政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/64014
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 109948/140897 (78%)
造訪人次 : 46086605      線上人數 : 1215
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋
    政大機構典藏 > 商學院 > 會計學系 > 期刊論文 >  Item 140.119/64014


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/64014


    題名: 公司股權結構與外資持股關係之研究
    其他題名: Corporate Ownership Structure and Foreign Ownership
    作者: 林美鳳;梁嘉紋;金成隆
    Lin, Mei-Feng;Liang, Jia-Wen;Chin, Chen-Lung
    貢獻者: 會計系
    關鍵詞: 控制股東;外資持股;股票質押
    Ultimate controlling owners;foreign investment ownership;collateralized shares
    日期: 2010-03
    上傳時間: 2014-02-19 15:47:45 (UTC+8)
    摘要: 相對於國內機構投資者與散戶而言，外資在我國資本市場扮演了相當重要的角色。然而國內控制股東的代理問題嚴重，本研究的主要目的，即由控制股東的投票權與現金流量權的偏離程度、控制股東成員掌控的董監席次、與董監股票質押比率三個方面，探討公司股權結構與外資持股比例的關聯性。研究結果顯示，當控制股東的投票權與現金流量權的偏離愈大、或控制股東成員掌控愈多的董監席次，或董監事股票質押比率愈高時，將使得控制股東的代理問題愈為嚴重，因此，外資的投資意願較低，其持股比率也較低。然而，外資持股可能存在選樣偏誤的現象，同時，公司股權結構有可能是一個內生變數。因此，本文分別使用Heckman的方法，以及兩階段迴歸，克服可能的潛在計量問題；實證結果發現，本文的推論並未受到影響。同時本文也使用不同的外資持股替代變數，結果也相當穩健。
    In contrast to the domestic institutional and individual investors, foreign investors play a rather important role in Taiwan`s capital market. As the concentration of corporate ownership has created agency conflicts between controlling owners and minority shareholders in Taiwan, the primary purpose of this paper is to explore the association between foreign investment ownership and ownership structure, as measured by the divergence between the ultimate controlling owner`s voting rights and cash flow rights, the percentage of board members affiliated with the controlling owners, and the extent of shares collateralized by the board of directors. Our empirical results show that foreign investors hold fewer shares for firm with higher control divergence. Second, foreign investment ownership is negatively related to the percentage of controlling owner`s seats on the board, as predicted. Third, we find that foreign institutional investors hold fewer shares on firms with a greater extent of shares collateralized by the board of directors. The results are robust to the alternative model specifications, including Heckman selection and simultaneous models. Our results remain qualitatively unchanged using alternative proxy for foreign investment ownership.
    關聯: 中山管理評論, 18(1), 101-142
    資料類型: article
    顯示於類別:[會計學系] 期刊論文

    文件中的檔案:

    檔案 描述 大小格式瀏覽次數
    101142.pdf1473KbAdobe PDF21034檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