本文主要是探討股票流動性與董監事監督對公司價值的影響。當公司股票的流動性增加時,對公司股票報酬會有影響,進而影響公司價值。另外,因為身為公司內部核心的董監事握有一定的持股比例,可藉由監督公司的管理階層、左右公司決策,以提升公司價值或追求其自身利益。 以往大多學者曾經針對單一觀點進行研究,且發展已相當健全,但我們認為股票流動性與董監事監督對於公司價值是有聯合相關性,因此本文同時加入流動性與董監事監督兩因素一起探討其對公司價值的影響。 由於時間序列(time series Analysis)分析或橫斷面(cross sectional analysis)資料無法單獨檢定與追蹤變數之間因果關係的長期效果,因此本文採用縱橫資料分析(panel data)來檢驗股票流動性、董監事監督與公司價值之間的相關性。實證結果顯示股票流動性愈高,則董監事監督程度愈強。當市場深度愈深,則股票報酬率也愈高。另外,當董監席次控制增加時,董監事監督程度會提高,進而使股票報酬率上升。 關鍵詞:股票流動性、董監事監督、公司價值、縱橫資料分析
This paper explores the effects of stocks liquidity and supervisors monitoring on firm value. The stock returns of firms world be affected. When the increase in thestock liquidity, the stock returns would be affected, thereby affecting the firm value. In addition, the directors and supervisors enhance the value of the company or its own interests by the supervision and management of the company. Most of the previousreferences have to study for single point of view, but we think, the joint correlation between stocks liquidity and supervisors monitoring exists for the value of firms. Therefore, we add two factors of stocks liquidity and supervisors monitoring at some time to explore the effects on firms value together. Due to time series Analysis and cross sectional analysis can not test alone and to track long-term effects of the causal relationship between the variables, we use panel data to test the correlation between stocks liquidity, supervisors monitoring and the value of firms. the following results are obtained: stocks liquidity the higher, the supervisors monitoring stronger. When market depth the better, the stock return ratios higher. In addition, when increase in number of directors control, the degree of the supervisors monitoring would be improved, Thus making the rise of the stock return ratios. Key words: stocks liquidity, supervisors monitoring, firm value, panel data
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