臺灣股東投票權價值決定因素之實証研究

The Determinants of the Value of Voting Rights on Taiwan Stock Exchange: An Empirical Investigation

10.6545/JFS.2002.10(1).3

黃一祥(I-Hsiang Huang)

股東投票權價值 ； 管理者私益 ； 管理權的競爭程度 ； 資產管理效率 ； The value of voting rights ； private benefits from corporate control ； the intensity of control contests ； the managerial efficiency of corporate assets

財務金融學刊

10卷1期（2002 / 04 / 30）

53 - 90

繁體中文

本文以臺灣上市公司於民國83到87年股東大會有董監事改選者為對象，採用Dodd and Warner（1983）方法估計投票權價值進行橫斷面迴歸分析，探討臺灣股東投票給價值的決定因素。本文發現臺灣投票權價值為管理看私益與管理權競爭程度的遞增函數，並且和資產管理效率具顯著的反向關係，在控制預期報酬產生模式與流動性變數的可能影響後，實證結果並無改變。本文的發現與Manne（1962，1964）及公司代理理論之預期一致。

This paper empirically examines the determinants of the value of voting rights by using a sample of corporations listed on Taiwan Stock Exchange that have held reelect ions for their boards of directors between 1994 and 1998. The method of Dodd and Warner (1983) is used to calculate the value of voting rights. The cross-sectional analysis indicates that the value of corporate votes is increase with the private benefits from corporate control and the intensity of control contests. In addition, the managerial efficiency of corporate assets is negatively related to the value of voting rights. The result is robust to numerous controls for the expected return model and the liquidity effect. Our fin ding s are consistent with agency theory explanation of the value of corporate votes.

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