题名

銀行進入公司董事會、代理問題與資訊不對稱之關聯性研究

并列篇名

The Association between Bankers on Boards, Agency Problems and Information Asymmetry

作者

廖益興(Yi-Hsing Liao)；陳昭蓉(Chao-Jung Chen)

关键词

銀行進入公司董事會 ； 資訊不對稱 ； 代理問題 ； 內生性 ； bankers on boards ； information asymmetry ； agency problems ； endogeneity

期刊名称

人文及社會科學集刊

卷期/出版年月

26卷4期（2014 / 12 / 01）

页次

583 - 619

内容语文

繁體中文
中文摘要

本研究旨在探討銀行進入公司董事會與企業資訊不對稱程度之關聯，並進一步分析此關聯性是否因不同型態代理問題而有所不同？實證結果顯示，經由一般兩階段估計法控制銀行進入董事會變數內生性的特徵下，銀行進入公司董事會確實可以降低資訊不對稱程度，且相較於存在傳統代理問題的樣本，存在核心代理問題的樣本，一旦銀行進入公司蓋事會所反應出減緩資訊不對稱的效果更為明顯。本研究所傳遞的政策意涵厲，銀行藉由涉入公司董事會所產生的監督功能，將會影響借款企業資訊不對稱的水準，支持銀行有效扮演公司治理機制的論點。
英文摘要

This study examines the association between bankers on boards and information asymmetry. In addition, this study further explores how various types of agency problems influence the relationship between bankers on boards and the level of information asymmetry. Using the two-stage estimation method to control for the endogeneity of bankers on boards, the empirical results show that bankers' involvement can reduce the level of information asymmetry. This paper further indicates that the decrease is more significant in firms with a central agency problem than those with a traditional agency problem. The implication for policy is that bank supervision in board representation actually can reduce the level of a firm's information asymmetry. That supports the viewpoint of bankers' role as an efficient governing mechanism.
主题分类 人文學 > 人文學綜合
社會科學 > 社會科學綜合
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