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股權結構之衡量議題. 政治大學會計系 林宛瑩 2006 年 9 月 28 日. 討論大綱. 股權結構衡量指標之相關文獻探討 臺灣企業公司治理指標之衡量議題 國內集團企業最終控制者定義問題 企業集團分析個體之認定以及集團組成企業異動問題 股份控制權、盈餘分配權及席次控制權之相關議題 股份控制權、盈餘分配權與席次控制權之衡量程序與計算方法. 研究架構. 辨別 經營績效. 辨別 公司價值. 辨別 投資風險. 公司治理評等指標. 選擇衡量變數. 決定權重. 決定公司治理評等指標構面. OECD 公司治理原則. 公司治理 實證文獻.

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股權結構之衡量議題

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2006928



OECD

World Bank


1.

La Porta et al. (1999)

  • 199327(market capitalization)20(ultimate controlling shareholders or ultimate owners)

  • 20%



La Porta, Lopez-De-Silanes, Shleifer, and Vishny (2002)

  • La Porta et al. (1999)

  • La Porta et al. (2002)La Porta et al. (1999)10%

  • La Porta et al. (2002)

  • (Tobins q)


Claessens et al. (2000)

  • 19962,980[1]

  • Claessens et al. (2000)La Porta et al. (2000; 2002)La Porta et al. (2000; 2002)Claessens et al. (2000)

  • Claessens et al. (2000)20%()67.80% (43.30%)38.70% (49.00%)10.10% (8.60%)57.10% (79.80%)

  • [1]



Claessens, Djankov, Fan, and Lang (2002)

  • Claessens et al. (2000)1996()1,301()()

  • [1]

  • [1]0.0084(p.2763 6)


Yeh, Lee, and Woidtke (2001)

  • 199320819941995[1]

  • 50%

  • [1]76% (17%)()7%


(93)

  • 19992000176

  • [1]

  • (2004)

  • (2004)

  • [1]()27.84% (22.94%)()19.69% (16.61%)()8.16% (3.70%)


(2001) & (2001)

  • [1],[2]

  • [1](90)AB{(-)*(-)*(-)}1/3

  • [2](90)(**)1/3//


  • La Porta et al. (1999; 2002)

  • (1)(control rights)

  • La Porta1020

  • 10%20%


  • La Porta


  • (2)(cash flow rights)

  • (3)(wedge)

  • (4)(pyramidal ownership structure)(1)(2)

  • (5)(crossholding ownership structure)(1)(2)


40%

25%

A

B

30%

B

40%+30%=70% (LaPorta et al.)

40%+25%=65% (Classens et al.)

40%+ (25%*30%)=47.5%


40%

25%

30%

A

B

35%

15%

C

20%


  • ()

  • (1)

  • (2)20%10%

  • (3)


  • (4)

  • (5)()

  • (6)



2.

  • (1)(ultimate owners)

  • (2)


  • (3)

  • (4)


  • ()

  • ()

  • ()



()

()

()


  • ()


  • [1]

  • 1994

  • [1]()()666(89)2004(2004/10/31)


  • [1]

  • [1]2000( 2000/4/30)



  • ()()


  • ()


(1)(2)


(1)()

(2)()

20007


  • ()

    (i)[1]

    (ii)

  • ()

    (i)

    (ii)()

    (iii)

    (iv)

    [1]27.24%(8132003/6/23111-112)


  • 100%


  • ()()()()

  • 200352003520035

  • 20046


  • 50%20035

  • 200462004



  • (1)(2)()

  • (100%)()()


(1)

(2)()

  • ()

  • ABABAB


(3)()

  • [1]

  • 200561792005

  • [1]20008200111167


(1)

(2)

(3)()

(i)100%

(ii)

(iii)2005



  • [1]

  • 2000282

    [1](1-)


  • 200111


  • 20006.93%2.57%24.20%

  • 13.77%7.40%29.48%


  • 9.99%84(0.001%)53

  • 0.42%620.41%5223.24%


  • ()

  • ()


  • (1)(2)(3)(4)()(5)


(1)

  • ()


(2)

(i)


(ii)

(a)

(b)

(c)

(d)()

(e)

40% (208)

75% (2015)


  • (iii)

  • [1]

  • [1]24.24%6.06%



  • (1)(2)(3)(4)(5)

  • (2431)

  • (8199)2000()()11






A

B

C


  • TEJ




  • (1)

  • (2)()

  • (3)()

  • (4)()

  • (5)()


(2a)

(1)

(2b)

(3)

(5)

(4)

:

2006

(1)+(2a)+(2b)+(5)

2006

(1)+(2a)+(2b)

A

B

(3)+(4)


  • 2005622179[1]2005179(5)A [1]



  • 2006(1)+(2a+2b)+(5)

    2006(1)+(2a+2b)

  • (3)+(4)

    • Claessens et al. (2000)

  • +


  • (1)+(2a)

      • (2b)

      • (5)

  • +


AB

1%

2%

3%

5%

C

A

B

4%

A


1%

2%

3%

5%

C

A

B

4%

B



()

    • TEJ


  • (1)

  • (2)

  • (3)

  • (4)

  • (5)

  • ()


A1B1C1D1D2

A2B2C2


(113) 2000/12


39.25%

18.11%

9.66%

3.12%

5.12%

3.99%

4.34%

2.09%

37.20%

4.64%

1.13%

0.06%

52.41%

10.40%

89


3.57%

11.63%

29.89%

1.43%

20.04%

13.92%

4.95%

9.11%

31.55%

3.30%

20.06%

1.38%

0.32%

1.56%

12.34%

4.96%

0.95%

0.16%

19.11%

0.56%

21.03%

15.74%

2000


32.98

13.14

32.98

4.27

40.85

1.69

9.60

0.24

4.22

14.57

2.32

0.05

25.55

11.78

1.19

14.01

25.89

4.38

1.30

2.87

1.20

23.10

2.39

22.93

0.13

4.17

22.57

4.42

5.63

9.68

2.52

12.98

5.66

0.65

2.71

0.93

2000


8.79

0.09

0.10

18.09

1.84

1.28

3.49

92.31

2.64

0.01

34.48

0.86

94.85

0.02

22.73

0.02

5.57

0.23

10.09

0.80

3.15

0.30

1.32

3.81

6.04

38.94

0.01

2.37

7.43

1.44

2.83

27.54

9.52

3..57

2000

2003()


4.97%%

0.72%

0.40%

0.59%

32.98

29.83%

40.27%

41.51%

39.25%

29.19%

25.32%

44.16%

12.94%

14.76%

63.45%

30.00%

50.02%

56.50%

4.76%

8.78%

6.81%

2000


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