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題 名 | 公司治理對財務危機之影響=The Impact of Corporate Governance on Financial Distress |
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作 者 | 張椿柏; 王育偉; 陳振傑; 莊明哲; | 書刊名 | 財金論文叢刊 |
卷 期 | 29 2018.12[民107.12] |
頁 次 | 頁14-36 |
分類號 | 553.977 |
關鍵詞 | 財務危機; 公司治理; 羅吉斯迴歸分析; Financial distress; Corporate governance; Logistic regression analysis; |
語 文 | 中文(Chinese) |
中文摘要 | 本文主要檢視台灣上市(櫃)公司之公司治理機制對財務危機發生之影響,本研究採用羅吉斯迴歸分析,以2005年至2015年所有台灣上市(櫃)公司為樣本,探討股權結構與董事會監督機制對公司財務危機發生機率之影響。綜觀全文,本文期望說明完備的公司治理監督機制可以降低代理問題,降低財務危機發生機率。實證結果如下:(1)管理者持股與財務危機發生機率呈顯著負相關,支持利益收斂假說。(2)控制權與現金流量請求權偏離程度愈大,財務危機發生機率愈大。(3)董監事持股質押比率與財務危機發生機率呈顯著正相關。(4)機構投資人持股比率與財務危機發生機率呈顯著負相關。(5)財務危機發生機率隨著董事會規模及獨立董事比率而下降,但隨著董事長兼任總經理上升。(6)資訊揭露程度與財務危機發生機率呈顯著負相關。 |
英文摘要 | The purpose of this paper is to examine the effect of corporate governance on financial distress. The sample of the study consists of public companies in Taiwan for the period from 2005 to 2015. The study explore the relation between ownership structure, board characteristics and financial distress by Logistic regression analysis. Overall, this paper expects to explain corporate governance can reduce agency problem and the efficient corporate governance can decrease financial distress. The empirical results indicate as follows:First, the relationship between managerial ownership and financial distress has a significantly negative correlation and hence supports convergence of interest hypothesis. Second, as controlling right deviates from cash flow right, financial distress is getting worse, that is, core agency problem become more serious in the firm. Third, the relationship between pledged share ratio of directors and financial distress has a significantly positive correlation. Fourth, the relationship between the shares of institutional investor and financial distress has a significantly negative correlation. Fifth, the number of board directors and the ratio of independent directors have negative relationship with financial distress, but the CEO and chairman being the same person have positive relationship with financial distress. Finally, the information disclosure level has negative relationship with financial distress. |
本系統中英文摘要資訊取自各篇刊載內容。