股權結構、股東權益與公司價值之實證研究

An Empirical Study of Ownership Structure, Performance and Corporate Value

10.6565/JGME.2009.5(1).1

余惠芳(Hui-Fun Yu)

股權結構 ； 公司治理 ； 財務風險管理 ； 內生變數 ； Ownership structure ； Corporate governance ； Financial risk management ； Endogenous variables

全球管理與經濟

5卷1期（2009 / 06 / 01）

1 - 21

繁體中文

本研究主要係利用統計科學方法建立財務預警模型，儘可能在公司尚未發生財務危機前， 提前預測出公司可能發生財務危機的機率，達到事前預警作用。實證分析上，首次嘗試利用財務與非財務比率，考慮內生變數（Endogenous variables）關係，將股票質押後董監事持股比率＜10%，＞10%分類，利用（K-S tests）、（M-U tests）與logit迴歸模型（Regressions model）比較分析交叉持股之集團企業。研究發現，董監事實際持股＜10%，且主權分散影響公司績效主要有財務結構、獲利能力與公司治理指標。內部董監事實際持股＞10%，內部董監事股權集中，增加法人持股、避免會計師更換與設置獨立董監事，增強內部監控（Inside Monitoring Power）與公司治理能力，可提高股東權益報酬與公司績效。內部董監事股權集中，表示內部人利益掠奪誘因（Entrenchment Incentive）愈強，因此，儘早設置外部獨立董監事提高內部監控能力，可提高公司治理能力與公司績效，降低公司發生財務危機的可能性。準此，本研究主要焦點意涵在公司治理、財務風險管理與財務預測。

This paper primarily uses statistical methods to establish financial early-warning models that make it possible to predict in advance the probability of a company experiencing financial distress. In its empirical analysis, this is first study that attempts to use financial ratios and non-financial ratios, consider endogenous variables relation as ratio of director and supervisor ownership stakes after pledging of shares under10 percent, over 10 percent variable to analyze cross-holding groups, and the present study uses the (K-S tests), and (M-U tests) and logit regressions model. Ratio of director and supervisor ownership stakes after pledging of shares under 10 percent, the stockholders right is dispersed influence the achievement result of the company have financial structure, profitability, and corporate governance are the principal ratio variables. Ratio of director and supervisor ownership stakes after pledging of shares over 10 percent, dong supervises stockholders right of thing concentrating inside, increase ownership stake of institutions, avoiding switch of CPAs and establishing independent directors and supervisors, increase inside monitoring and corporate governance power, can improve ROE and the achievement result of the company. Dong supervises stockholders right of thing concentrating inside, the mean is inside persons entrenchment incentive stronger. Therefore, as soon as possible establishing independent directors and supervisors can increase inside monitoring power, increase corporate governance power and the achievement result of the company, and can lower the likelihood of financial distress. Corporate ownership structure change, the mean contribution of this paper is that establishing independent directors and supervisors can lower the likelihood of financial distress. The paper is useful to researchers or practitioners who are focused on financial risk management and corporate governance implementation.

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