股權結構和公司價值關聯性之研究

張芸庭

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股權結構和公司價值關聯性之研究

A STUDY ON THE RELATIONSHIP BETWEEN OWNERSHIP STRUCTURE AND CORPORATE VALUE

張芸庭 , Masters　　Advisor：陳瑞璽　　

繁體中文;英文

外生性；內生性；非線性關係；公司價值；股權結構； exogenous ； managerial ； nonlinear relationship ； endogenous ； corporate value ； ownership

Abstract │ Reference (60) │ Altmetrics

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The ownership structure is an important factor in determining the value of the
company, when the company is listed, the new shares or existing shares were transferred to new owners, will dramatically change the company's ownership structure, which will affect the value of the company and oversight mechanisms. The nonlinear relationship between corporate value and managerial ownership is well documented. This has been attributed to the onset of managerial entrenchment, which results in a decrease of corporate value for increasing levels of managerial holdings. We propose a new structure for this relationship that accounts for the effect of conflicting managerial incentives, and external and internal disciplinary monitoring mechanisms. Using this specification as the basis for our analysis, we provide evidence that the managerial ownership–corporate value relationship is codeterministic. This finding is at odds with recent work which reports that corporate value determines managerial ownership but not vice-versa.In this section, we propose an alternative structure to the managerial holdings–corporate value relationship and argue that the cubic, or simpler representations,used in earlier studies are unnecessarily restrictive and misspecified. The model that is presented here captures further nonlinearities in this relationship at high levels of managerial holdings and has a quintic specification. For low levels of managerial ownership, external discipline and internal controls or incentives will dominate behavior (Fama, 1980; Hart, 1983; Jensen and Ruback, 1983). Empirically, Morck et al. (1988),McConnell and Servaes (1990) and Hermalin and Weisbach (1991) report results consistent with this behavior for the relationship between managerial holdings and corporate value. The information in this study is based on the information of listed companies from 1990 to 2011 study, a total of 22 years, the standard deviation estimated VOL contains its own data of the previous five years, can only estimate a VOL data 1990-1994 data, the real use estimates for 1994 to 2011, and 1990-1993 four-year estimate does not come out can not be used. Therefore, the actual 711 data, estimates from 1994 to 2011 a total of 18 years, the 6612 documents of the total sample for the research firm sample number.Therefore, in this study that affect the company's equity value of managerial ownership(MO), the estimated coefficients of corporate value (Q) is significant, increase in corporate value, internal managers holding the greater，So this equation can be seen managerial ownership corporate value, so the managerial ownership is exogenous, in addition, corporate value also affects managerial ownership，Indicates corporate value on the managerial ownership of the estimated coefficient is significant, so the managerial ownership can also be endogenous, consistent with expectations.

Reference ( 60 ) 〈TOP〉

俞海琴、周本鄂，「臺灣地區上市公司董監事、關係人持股比率和公司托賓Q關係之研究」，管理評論，第13卷1期，(1994): 79-98。
連結：
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，第18卷2期，(1999): 59-86。
連結：
Agrawal, A., and C. R. Knoeber, “Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders”, Journal of Financial and Quantitative Analysis, 3(1), (1996): 377-397.
連結：
Alkhafaji, A. F., “Effective Boards of Directors: An Overview”, Industrial Management & Data Systems, 90(4), (1990): 18-26.
連結：
Baek, J. S., J. K. Kang, and K. S. Park, “Corporate Governance and Firm Value: Evidence from the Korean Financial Crisis”, Journal of Financial Economics, 71(2), (2004): 265-313.
連結：

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