English  |  正體中文  |  简体中文  |  Items with full text/Total items : 90074/105197 (86%)
Visitors : 7159751      Online Users : 140
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    ASIA unversity > 管理學院 > 財務金融學系 > 期刊論文 >  Item 310904400/9889


    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/9889


    Title: 公司組織結構資訊內涵與新上市(櫃)期初報酬
    Authors: 王元章;楊淑玲;陳獻儀
    Contributors: 財務金融學系
    Keywords: 公司治理;組織結構;集團企業;期初報酬;Corporate Governance;Organizational Structure;Business Groups;Initial Returns
    Date: 2008
    Issue Date: 2010-06-08 13:53:17 (UTC+8)
    Publisher: Asia University
    Abstract: 本研究欲驗證的是組織結構不同的初次上市(櫃)公司,其所隱含的資訊不對稱與代理問題
    之資訊內涵是否有所差異,又此資訊內涵的差異如何影響IPOs的期初報酬。由355家新上市(櫃)
    公司樣本的實證結果發現,公司的組織結構在資訊不對稱方面並無明確的資訊內涵,而母子兼兄
    弟集團企業較非集團企業與母子型集團企業存在較嚴重的代理問題,因而提供較高的資訊內涵。
    此外,此資訊內涵會藉由訊號理論影響新上市(櫃)公司的期初報酬。最後,建議在國內集團內企
    業普遍存有共同董事與交叉持股的現象下,集團企業應多採取獨立外部董監事的公司治理機制,
    以降低集團企業的代理問題。 In this article, we first examine whether there’s any difference in the content of asymmetrical
    information and agency problem conveyed in different organizational structure of IPO firms. Second,
    we investigate the relation between the information content connoted in organization structure of IPO
    firms and their initial returns in Taiwan. Using data on 355 IPO firms, we find that there is no apparent
    information content about information asymmetry in organizat ional structure of IPO firms. As for
    agency problem, IPO firms with diverse organizational structure show distinct degrees of information
    contents. Compared with IPO firms, either independent or as a member of parental group, the firms
    with capital from both mother and brother companies disclose stronger information contents due to
    their serious agency problems. Besides, multivariate regression results suggest that their information
    contents about agency problem affect IPOs initial returns more through signal theory than by
    information asymmetric theory. Finally, the evidence suggests that independent outsider director is
    effective in reducing the agency cost of group firms.
    Relation: 證券市場發展 20(3):141-189
    Appears in Collections:[財務金融學系] 期刊論文

    Files in This Item:

    File Description SizeFormat
    0KbUnknown215View/Open
    310904400-9889.doc34KbMicrosoft Word220View/Open


    All items in ASIAIR are protected by copyright, with all rights reserved.


    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback