Investigation on Related Party Transaction and Corporation Governance: An example of Foreign Issuers Stocks Listing in Taiwan
| Autor: | Lin, Weiling, 林韋伶 |
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| Rok vydání: | 2013 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 101 This study researches 21 Foreign Issuer Srock Listing in Taiwan, including Asia Plastic Recycling Holding Limited, Airtac International Group, Wisdom Marine Lines Co,.Ltd, Gourmet Master Co.Ltd., Integrated Memory Logic Limited, Bizlink holding Inc., TPK Holding Co.,Ltd., Mstarsemiconductor, Coland Holdings Limited, Global Lighting Technologic Inc., Zhen Ding Technlogy Holding Limited, CoAdna holdings,Inc., Chailease holding Company Limited, Tainan Enterprise Co., Limited,Paiho Shih holdings Corporation, Kingcan Holdings Limited,Keysheen Holding Co., Limited,Rotam Global Agrosciences Limited, Yeong Guan Energy Technology Group Co.,Ltd. in 2011. There are many financial crisises occur from larger corporation to littlte corporation because of their relationship between stockholders and related party are extremely awful, although their management is very well, so corporation govenance is relative importanant. Especially, in Taiwan, there are not any law and regulation of corporation governance, corporation relationships, and their holding corporation about the Issuers Stocks Listing in Taiwan. This research would employ the variables form TEJ database of these 21 corporations listing on TWSE about related party transaction, corporation governance and holding corporation to understand what are important factors to be effected. The corporation governance dimentions are included ownership structure, board composition, management structure. The ownership structure variables are the holding of the major shareholders in board, the share collateration by board of directors, stock transfer rate. The board composition variables are the rate of of major shareholders in board, board size, outside Director, out side supervisor. The management structure variables are ownership holding of managers supervisors, chairman sever the general manager, insider’s status of position of chairman, insider’s status of position of manager, insider’s status of position of chief financial officer, insider’s status of position as directorsor of supervisors.. The holding corporation variable are the ratio of independent director of pre-IPO,the foundation of board seats,the ratio of independent director of IPO, the chairman controls the independent directors, the chairman controls the independent supervisor. The related party transaction variable are the ratio of related party transaction on sales, the raio of related party transaction on merchandise, the ratio of related party transaction on account financing. We adopt Multivariate discrimination analysis method, and the previous data test, KMO, Box’s M, tolerance ratio, and Wilks’ Lambda value are pass critical vale, so we put our forecast variables and criterion variables in models. This paper establishes two models for empirical tests, one is relationship between corporation governance and related party transaction, and another is holding corporation and related party transaction. From Empirical results on the structure models these shows: (1)There are two independent variables of ownership structure that have significant effects on related party transaction, that is the share collateralized by board of directors and stock transfer rates. (2)There are not any significant independent variables of board composition variables on related party transaction. (3)There are two independent variables of management structure variable have significant effects, that is, insiders’ status of position of chief financial officer and insiders’ status of position as directors or supervisors. (4)There is one independent variable of holding corporation variable has significant effects on related party transaction. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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