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公司治理與財務危機:以經營不善之上市櫃公司為例

本研究將財務危機分為『經營不善型財務危機』以及『掏空型財務危機』兩種類型,運用離散時間涉險方法,分析公司在不同財務狀況以及公司治理機制下,發生『經營不善型財務危機』的可能性。另外,本研究也探討『經營不善型財務危機』對公司獲利能力的敏感性,是否也受到公司治理的影響。
以民國85-94年上市櫃公司為研究對象,實證結果顯示當公司治理機制強,而財務狀況弱時,最有可能發生『經營不善而非掏空型』財務危機。再者,公司治理機制,會增強財務危機對財務狀況的敏感程度。 / This study classifies financial distress into two types: operating-failure financial distress and fraud financial distress. Based on business performance and corporate governance while employing discrete-time survival model, it analyzes the probability of the operating-failure financial distress. Furthermore, this study also examines if the sensitivity of operating-failure financial distress to profitability is moderated by corporate governance.
Firms listed in Taiwan Stock Exchange during 1996-2005 are selected as sample. The empirical results indicate that firms with good corporate governance and bad business performance are most likely to encounter operating-failure financial distress. Furthermore, the corporate governance moderates the sensitivity of the operating-failure financial distress to profitability.

Identiferoai:union.ndltd.org:CHENGCHI/G0094353040
Creators吳立勤
Publisher國立政治大學
Source SetsNational Chengchi University Libraries
Language中文
Detected LanguageEnglish
Typetext
RightsCopyright © nccu library on behalf of the copyright holders

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