從公司治理角度探討自由現金流量對資本支出之影響

Discussion on the Effects of Free Cash Flows on Capital Expenditure from the Perspective of Corporate Governance

張侖紋(Lun-Wen Chang)

指導教授 ： 王朝仕

國立臺中科技大學/商學院/企業管理系碩士班/碩士(2019年)

摘要

本研究探討台灣上市櫃公司在西元2007至2017年間公司治理對自由現金流量與資本支出之影響，剔除數據資料不完整228筆與金融股樣本319筆後，研究樣本數共7604筆。
為了解公司治理程度是否對企業在資本支出上有相關影響，本研究將公司治理變數二元化後，進行評分加總，建立公司治理指標評等，並將公司治理指標評等與自由現金流量兩變數進行線性迴歸分析對企業在資本支出上的影響。而公司治理變數為董事會規模、董事長兼任總經理、控制股東持股比例、大股東持股比例、獨立董監事規模等五項變數，資本支出變數定義為當年度購置之固定資產。
實證結果顯示，在公司治理角度觀察下自由現金流量與資本支出有顯著正向之關係。在各公司治理變數方面，董事會規模與獨立董監事對資本支出呈現顯著正向關係，控制股東與資本支出為負相關，當控制股東持股比例越高，資本支出也就越少。

關鍵字

公司治理 ； 資本支出 ； 自由現金流量

並列摘要

This study discussed the effects of corporate governance on free cash flows and capital expenditure in Taiwan’s listed and OTC companies during the period from 2007 to 2017. After inapplicable samples and financial stock samples were eliminated, the total study samples were 7604.

In order to understand whether corporate governance degree affects capital expenditure of enterprises, in this study, the corporate governance index rating was established based on the total scores after the corporate governance variables were dualized, and the linear regression analysis was conducted on the two variables, corporate governance index rating and free cash flows, to determine the effects on capital expenditure of enterprises. There were 5 corporate governance variables, including board size, president concurrently be the general manager, shareholding ratio of controlling shareholders, shareholding ratio of major shareholders, size of independent directors and supervisors, and the capital expenditure variable was defined as the fixed assets purchased in the current year.

The empirical results show that, from the perspective of corporate governance, free cash flows are significantly and positively related to capital expenditure. On corporate governance variables, board size as well as independent directors and supervisors are significantly and positively related to capital expenditure. Controlling shareholders are negatively related to capital expenditure, and the higher the shareholding ratio of controlling shareholders is, the less the capital expenditure will be.

並列關鍵字

orporate Governance ； Capital Expenditure ； Free Cash Flow

參考文獻

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