An Empirical of Family－Controlled Groups,Outsider Monitoring and Corporate Performance

• Main Authors: Huang-Chiu Hao, 黃秋豪
• Other Authors: Hui-Fun Yu
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/39285145300405263290

碩士 === 清雲科技大學 === 國際企業管理研究所 === 101 === This study mainly used logistic regression statistical methods to construct the credit risk models of family-controlled group industry. Aiming at Taiwanese listed family-controlled companies from 2000 to 2011, the Corporate Governance mode of chairmen being general managers simultaneously was considered to identify the significant variables affecting corporate performance, and to analyze the impact of external certified public accountants’ (CPAs) outsider monitoring on corporate performance. Which was expected to predict the possible incidence of credit risk before it has occurred in companies, and reduce the likelihood of financial loss to achieve the effect of prior warning and risk management. Empirical analysis was carried out with the normality K-S test, the average M-U test, and establishing logistic regression model, to provide references for making investment decisions of investor and related industry. Empirical findings included that the fact of CEO duality had the variables affecting the company’s performance of family-controlled groups in the financial structure, solvency, management ability, profitability, cash flow, and corporate governance indicators. Adjustment the decision-making of financing, increasing long-term capital adequacy ratio, reducing the cash flow adequacy ratio, Improve the company’s financial structure and management ability. Reducing the debt ratio. Increasing inventory turnover, the return on equity (ROE) , and per share cash flow enhanced company profitability. Avoiding the replacement of Certified Public Accountants, increased outsider monitoring and corporate governance could reduce the possibility of credit risk. Therefore, the meaning of the empirical value and management in this study was that CEO duality in family-controlled group industries could reduce the possibility of credit risk, while avoiding the replacement of Certified Public Accountants, which enhanced the external controls and corporate governance ability.