The Impact of Decision Rights Transformation on Company Performance– A Case of Central Taiwan's Golf Resort
| Autor: | Shu-Chin Chang, 張淑琴 |
|---|---|
| Rok vydání: | 2009 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 97 Warrant in domestic shareholders conference plays a significant role, in addition to reach a statutory attend percentage (quorum), warrant is also an important tool for managerial authority.Management right through the warrant for the unavailability of the fighting on the effects of equity? whether like the rules of shareholders conference legislation shows, some shareholders will result to be a director or a person just by holding very few of shareholding, or to manipulate the shareholders conference to convene and conduct, even warrant as company management right for tools that enable shareholders conference function not working properly, seriously affect the companies of the internal stability and normal operation, damage to the majority of shareholders "? The warrant purchase is a link of company domination market (Market for Corporate Control), it is a kind of tool for company shareholders, and also the main purpose is to supervise the incumbent manager. The overseas scholar studies the samples of warrant competitions confirmed that the management performance was not good before the event, but the warrant competition is able to create the wealth truly for the shareholders. The conclusions of domestic research for warrant competitions are vary; it is unable to see a complete picture of warrant contest influences to the shareholder’s wealth. This research would like to study “the warrant purchase war” after the individual company have been through repeatedly directors-elections. Also includes when the warrant purchase creates the transfer of decision-making power, whether company''s financial achievements do have remarkable difference or not, also discuss (resistance behavior) the company to using the company resources to against the opposite shareholders, whether company''s financial achievements affected or not. Draw from the research, company in respect of revenue from the golfing spender is in a more adequate level of variability since it is opened. After four times the power of warrant competing for changes in the decision-making authority, except for the second intervention decision-making power of the changes imperialize the better business, other interventional caused rapidly falling. Rate of return on assets and net rate were getting better during the first and second intervention because of there had twice of cash capital increase of repaying Bank loans, to improve the capital structure, and interest payments on the era of low interest rates, rest are decline. On the capital structure surface, because under the external environment pressure from the repayment of Bank, the fundraising entires cash loans, creating a liquidity ratio and the debt ratio improved, but the competing of warrant caused the cash loss and company''s liquidity ratio has dropped.Comparison of asset management face there’s no significant difference. Draw from the study which competes for the reasons identified the conclusion of following six situations: 1. the succession of entrepreneurs；2. over-ambitious mentality； 3. use less amount of shares to obtain a seat；4. shareholder activism；5. the hypothesis of a conflict of interest；6. resources are dependent views Key words：proxy contest, market for corporate control, decision right, rate of return on assets, capital structure, financial performance |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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