內部人持股會增強財務績效對公司價值的影響?

Does Insider Shareholding Enhance the Impacts of Financial Performance on Firm Value?

翁宸鋒(Chen-Feng Weng)

指導教授 ： 倪衍森

淡江大學/商管學院/管理科學學系碩士班/碩士(2014年)

https://doi.org/10.6846/TKU.2014.01119

摘要

自從所有權與控制權分離所產生之代理問題漸受重視開始，有關公司治理與股權結構為值得重視的課題，是以本研究以台灣法令規定的內部人為研究變數，並以2008到2012年台灣上市公司作為研究樣本，來探討內部人持股(如經理人持股、董監事持股等)是否會增強財務績效對公司價值的影響。而本研究有以下的研究發現。其一、董監事質押比率在任何模型皆顯示與公司價值呈現顯著的負相關。其二、有獨立董事之公司有助於增強ROA與ROE對公司價值的影響，顯見有獨立董事之企業，相當能強化公司的財務績效，進而提升公司的價值，換言之，獨立董事的設立，對企業應有監督與提升績效之效。最後，外資董監事亦能增強ROE對公司價值的影響，此亦顯示外資對股東權益報酬率的重視。

關鍵字

內部人持股 ； 財務績效 ； 公司價值

並列摘要

Due to the agency problem resulting from the separation of ownership and management, the issue of corporate governance becomes more important recently. In this study, we employ the insiders defined by Taiwan authority as our target variables, and then explore whether insiders’ shareholding such as directors’ holding ratio, mangers’ holding ratio, and so on would enhance the impacts of financial performance on firm value. The sample is collected from the firms listed in Taiwan stock exchanges. The study finds the results as shown below. First, the directors pledge ratio negatively affects firm value in all models employed in this study. Second, the firms recruiting independent directors would enhance ROE and ROA on firm value. Finally, foreign directors would enhance ROE on firm value, which indicates that foreign institutions care about ROE.

並列關鍵字

Insiders’ ownership ； Financial performance ； Firm value

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