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    题名: 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
    作者: 蕭郁蓉
    Hsiao, Yu Jung
    贡献者: 翁永和
    Weng, Yung Ho
    蕭郁蓉
    Hsiao, Yu Jung
    关键词: 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
    日期: 2008
    上传时间: 2011-09-29 18:33:25 (UTC+8)
    摘要: 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.
    參考文獻: 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。
    宋敏、張俊喜、李春濤(2004),「股權結構的陷阱」,《南開管理評論》,1,9-23。
    吳國英(2001),《公營事業民營化後績效之影響因素》,淡江大學高階主管管理碩士學程碩士論文。
    吳學良、孫智麗、洪德生、李清松(2004),「我國公營事業民營化前後績效變化之研究」,《台灣銀行季刊》,55(2),37-64。
    吳學良、鮑慧文(2006),「公營事業民營化政策再檢驗:相對績效衡量與績效變化之影響因素」,《經濟情勢暨評論》,12(2),18-41。
    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。
    林建宏、黃慶堂(1996),「我國公營事業民營化經營績效之實證研究」,《臺灣銀行季刊》,47(3),86-109。
    林淑棻(2003),《公司股權結構、董事會組成結構以及財務政策與公司經營績效關係》,國立政治大學財務管理研究所碩士論文。
    林承樺(2000),《中鋼民營化過程中公司統制及績效之評估》,國立交通大學經營管理研究所碩士論文。
    翁永和、羅鈺珊、劉碧珍(2003),「市場結構與最適民營化政策」,《經濟論文》,31(2),149-169。
    財政部(2006),《從獨董制度論公股管理之變革》,財政部委託研究報告。
    許和鈞、李宗政(2003),《民營化國營企業公股投資效益之分析》,台北:行政院研究發展考核委員會。
    陳曉芸(1999),《從代理理論之觀點探討股權結構對保險經營之影響》,國立政治大學風險管理與保險學系碩士論文。
    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
    黃英修(1999),《我國銀行業股權結構與經營績效相關性之探討》,國立成功大學企業管理研究所碩士論文。
    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
    Alchian, A. (1965), “Some Economics of Property Rights.” Politico, 30(4), 816-829.
    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.
    Jensen, M.C. and Meckling, W. (1976), “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.” Journal of Financial Economics, 3: 305-360.
    Jensen, M.C. and Ruback, (1983), “The Market for Corporate Control: the Scientific Evidence.” Journal of Financial. Economics, 11: 5-50.
    Kay, J.A. and Thompson, D.J. (1986), “Privatization: A Policy in Search of A Rationale.” Economic Journal, 96(3): 18-32.
    Kane, E.J. (1999), “The Limits of Stockholder Privatization.” Working Paper, Washington, D.C: World Bank.
    Kesner, I.F. (1987), “Directors Stock Ownership and Organization Performance: An Investigation of Fortune 500 Companies.” Journal of Business Research, 16: 235-249.
    La Porta, R. and Lopez-de-Silanes, F. (1997), “Benefits of Privatization: Evidence From Mexico.” Private Sector, 10: 21-24.
    Leibenstein, H. (1966), “Allocative Efficiency versus X-Efficiency.” American Economic Review, 56: 392-415.
    Lipton, M., and Lorsch, J.W. (1992),“A Modest Proposal for Improved Corporate Governance.” Business Lawyer, 48: 59-77
    Megginson, W.L., Nash, R.C. and van Randenborgh, M. (1994), “Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis.” Journal of Finance, 49(2): 403-452.
    Morck, R., Shleifer, A. and Vishny, R.W. (1988), “Management Ownership and Market Valuation: An Empirical Analysis.” Journal of Financial Economics, 20: 293-315.
    Niskanen, W.A. (1971), Bureaucracy and Representative Government, Chicago: Aldine Atherton.
    Organization for Economic Corporation and Development(OECD) (2004), “OECD Principles of Corporate governance.” OECD Report.
    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.
    Vernon-Wortzel, H. and Wortzel, L. (1989), “Privatization: Not the Only Answer.” World Development, 17(5): 73.
    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.
    Willig, R.D. (1985), Corporate Government at the Product Market Structure. Mimeo: Princeton University.
    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.
    Zahra, S.A. and Pearce, J.A., (1989), “Boards of Directors and Corporate Financial Performance: A Review and Integrative Model,” Journal of Management, 15(2): 291-334.
    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/
    描述: 碩士
    國立政治大學
    行政管理碩士學程
    94921044
    97
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0094921044
    数据类型: thesis
    显示于类别:[行政管理碩士學程(MEPA)] 學位論文

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