Return Skewness, Real Options, and Corporate Governance

報酬偏態、實質選擇權與公司治理

10.6545/JFS.2015.23(4).1

陳賢名(Hsien-Ming Chen)；馮鴻璣(Hung-Gay Fung)；林楚雄(Chu-Hsiung Lin)；王立勳(Li-Hsun Wang)

動態追蹤迴歸 ； 社會資本 ； 公司治理 ； 報酬分配 ； 資訊自由裁量權 ； Dynamic panel regression ； social capital ； corporate governance ； return distribution ； discretionary disclosure

財務金融學刊

23卷4期（2015 / 12 / 31）

0 - 39

英文

本文以臺灣2002Q1到2012Q3之資料探討公司治理與實質選擇權對報酬分配的影響。本文發現公司治理品質（較高的最大股東與經理人持股比例、獨立性愈高的董事會、較佳的資訊透明度與較低的代理成本）愈好則公司報酬愈正偏。本文亦發現公司具實質選擇權會降低交易成本、促進各方的合作以及建立公司品牌使公司報酬呈現較為正偏的分配。

We use the data of Taiwanese firms from 2002Q1 to 2012Q3 to examine the effects of corporate governance and real options on return skewness. Firms with a stronger corporate governance structure (including a higher proportion of largest shareholder ownership and managerial ownership, the more independent board, better transparency, and lower agency costs) tend to have positively skewed returns. In addition, firms that possess real options (valuable social capital, significant market potential, and market power) appear to have positively skewed returns because real options lower transaction costs, promote cooperation among parties, and build the firm’s brand.

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