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    Title: 股權結構、董事會組成對民營化企業經營績效之影響
    The effect of ownership structure and board composition on the performance of privatized firms
    Authors: 蕭郁蓉
    Hsiao, Yu Jung
    Contributors: 翁永和
    Weng, Yung Ho
    蕭郁蓉
    Hsiao, Yu Jung
    Keywords: 民營化
    經營績效
    公司治理
    股權結構
    董事會組成
    Privatization
    Performance
    Corporate Governance
    Ownership Structure
    Board Composition
    Date: 2008
    Issue Date: 2011-09-29 18:33:25 (UTC+8)
    Abstract: 隨著經濟自由主義時代來臨,面對全球性的競爭及各國市場逐漸開放,公營事業民營化已是各國政府的重要財經政策之一。過去有關民營化對企業經營績效影響之研究頗為豐富,其中國外文獻大多贊成民營化對企業經營績效有顯著提昇之影響,然而國內相關文獻之研究結果,則較為紛歧。本文以西元1989年我國正式推動民營化政策以來,採用釋股方式完成移轉民營之21家上市公司為研究對象,來探討民營化企業獲利能力及經營績效的影響因素。由實證結果得知,政府持股比率、專業機構投資人持股比率、經理人持股比率、獨立董事人數、員工股票分紅等因素,對公司經營績效呈顯著正相關;然而董監事持股比率、董事會規模等因素,則對公司經營績效呈顯著負相關。
    In the era of economic liberalization and globalization, privatization has become one of the most important economic policies around the world. During the past two decades, most studies have indicated that the performance of State-Owned Enterprises (SOEs) has improved after they were privatized. However, studies on SOEs of Taiwan have received controversial results. The purpose of this paper is to examine the effect of ownership structure and board composition on the performance of privatized firms in Taiwan that experienced full or partial privatization through public share offerings during the period 1989 to 2008. The results show that the ratio of government holdings, the ratio of institutional investors holdings, the ratio of managers holdings, the number of independent directors and share option schemes have significantly positive effects on firm performances. The results also suggest that the scale of board of directors and the ratio of directors holdings have significantly negative effects.
    Reference: 一、中文部分:
    行政院經濟建設委員會(2005),《政府持股事業之公司治理與績效關聯性研究》,行政院經濟建設委員會委託研究報告。
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    吳建頤(2003),《董事會規模對公司價值的影響》,國立中正大學財務金融研究所碩士論文。
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    陳家馴(2004),《董事會組成、公股角色與企業績效之關聯性研究》,國立成功大學企業管理學系碩士論文。
    黃榮龍(1993),《股權結構與經營績效之研究》,國立政治大學會計研究所碩士論文
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    黃燕瑜(2006),《政府機構持股與公司經營績效關聯性之研究》,國立政治大學會計學研究所碩士論文。
    張旭玲(1998),《我國股票上市公司股權結構暨經營績效之研究》,國立成功大學會計學研究所碩士論文。
    張雨農(2004),《我國上市公司董事會結構與公司經營績效之關聯性研究,東吳大學會計學系碩士論文。
    葉銀華(1998),「家族控股集團與股票報酬共變性之實證研究」,《台大管理論叢》,9(1),25-49。
    楊俊中(1998),《股權結構與經營績效相關性之研究》,國立台灣大學會計研究所碩士論文。
    應圓圓(2002),《公營事業民營化之績效研究─華南商業銀行》,國立高雄第一科技大學碩士論文。
    二、英文部分
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    Berle, A. and Means, G. (1932), The Modern Corporation and Private Property, New York: MacMillan.
    Boardman, A.E. and Vining, A.R. (1992), “Ownership vs. Competition: Efficiency in Public Enterprise.” Public Choice, 73(2): 205-239.
    Boubakri, N. and Cosset, J. (1998), “The Financial and Operating Performance of Newly Privatized Firms: Evidence from Developing Countries.” Journal of Finance, 53(3): 1081-1110.
    Boycko, M.; Shleifer, A. and Vishny, R. (1996), “A Theory of Privatization.” Economic Journal, 106(435): 309-320.
    Cook, P. and Kirkpatrick, C. (1988), Privatisation in Less Developed Countries, New York: St. Martin’s Press.
    D’Souza, J. and Megginson, W.L. (1999),“The Financial and Operating Performance of Privatized Firms during the 1990s.” Journal of Finance, 54(4): 1397-1438.
    Dobrzynski, J.H. (1993), “Corporate Boards May Finally Be Shaping Up.” Business Week, 31: 26.
    Fama, E.F. and Jensen, M.C. (1983),“Separation of Ownership and Control.” Journal of Law and Economics, 26(2): 301-325.
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    Pound, J. (1988), “Proxy Contests and the Efficiency of Shareholder Oversight.” Journal of Financial Economics, 20: 237-265
    Shleifer, A. and Vishny, R.W. (1986), “Large Shareholders and Corporate Control.” Journal of Political Economy, 94(3): 461-487.
    Sun, Q. and Tong, W.H.S. (2002), “Malaysia Privatization: A Comprehensive Study.” Financial Management, 31(4): 79-105.
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    Wei, Z., Varela, O., D’Souza, J. and Hassan, M.K. (2003), “The Financial and Operating Performance of China’s Newly Privatized Firms.” Financial Management, 32(2): 107-126.
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    Yarrow, G. (1986), “Privatization in Theory and Practice.” Economic Policy, 2:324-377.
    Yermack, D. (1996), “Higher Market Valuation of Companies with a Small Board of Directors.” Journal of Financial Economics, 40(2): 185-211.
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    三、參考網站
    行政院經濟建設委員會:http://www.cepd.gov.tw/
    公開資訊觀測站:http://newmops.tse.com.tw/
    Description: 碩士
    國立政治大學
    行政管理碩士學程
    94921044
    97
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0094921044
    Data Type: thesis
    Appears in Collections:[行政管理碩士學程(MEPA)] 學位論文

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