|標題:||台灣上市櫃公司減資後公司治理與 Tobin's Q之研究|
Study on the Corporate Governance and Tobin’s Q for the De-Capitalization Firms
|關鍵字:||減資;虧損減資;現金減資;內部人持股比例;外部監督持股比例;市場評價;de-capitalization;eliminate deficit;return cash to the shareholders;internal ownership;external supervise ownership;Tobin’s Q|
De-capitalization is the process for many companies to restore their financial structure. In recent years, de-capitalization types have become varied and more and more popular in Taiwan. A lot of previous studies focus on the signal effect or abnormal return of different types of de-capitalization, yet but the corporate governance. Theoretically, the company with good corporate governance mechanism will improve its operating performance and reduce the probability of financial crisis. For a company which adopts de-capitalization policy, improving performance is the key point to lead the company to achieve the new milestone. This study focuses on analyzing the correlation between corporate governance and market valuation after one company reduces its capital. We use the listing companies which have been eliminate deficit or return cash to the shareholder as our samples, and discuss the correlation among de-capitalization companies’ Tobin’s Q , internal ownership, and external supervise ownership. For companies which eliminate deficit, the empirical evidence suggests that Tobin’s Q has significant negative correlation to internal ownership, but has significant positive correlation to external supervise ownership. From the result, we realize this kind of companies can’t improve performance by increasing internal ownership, while external supervise ownership does work. For companies which return cash to the shareholders, the empirical evidence suggests that Tobin’s Q has significant positive correlation to internal ownership and external supervise ownership. This kind of companies are in good operating condition, so the good corporate governance mechanism will have positive effect to the performance.
|Appears in Collections:||Thesis|