台灣上市公司治理及市場勢力研究

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Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/110915

Title:	台灣上市公司治理及市場勢力研究
Authors:	Farmania, Aini
Contributors:	經營管理學系
Keywords:	公司治理、產品市場影響力、現金持有價值
Date:	2017
Issue Date:	2018-06-07
Publisher:	亞洲大學
Abstract:	研究目的-本旨研究調查台灣上市公司治理對產品市場影響力的效果，同時分析台灣上市公司現金持有價值對產品市場勢力的影響力。研究方式-首先從台灣經濟新報及1996年至2011年間的場外交易市場收集數據，使用定量研究方法；公司治理為自變項，產品市場競爭為應變項透過迴歸分析調查結果。研究限制-其中有許多侷限，首先關於台灣企業的所有權和控制權，公司治理以偏差係數(DEV1,DEV4)和價格成本邊際(EPCM)兩者的市場競爭度量來衡量。其次本研究的控制變量如下:資金槓桿(LEV)和風險規避(BETA)、公司規模(市場價值或LNMV)、研發支出(R&D)和績效(資產回報率和市場賬面價值)。最後，本研究將現金持有價值(CASH)定義為現金和現金等價物與總資產的對數。研究發現-透過此研究發現較好的公司治理將使產品市場影響力更強大，擁有較高研發支出、資產報酬率及市淨率的公司，有更大的市場勢力；然而對槓桿公司 (leveraged firms) 的市場勢力而言是弱勢的。最後，現金持有價值是決定公司市場勢力的重要角色，擁有更高現金持有價值的公司，會有更好的市場勢力。獨創性與價值-經此研究提供瞭解公司治理及有高一層的市場勢力對公司的重要性，此外這也是第一個實證研究顯示公司治理如何對產品市場的形成影響。實際影響-本研究對經營管理者及股東是有實質用途的。從經營管理者層面，本研究組織一套透明、權責性、責任、獨立及公平的系統；從股東層面，本研究引導其對專業經營管理者較少的控制性。股東及經營管理者也應從環保意識企業倫理及公司治理與實踐演示良好的企業公民(corporate citizenship)。 Purpose – the purpose of this study is to investigate the effect of corporate governance on product market power in Taiwanese listed companies and also to exercise how corporate governance with cash holdings are effect on product market power. Design/methodology/approach – this study uses a quantitative approach through a pooled ordinary least square method to examine the effect corporate governance as independent variable to product market competition as dependent variable. This study use secondary data collection from Taiwan Economic Journal and Over-the-Counter from1996 to 2011. Research limitations – there are number of limitation associated with this study. First, regarding the firms’ ownership and control in Taiwan, the corporate governance is measured by coefficient of deviation (DEV1 and DEV4) and product market competition measure by price cost margin (EPCM). Second, this study will use control variables are following; leverage (LEV) and risk adverse (BETA), firms size (log of market value or LNMV), research and development expenditure (R&D), and performance (Return on Assets and Market Book Value). Third, this study uses a cash holding (CASH) and is defined as the log of cash and cash equivalent to total assets. Findings - first, better corporate governance leads to stronger product market power. Secondly, firms with higher research and development expenditure, return on assets and market to book value have stronger market power however large and high leveraged firms are weak in product market power. Last, cash holdings play an important role in deciding firms’ product market power. Companies with a high level of cash holding enjoy better product market power. Originality – this study provides better understanding about how important corporate governance for company therefore has a higher product market power. This study is also the first empirical studies showing how corporate governance affects on product market power. Practical implication – the findings of this study is practical direction for management and shareholders. For management it conducts to set of rules in transparency, accountability, responsibility, independency and fairness. For shareholders, it conducts to less control to professional management. Shareholders and management also needs to demonstrate good corporate citizenship through environmental awareness, ethical behavior and corporate governance practices.
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