公司治理與股價變動率之關聯: 以全額交額為樣本

The Relationship between Corporate Governance and Fluctuations in Stock Price: Sample of Full-Cash Delivery Stock

10.6846/TKU.2017.00941

蔡慧珺

公司治理 ； 股權結構 ； 盈餘管理 ； 董事會品質 ； Corporate governance ； Ownership structure ； Earnings Management ； Board of Directors Quality

淡江大學會計學系碩士在職專班學位論文

2017年

碩士

顏信輝

繁體中文

當企業面臨各種危機時，不同的危機管理指導原則將會給企業帶來截然不同的後果。企業管理當局因憂心經營績效未達到目標而導致股價下跌，大多會採取盈餘管理的動作來操作盈餘數字，使得財務報表被窗飾及美化。 運用財務比率來預測企業經營績效預警模式不斷地在進化，公司治理有助於建全企業之經營及追求股東最大利益，因此建全公司內部控制制度、強化資訊公開透明度、建立獨立董監事制度，期能更客觀輔助財務指標之衡量。 本研究以公司治理為出發點，並有鑑歷年來企業舞弊案層出不窮，因此，本研究以公司股價變動率為衡量公司價值之指標，探討股權結構、董事會品質、董監事特質及管理架構對公司股價之影響。 以2011年至2015年之台灣證券交易所期間內曾全額交割及股票管理之公司為研究對象，以迴歸模式進行分析。實證結果顯示，當經營權與所有權合一時，在個人的自利動機下，董事長兼任總經理則董事會品質較差，管理當局盈餘分配操緃的程度愈大。

The corporate governance policy has been strongly influencing the corporate stock performance in securities markets in many countries. Institutional investors do consider the acceptance and performing quality of a corporate governance policy by a company in making their investment decisions. 　　Especially, public investors and administrative managers of a company do realize that the board directors policies and board directors managing efficiencies do strongly support the company's fundamental value. Hence, this is creating tremendous academic and empirical research topics in the corporate governance subject. The research study time length is starting from year 2011 Janyary to year 2015 December。The corporate governance policy variables are including the features of board directors structural system, and board directors organizational elements, beneficial programs, compensation benefits, the independence and performance of the board director operations, and the corporate financial and stock performance . The purpose of this paper is examining the impacts of corporate governance policy variables in terms of the board directors performing governance policies and managing efficiencies in policies on the movements of the stock prices of this company. We are taking the samples of cross sectional firms from various industries in Taiwan as the study subject. We applied the multiple regression models, and provided the basic statistical properties analysis, ADF unit root analysis, and correlation analysis. For receiving the reasonable experimental results, we examines the t value for regression coefficients, and investigated the R2, Adjusted R2, F value, DW, AIC, Schwarz, HQ, Log likelihood, for the regressions. The output is not to dedicate the predictions of the stock performance in Taiwan, but it is for examining the relationship between the influencial power of corporate governance policies variables and a company 's stock performance in Taiwan's capital markets. The finding result has concluded that the chairman of the board as general manager do show significant evidences in supporting the testing hypothesis. The ending conclusive remarks is indicating that chairman of the board as general manager should be considered as the critical and relevant elements in making the investment strategies and decisions by public investors in Taiwan

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