英文摘要
|
This paper primarily used statistical methods to establish financial early-warning models that made it be possible to predict in advance the probability of some not science and technology companies experiencing financial distress. This empirical analysis is the first study that attempts to use the financial and non-financial ratios, and this study used Logistic regressions model to make a comparison with the financial ratios and the initiation of corporate governance variables. Findings, upon examining the predictor variables for corporate financial distress at one, two, and three years prior to distress, we found that the achievement result of the conventional company had financial structure, solvency, and operating performance are the principal ratio variables. To increase the degrees of predictive accuracy, we employed the corporate governance and investment decisions variables, including the non-financial ratios, the debt outside appropriately and cash flow reinvestment ratio, switched of CPAs, outside monitoring and corporate governance power, receivables turnover and cash flow adequacy ratio. Therefore, this paper may be useful for researchers and practitioners who are focusing on investment decisions, corporate governance, financial risk management and financial forecasting implementation.
|
参考文献
|
-
Chen, M. H.,Hong, S. B.(2005).An Empirical Study of the Relationship between Corporate Governance, Ownership Structure and Performance.Journal of Business Administration,65,129-153.
連結:
-
Chien, C. Y.,Chen, Y. M.(2009).The Impact of Auditor Industry Specialization and Independent Directors/Supervisors on the Capital Cost of Newly Issued Corporate Bonds.Journal of Contemporary Accounting,1,99-130.
連結:
-
周智強、黃炳文(2008)。台灣食品及飲料製造業市場結構─行為─績效關聯之研究─兼論研發角色與不同時點比較。農業經濟叢刊,14,149-174。
連結:
-
林有志、李誠謙(2005)。員工紅利資訊內涵。文大商管學報,10(1),29-52。
連結:
-
陳美華、洪世炳(2005)。公司治理、股權結構與公司績效關係之實證研究。企業管理學報,65,129-153。
連結:
-
陳業寧、王衍智、許鴻英(2004)。台灣企業財務危機之預測:信用評分法與選擇權評價執優?。風險管理學報,6,155-179。
連結:
-
黃美瑛、謝志彬(2009)。系統風險對金控法通過前後之銀行業成本與效率影響─隨機成本邊界法。應用經濟論叢,86,1-34。
連結:
-
簡俱揚、陳玉梅(2009)。產業審計專家與獨立董監事對新發行公司債資金成本的影響。當代會計,10,99-130。
連結:
-
Berle, A., & Means, G.(1932). The Modern Corporation and Private Property. Harcourt, Brace, World. N. Y.
-
Smith, R. F., & Winkor, A. H.(1935). A Test Analysis of Unsuccessful Industrial Companies. University of Illinois of Bureau of Business Research, Thirty-one period.
-
Agrawal, A.,Knoeber, C. R.(1996).Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders.Journal of Financial and Quantitative Analysis,377-397.
-
Alkhafaji, A.F(1990).Effective Board of Directors:An Overview.Industrial Management and Data System,12,18-26.
-
Altman, E. I.(1968).Financial Ratios, Discriminated Analysis, and the Prediction of Corporate Bankruptcy.Journal of Finance,23(4),589-609.
-
Altman, E. I.,Haldeman, G. G.,Narayanan, P.(1977).Zeta Analysis: A New Model to Identify the Bankruptcy Risk of Corporations.Journal of Banking and Finance,1,29-54.
-
Baumol, W.(1959).Business Behavior, Value and Growth.N.Y.:MacMillan.
-
Beaver,W. H.(1966).Financial Ratios as Predictors of Failure.Journal of Accounting Research,3,71-111.
-
Buraj, P.,Lee, S. M.(2009).IT Capabilities, Inter-firm Performance, and the State of Economic Development.Industrial Management and Data Systems,9,1231-1247.
-
Claessens, S.,Djankov, S.,Lang, L. H.(2000).The Separation of Ownership and Control in East Asian Corporation.Journal of Financial Economics,58,81-112.
-
Deakin, E. B.(1972).A Discriminate Analysis of Predictors of Business Failing.Journal of Accounting Research,10,167-179.
-
Eisenhardt, K. M.(1989).Agency Theory: an Assessment and Review.Academy of Management Review,14,57-74.
-
Erkki, K. L.(2009).Importance of Performance Information in Managerial Work.Industrial Management & Data Systems,4,550-569.
