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頁籤選單縮合
題名 | 以公司治理角度探討對資本支出決策的影響=A Study of the Influence of Corporate Governance on the Capital Expenditure Decision |
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作者姓名(中文) | 呂素蓮; 李國榮; 張秋燕; | 書刊名 | 青年企業管理評論 |
卷期 | 2017特刊 2017[民106] |
頁次 | 頁63-74 |
分類號 | 553.97 |
關鍵詞 | 資本支出比率; 公司治理; 董事會結構 ; 股權結構; Capital expenditure; Corporate governance; Board structure; Ownership structure; |
語文 | 中文(Chinese) |
中文摘要 | 本研究以 2011 年至 2014 年台灣上市公司電子產業與非電子產業之季資本支出,探討董事會結構 與股權結構對於公司投資決策效率性之影響。實證結果顯示在公司投資機會愈佳時,公司愈會增加其 資本支出。電子產業方面,董事會規模,機構法人持股比率與資本支出比率呈現顯著負相關。在非電 子產業方面,董事會規模、經理人持股比率與資本支出比率呈現正相關,公司規模與資本支出比率呈 現顯著正相關。 |
英文摘要 | This study examines the effect on capital expenditure decision by corporate governance. The sample are quarterly capital expenditures of electronic and non-electronic industry firms listed in Taiwan, during the sample period from 2011 to 2014. We test the effect of corporate governance on investment decision by employing panel data regressions which consists of variables such as firm’s investment opportunity, board structure and ownership structure. In the electronics industry, shares of managers has a negative relation with capital expenditure, the size of board and institutional investors have a significantly negative correlation with capital expenditure. In the none-electronic industry, the size of board and shares of managers have a positive relation with capital expenditure, the relation between the size of companies and capital expenditure has a significantly positive correlation. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。