Tobin's Q與內部人持股關係符合展望理論嗎？－行為財務觀點

Does the Relationship between Tobin's Q and the Shares of Internal Shareholders Correspond with Prospect Theory?-The Behavioral Finance Perspective

洪儒瑤(Ju-Yao Hung) ； 洪裕琨(Yu-Kuen Hung)

《中華技術學院學報》 36期 (2007/06) Pp. 213-228

https://doi.org/10.7095/JCIT.200706.0213

摘要

過去對於Tobin's Q與內部人持股關係之研究，大多偏重於代理理論觀點。本文嘗試從行為財務觀點來探討Tobin's Q與內部人持股比率間之關係是否符合展望理論之三特性，做一學理上之探討，並藉以引申提升整體經營績效、提高公司價值之道。本文以台灣電子業上市上櫃公司為樣本，樣本期間為1999至2004年共計6年，計有189家公司共1134筆年資料，運用非線性迴歸之二次式模型進行實證估計。結果發現Tobin's Q與內部人持股之關係大致符合展望理論。

關鍵字

展望理論 ； 代理理論 ； 行為財務 ； Tobin's Q ； 內部人持股 ； 利益收斂假說

並列摘要

In the past, most of the studies on the relationship between Tobin's Q and the shares of internal shareholders overweighted on agency theory. This study elaborates on the two-sided relationship between Tobin's Q and shares of internal shareholders in the perspective of behavioral finance. The companies studied were selected from the electronic industry of Taiwan. The data resources are from TEJ database; sample periods are from 1999 through 2004, totally 1134 annual valid samples. We adopte the method of quadratic regression model to execute the estimation. The result we find that the relationship between Tobin's Q and the shares of internal shareholders does approximate correspond with prospect theory.

並列關鍵字

prospect theory ； agency theory ； behavioral finance ； Tobin's Q ； shares of internal shareholder