The research of agency problem, captital structure and performance for multinational companies with high-degree ownershi
洪懋峰、李泊諺
E-mail: 354580@mail.dyu.edu.tw
ABSTRACT
Due to financial turmoil in recent years, causing a series of changes in corporate value, and even more serious collapse, as rescue companies can survive in harsh environments, many companies use treasury stock system to adjust the capital structure, enabling enterprises to reduce costs, do to maximize the financial leverage effect, maintain stock, and improve operational efficiency, this decision will cause a major ownership, capital structure and business performance chain reaction, which will cause significant impact. This study used time series and the panal analysis of cross-border high-equity firm implementation of the treasury stock system of situation, ownership, capital structure and business performance effect relationship between the study sample data during the set for the treasury stock bill passed the Republic of 89 to 99 years, and the sample data selected high-equity firm announced the implementation of cross-border treasury shares repurchased for the year next five-year average. Looking from H1, H2 as well as the H3 real diagnosis result, when after implementation storehouse stock, the property rights easy to present the negative influence, when therefore the property rights are higher instead create the company achievements reduction, the capital structure is then lower, the company value is high, finally because of the property rights centralism, may cause the capital structure risk to reduce, increases the company value.
Keywords : Ownership、capital structure、Performance、Treasury stock Table of Contents
中文摘要 ．．．．．．．．．．．．．．．．．．．．． iii 英文摘要 ．．．．．．．．．．．．．．．．．．．．． iv 誌謝詞 ．．．．．．．．．．．．．．．．．．．．． v 內容目錄 ．．．．．．．．．．．．．．．．．．．．． vi 表目錄 ．．．．．．．．．．．．．．．．．．．．． viii 圖目錄 ．．．．．．．．．．．．．．．．．．．．
． ix 第一章 緒論．．．．．．．．．．．．．．．．．．． 1 第一節 研究動機．．．．．．．．．．．．．．．
．． 1 第二節 研究目的．．．．．．．．．．．．．．．．． 3 第三節 研究流程與研究流程圖．．．．．．．．
．．． 4 第二章 文獻探討．．．．．．．．．．．．．．．．． 6 第一節 庫藏股制度相關文獻．．．．．．．．
．．．． 6 第二節 所有權對公司績效相關文獻．．．．．．．．． 13 第三節 資本結構對公司績效相關文獻．．
．．．．．． 17 第四節 所有權結構與資本結構相關文獻．．．．．．． 22 第三章 研究方法．．．．．．．．．
．．．．．．．． 24 第一節 研究架構．．．．．．．．．．．．．．．．． 24 第二節 研究假說．．．．．．．
．．．．．．．．．． 25 第三節 研究樣本與方法．．．．．．．．．．．．．． 27 第四節 操作性定義．．．．．．
．．．．．．．．．． 29 第四章 實證結果 ．．．．．．．．．．．．．．．． 31 第一節 所有權對公司績效之影 響．．．．．．．．．． 31 第二節 資本結構對公司績效之影響．．．．．．．．． 33 第三節 所有權對資本結構 之影響．．．．．．．．．． 35 第四節 資本結構對所有權與企業績效之中介效果．．． 37 第五章 結論與建議．．．
．．．．．．．．．．．．． 38 參考文獻 ．．．．．．．．．．．．．．．．．．．．． 40 REFERENCES
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