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研究生: 呂煜襄
Lu, Yu-Hsiang
論文名稱: 外資及董監有海外經驗對公司績效的影響-以台灣高科技公司為例
Do Taiwan's high-tech firms benefit from foreign ownership and boards with foreign experience?
指導教授: 黃炳勳
Huang, Ping-Hsun
學位類別: 碩士
Master
系所名稱: 管理學院 - 財務金融研究所
Graduate Institute of Finance
論文出版年: 2019
畢業學年度: 107
語文別: 英文
論文頁數: 31
中文關鍵詞: 外資持股董監有海外學經歷公司績效
外文關鍵詞: foreign ownership, boards with foreign experience
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  • 本研究以台灣市場為例,透過實證分析探討2017年已上市的高科技公司其外資持股比例及董監事具有海外學經歷對公司績效的影響,從公司治理的角度探討。本研究以公司價值、公司獲利性及公司營運效率來衡量公司績效,結果顯示外資持股比率對MTB及總資產週轉率有正面且顯著的影響,ROE則不顯著,然而在董監事具有海外學經歷對公司績效的提升皆不顯著,最後,我將高科技公司的產業拆分為電子產業及化學生技產業,外資持股對公司績效有正面影響的結果主要來自於電子產業。

    This paper investigates the roles of foreign ownership and boards with foreign experience in influencing firm performance. I use a sample of publicly listed high-tech companies in Taiwan in 2017 to explore the roles of foreign investors and boards with overseas experience in corporate governance. My results show that foreign ownership has positive effects on the market-to-book ratio and asset turnover. Notably, these results are more pronounced in the electronic device industry. However, there is no evidence that boards with foreign experience improve firm performance.

    摘要………………………………………………………….………………..…….…I Abstract………………………………………………………………..…….….……II 致謝…………………………………………….......………………………….…….III Content………………………………………………………………..………..……IV Content of Tables…………………………………………………….………..……..V Chapter 1 Introduction…………………………………………………….………...1 Chapter 2 Literature Review………………………………………….…….……….4 2.1 Foreign ownership and firm performance……..…………………...…….……..4 2.2 foreign experience and firm performance…………………………...….………5 Chapter 3 Research Design……………………………………..…………..……….7 3.1 Sample Selection……………………...…………….…………………………..7 3.2 Variable Definition……………………...…………...……………………..…9 3.3 Empirical Model…………………….…………………..…………………….11 Chapter 4 Empirical Results……………………………………….………..…….13 4.1 Descriptive Statistics……………………….…………………………......…..13 4.2 Data Analysis……………………………………...………………...…...……14 Chapter 5 Conclusion…………………….…………………….......………………17 Tables……………………...…………………………………………...…………….19 References…………………….……………………………………………………..29

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