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  • 學位論文

影響全額交割股恢復交易之因素-公司治理與財務變數觀點

The Study On The Key Factors Of Resuming Stocks Requiring Full Delivery To Normal Trades-Emphasizing On Corporate Governance And Financial Statement Ratios

指導教授 : 丁碧慧
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摘要


自民國八十七年底發生亞洲金融風暴後,國內很多企業面臨財務危機的窘境,加上近幾年經濟不景氣、原物料的上漲等因素之影響,使得很多危機企業因週轉不靈、跳票或申請重整等原因,被打入全額交割。然而並不是每間危機公司都能夠順利的從失敗中找到方法,重新找到企業的重生契機,究竟影響企業能否順利恢復正常交易的主要因素為何,實值得探討。 以往關於再生研究的相關文獻,多著重在財務因素對企業能否重整成功之影響,然而近幾年公司治理議題逐漸受到重視。眾多研究顯示,良好的公司治理機制能夠監督及輔助公司的正常運作,提昇公司績效。對陷入危機之企業而言,擁有良好的治理機制,應亦能提供較佳監督與諮詢功能,有助於企業在困境中再度反敗為勝。因此,本研究以民國84年至96年間,被打入全額交割股之91間公司為樣本,於傳統財務變數外,另加入公司治理變數,以探討影響企業能否恢復正常交易之關鍵因素。 本文研究結果顯示財務因素中之報酬率與經營能力愈佳,公司重新恢復上市之機率愈高。公司治理因素中,控制股東股權結構及董事會特性,亦對公司能否解除危機有顯著影響。若淨值報酬率、資產報酬率、每股盈餘、長期資金適合率、借款依存度、董監持股比、控制股東所有權、盈餘股份偏離比等變數比率愈高,而內部董事比例、董監質押比、經理人持股等變數比率愈低,及董事長兼總經理時,則企業愈可能恢復正常交易。

並列摘要


Since the Asian financial crisis in 1997, many firms suffered from recession and rising prices of raw materials. As a result, many firms met financial distress and were made full delivery because of inability to redeem ordinary corporate bonds, reorganization application or the dishonored negotiable instrument, etc. However, not all financially distressed firms can survive from financial distress. What are the factors which can resume stocks requiring full delivery to normal trades? The topics are worth exploring. The prevailing literatures emphasize the impact of the financial factors on firms’ regeneration. Recently, corporate governance practices have received heightened attention in the wake of the recent corporate scandals. Many researches show that stronger corporate governance system can monitor the firms’ operation, and then increase firms’ value. For the financially distressed firms, good corporate governance also will provide supervision or advise function, and increase the probability of firms’ regeneration. Thus, based on the sample of Taiwan firms whose stocks requires full delivery during 1995 to 2007, the study combines the financial variables and corporate governance variables to explore the key factors of resuming stocks requiring full delivery to normal trades. The results show that the higher firms’ operation performance can increase the probability that the firms’ stock requiring full delivery is resumed to normal trade. The controlling stockholders’ ownership and the board structure also significantly influence the survival probability of financially distressed firms. The higher return on equity, the higher return on assets, the higher EPS, the higher long-term capital appropriateness rate, the higher loan dependency, the higher ownership of the board, the higher controlling stockholders’ ownership, the higher divergence in control and cash flow rights, the lower director affiliation, the lower ratio of pledged stock held by the board of directors and supervisors, the lower managerial ownership and CEO duality can increase the probability that the firms’ stock requiring full delivery is resumed to normal trade.

並列關鍵字

Corporate Governance Full delivery

參考文獻


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