股權結構對盈餘資訊內涵之影響

The influence of corporate ownership structure upon the informativeness of earnings

張秀玉(Shiou-Yuh Chang)

指導教授 ： 簡俱揚 ； 曹壽民

中原大學/商學院/會計研究所/碩士(2003年)

https://doi.org/10.6840/cycu200300332

摘要

摘 要
台灣上市公司於世界競爭力排名落後主要原因為股權結構及資訊透明度低。根據之前國外文獻指出，即使在美國之公司，亦有股權集中的現象；而東亞國家股權集中度更高於其他地區，且大部分都集中於家族或政府的手中，且這些地區盈餘資訊透明度低；國內文獻也發現，以20％為控制權分類之標準，超過二分之一以上公司最終控制者為家族控制，台灣上市公司之資訊透明度亦相當低。因此本研究以Fan ＆ Wong（2000）之「盈餘─報酬」模式為架構，並採用La Porta 等人（1999）追蹤最終控制者的方法，以20％為控制權分類之標準，檢視台灣上市公司控制股東之控制權與現金流量權，以分析控制股東之控制權及控制權與現金流量權偏離程度對盈餘資訊內涵的影響，另考慮最終控制者為家族及集團企業時，是否會影響盈餘之資訊內涵。
研究結果如下：1.全部樣本中，最終控制者為家族控制佔39.89％；若以不同產業最終控制者比較，電子業家族控制僅佔27％，非電子業家族控制佔57.53％，顯示隨著科技產業的發展，控制權的集中度會降低，與Claessens等人（2000a）之研究結論一致。2.控制股東的控制權愈大，盈餘資訊內涵愈弱；最終控制者之控制權與現金流量權偏離程度愈大，與盈餘資訊內涵呈現負相關；最終控制者為家族控制時，對盈餘資訊會產生負面的影響；最終控制者為集團企業時，對盈餘資訊會產生負面的影響。

關鍵字

現金流量權 ； 控制權 ； 盈餘資訊內涵 ； 最終控制者 ； 股權結構

並列摘要

Abstract
Taiwan listed companys world competitive placed behind ,the main reasons are share ownership structure and informativeness transparency. According to foreign paper indicated ,even among America firms ,there is concentration of ownership too ;share ownership concentration is higher than others in East Asian, most of concentrated in families or the State ,which in formativeness transparency is lower .Domestic paper found that ,using the criterion that ultimate owner have control rights exceeding 20﹪as a cutoff to define each company’s ultimate control pattern ,more than a half of firms were controlled in families hands, which informativeness transparency is low too.

The research by using Fan ＆ Wong’s（2000）earnings-return relationship model, and adopting the method developed by La Porta et al.,（1999）,traced the ultimate controller ,using the criterion that ultimate owner have control rights exceeding 20﹪as a cutoff to define each company’s ultimate control pattern ,to examine Taiwan listed companys controller’s voting rights and cash flow rights ,analysis to the influence of controller’s the degree of divergence between voting rights and cash flow rights upon the informativeness of earnings ,and considering ultimate controller are both family and enterprise groups ,whether effecting the informativeness of earnings .The results as follows:
1.All samples，ultimate controller is 39.89﹪for family control ;if comparison to different industries controller, the electronic industry only is 27﹪for family control ,the non- electronic industry is 57.53﹪for family control, it revealed technology industry is continuous developing ,the voting rights concentration is decreasing ,the result is consistent with Claessens et al.,（2000a）research.
2.The ultimate controller’s voting rights and the divergence of her cash flow rights and voting rights have a negative effect on the informativeness of earnings;ultimate controller are both family and enterprise groups,a negative effect on the informativeness of earnings.

並列關鍵字

ownership structure ； cash flow rights ； voting rights ； ultimate controller ； informativeness of earnings

參考文獻

7.葉銀華，家族控股集團、核心企業與報酬互動之研究—台灣與香港證券市場之比較，管理評論，民國88年5月。

2.林玉霞，台灣上市公司代理問題、公司治理與股東價值之研究，私立中原大 學會研所碩士論文，民國91年6月。

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3.Claessens, S., S. Djankov, and L. H. P. Lang, 2000a, “The separation of ownership and control in East Asian Corporations,”journal of Financial Economics 58,81-112。