台灣上市公司非法行為與股權結構相關性之研究

The analysis of the relationship between illegal corporate behavior and the structure of corporate ownership in Taiwan

涂顥議(tu hao yi)

指導教授 ： 劉宗欣 ； 陳聖賢

亞洲大學/管理學院/國際企業學系碩士班/碩士(2007年)

摘要

本研究旨在探討發生非法行為公司在違法情事揭露前二年期問，其股權結構與未發生非法事件公司是否具差異，以協助公司進行內部控制並降低代理問題，並且以事件發生後一年資料分析，檢視重複發生非法行為公司與未重複違法公司問股權結構之差異。
本研究以1994 年至2005 年底發生非法行為之公司為研究樣本，並依據公司規模與產業別選擇配對樣本。採用t 檢定法檢定162 組非法樣本與對照組之股權結構平均數是否具有顯著差異。另外以羅吉斯迴歸分析（Logistic Regression ）進行多變量分析，探討股權結構與非法行為發生的關係。經過統計分析之後，提出以下結論：
在股權結構變數中，兩群體股權集中程度之平均數，非法行為組具有顯著較低的管理者、董監事、大股束以及家族持股比率與較差的每股盈餘表現。經羅吉斯迴歸法分析結果發現，隨管理者持股率、董監事持股比率、外部董事席次比例的增加，使非法行為發生可能性呈現先下降而後上升的關係；家族持股在管理者持股率較低時，對非法行為具顯著抑制效果；每股盈餘對於管理者持股率高時，較高的盈餘可減低公司舞弊的動機；而外資亦能使公司對法令的連守更為嚴謹，對於公司重覆犯法的可能性呈現負的顯著係數。

關鍵字

股權結構、公司非法行為、代理問題

並列摘要

This study discusses illegal behavior corporation breaks out the illegal events which was disclosure before two years and what the difference between ownership structure and corporation with non- happen illegal events are. This will help corporation make inner control and decrease agency problems. Further, base on the information analysis of event that happened one year later and survey the difference of ownership between reduplicate illegal behavior corporations and non-duplicate illegal behavior corporations.
This study bases on the sample corporations with illegal behavior from 1994 to the end of 2005 and according to firm scale and selection matching sample in industry. This study selects ¡§t-test¡¨ to examine the obviously difference between 162 illegal samples and contrast with ownership structure mean. In addition, Logistic Regression goes on with Multivariate Statistical Analysis to discuss the relationship between ownership structure and illegal behavior. After statistic analysis, this study brings up the following outcomes:
In the variable of ownership structure, a mean of ownership concentrically level, illegal behavior with remarkable low managers, board of directors, major shareholders, the rate of family owned shareholders and poor performance in Earning per Share. The result form Logistic Regression analysis discovers that ratio increasing comply with manager ownership, board of directors ownership, and outside director seating agreement make possibilities in illegal behavior which presents U model with decreasing first and then rising. The illegal behavior possesses distinct control effects when family ownership holds low manager ownership. High earning per share decreases corporation¡¦s corrupt practices motive when earning per share regards to high manage ownership. Also, foreign capitals make company more careful about observing regulations that may display negative marked coefficient about companies¡¦ violation of laws repeatedly.

並列關鍵字

ownership structure, illegal corporate behavior, agency problem

參考文獻

2 ．林秀玉，2002 ，公司法修正後對 公司治理之影響，內部稽核季刊，頁39 一43 。

3 ．林純瓊，1994 ，股權結構、資本結構與經營績效一ensen and Meckling 與Fama 理論之驗證，中國財物學刊，頁3 一20 。

16 ．周行一、陳錦村、陳昆宏，1996 ，家族企業、聯屬持股與公司價值之研究，中國財務學刊，第四春第一期，頁115 一139 。

characteristics and the quality of financial reporting¡¨, University of Michigan.

1.Alkhafaji,A. F., 1990,Effective boards of directors: An overview,