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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/30154

    Title: 公司治理、盈餘管理與投資人報酬之關連性研究
    Authors: 林家靜
    Contributors: 林宛瑩
    Keywords: 公司治理
    corporate governance
    earnings management
    stock price return
    Date: 2003
    Issue Date: 2009-09-11 17:21:20 (UTC+8)
    Abstract: 隨著1997的亞洲金融風暴、1998下半年陸續發生的台灣上市公司財務危
    機事件,以及2001年底美國大型公司企業弊案的層出不窮,除了一再地打擊投資人的信心,擾亂資本市場秩序外,也使投資者與證券主管機關體認到,完善的公司治理機制(corporate governance),是健全資本市場與吸引國際資金的關鍵因素之一。



    Along with Asia monetary crush in 1997, Taiwan business financial crisis happened one after another in 1998 and American large enterprise fraud cases appeared again and again in 2001, not only to beat investors’ confidence and to disturb capital market order, but also make investors and the authorities concerned recognize that a complete corporate governance mechanism is a key factor of healing capital market and attracting international capital.

    The agency relation of business organization derives problems about earnings manipulation and corporate governance. The first part of this research is want to discuss if corporate governance mechanism can restrain management level from
    manipulating earnings. The most concern of common investors is that whether their invest target can bring them well return. If we want to raise the stock-price return of a company, in addition to macro economic factors, the condition of
    business itself is really important. The second part of this research set broad characteristics, management characteristics, related party transaction and equity structure as research variables and earnings manipulation degree as control
    variables to discuss the relation between corporate governance and stock-price return.

    The result of the first portion of research shows that when CEO
    simultaneously serves as Chairman of the board and exceed-ratio of related party capital intercourse is higher, the firms have higher earnings manipulation. There is a negative relation between broad size and earnings manipulation. Total number of
    supervisors, the rate of directors’ and supervisors’shareholdings that are pledged, the deviation between cash-flow right and seating right, broad independence, exceed-ratio of related party purchase and sales, institutional investor holding rate, outside blockholders holding rate have no relation with earnings manipulation.

    The result of the second portion of research shows that total number of supervisors, broad independence and exceed-ratio of related party purchase and sales have positive relation with stock-price return. There is a negative relation between stock-price return and broad size and the rate of directors’ and
    supervisors’ shareholdings that are pledged. CEO simultaneously serves as Chairman of the board, the deviation between cash-flow rights and seating rights, exceed-ratio of related party capital intercourse, institutional investor holding rate, outside blockholders holding rate have no relation with stock-price return.
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    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0091353036
    Data Type: thesis
    Appears in Collections:[Department of Accounting] Theses

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