can maintain or enhance the competitive advantages, and to achieve the synergy of complementary resources.

並列關鍵字

Private ； Agency problems ； Corporate Governance

參考文獻

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