公司治理與股票市場流動性之關聯性

• Main Author: 陳新婷
• Language: 中文
• Published: 國立政治大學
• Subjects: 公司治理; 市場流動性; Corporate governance; market liquidity
• Online Access: http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22G0097353040%22.

本研究以2003至 2008年間國內上市櫃公司為研究對象，探討公司治理與股票市場流動性之關聯性。公司治理機制包括董事長兼任總經理、外部董監事持股、管理當局持股、機構投資者持股、家族型態以及控制權與盈餘分配權偏離程度，並以買賣價差作為衡量市場流動性之變數。 由過去的相關文獻推論，公司治理機制之良窳的確會影響財務報表揭露的透明度，同時產生資訊不對稱的問題，並對市場流動性產生衝擊。實證結果指出，外部董監事持股比率及外資法人持股比率愈高，其買賣價差愈小，市場流動性愈佳；管理當局持股比例愈高、企業為家族企業者以及控制權與盈餘分配權偏離程度愈大者，其買賣價差愈大，市場流動性愈差。 === This thesis attempts to examine the influence of corporate governance on stock market liquidity by observing the publicly listed and OTC companies in Taiwan in the period from 2003 to 2008. The governance mechanisms used in this thesis include CEO duality, outside director ownership, management ownership, institutional ownership, family ownership and deviation between ultimate control and ownership. And we use bid-ask spreads to measure market liquidity. The empirical findings of this study are as follows. Firms with greater outside director seats or foreign institutional ownership are negatively associated with bid-ask spreads and positively associated with market liquidity. While firms with greater management ownership, family ownership, and deviation between voting rights and cash-flow rights, are positively related with bid-ask spreads and negatively related with market liquidity.