-
Galbraith, J. K.(1967).The New Industrial State.Boston, Mass:Houghton- Mifflin.
-
Grossman, S.,Hart, O.(1980).Takeover Bids, the Free-rider Problem, and the Theory of the Corporation.Bell Journal of Economics,11,42-64.
-
Ho, C. T.(2009).The Relationship between Knowledge Management Enablers and Performance.Industrial Management & Data Systems,1,98-117.
-
Hopwood, W.(1994).A Reexamination of Auditor versus Model Accuracy within the Context of the Going-concern Opinion Decision.Contemporary Accounting Research,10,409-431.
-
Jensen, M. C.,Meckling, W. H.(1976).Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,1,305-360.
-
Lee, T.S.,Yeh, Y.H.(2004).Corporate Governance and Financial Distress: Evidence from Taiwan.Corporate Governance:An International Review,3,378-388.
-
Lieu, P. T.,Lin., C. W.,Yu, H. F.(2008).Financial Early-Warning Models on Cross-Holding Groups.Industrial Management and Data Systems,8,1060-1080.
-
Marris, R.(1964).The Economic Theory of Managerial Capitalism.Glencoe, Ill.:Free Press.
-
Martin, D.(1977).Early Warning of Banking Failure.The Journal of Banking and Finance,1,249-276.
-
Morck, R.,Shleifer, A.,Vishny, R. W.(1988).Management Ownership and Market Valuation: An Empirical Analysis.Journal of Financial Economics,20,293-315.
-
Odom, M.D.,Sharda, R.(1990).A Neural Network Model for Bankruptcy Prediction.Proceedings of the IEEE International Conference on Networks
-
Ohlson, J. A.(1980).Financial Ratios and the Probabilistic Prediction of Bankruptcy.Journal of Accounting Research,18,109-131.
-
Penrose, E.(1959).The Theory of the Growth of the Firm.Oxford, U. K.:Basil Blackwell.
-
Tam, K.Y.,Kiang, M.Y.(1992).Managerial Applications of Neural Networks: The Case of Bank Failure Predictions.Management Science,38,545-575.
-
Titman, S.,Trueman, B.(1986).Information Quality and the Valuation of New Issues.Journal of Accounting and Economics,2,159-172.
-
Ward. T. J.,Foster, B. P.(1997).A Note on Selecting a Response Measure for Financial Distress.Journal of Business Finance and Accounting,24,869-879.
-
Watts, R. L.,Zimmerman, J. L.(1986).Positive Accounting Theory.Englewood Cliffs, NJ:Prentice Hall.
-
Williamson, O.(1964).The Economics of Discretionary Behavior:Managerial Objectives in a Theory of the Firm.Englewood Cliffs, N.J.:Prentice Hall.
-
Zmijewski, M.E.(1984).Methodological issues Related to the Estimation of Financial Distress Prediction Models.Supplement to Journal of Accounting Research,24,59-82.
-
丁秀儀(2004)。國立政治大學。
-
王克陸、包曉天(2002)。企業轉投資與其系統風險關係之研究─台灣紡織業與電子業之比較。中華管理學報,3,65-74。
-
余惠芳(2009)。股權結構、股東權益與公司價值之實證研究。全球管理與經濟,5(1),1-21。
-
余惠芳、梅國忠、羅素妃(2010)。資本結構、自有資金與公司績效之實證研究。華人前瞻研究,6(1),39-51。
-
吳克、余惠芳、黃曉如(2010)。資訊透明、財務操作與公司績效之實證研究。全球管理與經濟,6(1),25-41。
-
倪衍森、廖容岑(2006)。家族企業負債代理成本及股利政策之研究─以台灣上市公司為例。管理與系統,13,153-179。
-
陳肇榮(1983)。國立政治大學企管研究所。
-
黃嘉興、沈智偉(2003)。台灣上市公司危機預警─羅吉斯模型與類神經方法之比較。臺灣銀行季刊,54,113-159。
-
劉絴熹、楊慈珍(2009)。新台幣兌美元匯率波動性預測及其與遠期匯率之關聯性─預測模型比較及納入成交量之探討。應用經濟論叢,85,117-154。
-
賴鈺城、李崑進、李善玉(2010)。公司治理下電子業之財務預警模型。華人前瞻研究,6(1),1-23。
-
薛人瑞、劉穎華(2004)。財務危機模型之違約機率之研究。貨幣觀測與信用評等,41,117-127。
|