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研究生： 徐宇聲
Yu-sheng Hsu
論文名稱： 外資持股比例與公司治理之關聯性
指導教授： 徐政義
口試委員:
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融學系
Department of Finance
論文出版年： 2015
畢業學年度： 103
語文別： 中文
論文頁數： 40
中文關鍵詞： 外資 、公司治理
相關次數： 點閱：15  下載：0 
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    • 本研究欲探討良好的公司治理程度是否能夠有效的吸引外資的投入，以及外資在投資後是否會積極設法改善企業的公司治理，並以 1999 年至2013 年間所有的台灣上市櫃公司為研究對象。研究結果顯示在控制了公司
    規模、帳市值比、產品出口比率後，公司治理較良好的公司的確會吸引較
    多的外資投入，此結果與過去的文獻一致；另外在外資改善公司治理的驗
    證方面，所有結果皆顯示無顯著影響。

    In this paper, we explore whether companies with good level of corporate governance can effectively attract more foreign investments; on the other side, whether foreign investors will affect corporate governance of the firm is also an important issue what we want to consider about. This study investigates foreign ownership of all the listed and on-the-counter companies in the Taiwan stock market from 1999 to 2013.The empirical result reveals that foreign investors show a preference for companies with good corporate governance, after controlling variables such as size, book-to-market ratio and export ratio. However, evidence for corporate governance affected by foreign investors is not significant.

    摘要 .................................................................................................................... i ABSTRACT ...................................................................................................... ii 表目錄 ............................................................................................................... v 第一章 緒論 .................................................................................................. 1 1-1 研究背景與目的 ............................................................................... 1 1-2 研究大綱 ........................................................................................... 3 第二章 文獻回顧與假說建立 ....................................................................... 4 2-1 文獻回顧 ........................................................................................... 4 2-2 假說建立 ........................................................................................... 6 第三章 樣本及變數 ....................................................................................... 8 3-1 資料來源與樣本選取 ....................................................................... 8 3-2 公司治理評等變數之建構 ............................................................... 9 3-2-1 基本介紹 ............................................................................. 10 3-2-2 各構面變數之影響公司績效方向分析 ............................... 12 3-2-3 評等建構方式 ...................................................................... 16 3-3 樣本統計量 ..................................................................................... 17 3-3-1 外資持股比例 ...................................................................... 17 3-3-2 公司治理評等變數 .............................................................. 17 第四章 模型設計與實驗結果 ..................................................................... 20 4-1 公司治理對外資持股比例的影響 .................................................. 20 4-1-1 橫斷面資料迴歸模型及實證 ................................................ 20 4-1-2 依公司治理變化分類 .......................................................... 23 4-1-3 小結 ....................................................................................... 24 4-2 外資持股比例對公司治理改善的影響 .......................................... 25 4-2-1 模型設計 ............................................................................. 26 4-2-2 實證結果 ............................................................................. 26 4-2-3 模型調整及實證結果 .......................................................... 27 4-2-4 小結 ..................................................................................... 29 第五章 結論與建議 ..................................................................................... 30 5-1 研究結論及貢獻 ............................................................................. 30 5-2 研究建議 ........................................................................................ 31 參考文獻 ......................................................................................................... 32

    中文文獻
    葉銀華、邱顯比及何憲章(1997)，「利益輸送代理問題與股權結構之理論與實證研究」，《中國財務學刊》，第4卷第4期，47-73頁。
    葉銀華、李存修及柯承恩(2002)，《公司治理與評等系統》，商智文化。

    英文文獻
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