集團業股利政策與公司治理對公司績效影響之研究：高槓桿之調節效果

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Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/38248

Title:	集團業股利政策與公司治理對公司績效影響之研究：高槓桿之調節效果 The Impact of Dividend Policy and Corporate Governance of Group Companies on Corporate Performance: The Moderating Effect of High Leverage
Authors:	周廷綸
Contributors:	財務金融學系
Keywords:	集團業股利政策公司治理資本結構公司績效 group companies dividend policy corporate governance capital structure corporate performance
Date:	2017
Issue Date:	2017-10-03 11:18:22 (UTC+8)
Abstract:	本研究主要以統計科學方法與會計資訊變數，探討集團業的股利政策與公司治理，是否對公司績效提升有顯著影響。研究樣本以Beaver (1966)之1比1配對方式，蒐集2000年至2015年間台灣上市櫃之集團業，其中財務危機公司共計56家。實證分析上，採用28項財務比率及4項公司治理指標作為研究變數，進行第一階段Logistic迴歸分析，找出股利政策對公司績效影響之顯著變數，再針對資本結構中負債比率超過50%之企業，進行第二階段Logistic迴歸分析，找出公司治理對公司績效影響之顯著變數，並建構財務危機預警模型以供集團業參考，達到事前預防財務危機之發生，進而使公司績效提升。實證結果顯示：1.現金再投資比率為改善公司財務決策、提升經營能力的顯著因素，值得集團業財務策略參考；2.集團業可藉由實行買回庫藏股來降低普通股流通在外股數，以提升每股盈餘(EPS)；3.當集團業負債比率超過50%時，宜重視會計師更換之頻率，能改善公司財務決策、提升公司治理之能力。 In this paper, using the 1:1 matching principle proposed by Beaver (1966) to collect the research samples between 2000 and 2015 in Taiwan listed and OTC group companies, and selected 56 companies with financial crisis as the main samples. This paper will analyze 28 financial variables and 4 corporate governance variables in the two-stage Logistic regression analysis. In the first stage of two-stage Logistic regression analysis, identifying the significant variables between the dividend policy and the corporate performance. In the case of the two-stage Logistic regression analysis, the paper aims to identify the significant variables between the corporate governance and corporate performance in the companies whose debt ratio>50%, and furthermore to build a financial crisis early-warning model. The research recommendations: (a) Cash reinvestment ratio is a key factor to enhance groups' operating performance of the company. (b) The groups can increase earnings per share (EPS) by repurchasing treasury stock to reduce the number of shares outstanding of common stock. (c) When the groups' debt ratio is more than 50%, increasing the frequency of auditor change is a significant way to improve the company's financial decision-making and enhance corporate governance capabilities.
Appears in Collections:	[Department of Banking & Finance ] Thesis

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