Study on the Relationship between Family Shareholding and Corporate Value-Evidence from Taiwan Listed Companies
| Autor: | CHANG,NI-CHEN, 張倪禎 |
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| Rok vydání: | 2019 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 107 This study focuses on the impact of family business shareholding structure and financial ratio on business performance. Based on the empirical analysis of listed family companies in Taiwan from 2011 to 2018, this study used panel data multiple regression analysis to explore the impact of equity structure and financial ratio on company value. The empirical results show that in terms of shareholding structure, the foreign shareholding ratio has an inverted U-shaped nonlinear relationship under Return of Assets (ROA) and Tobin's Q. Return of Assets (ROA) and Tobin's Q turning point is 125% and 50% respectively. When the turning point is 50%, it is closer to the real situation; In terms of shareholding ratio of directors and supervisors, there are inverted U-shaped nonlinear relationships under Return of Equity (ROE) and Tobin's Q. Return of Equity (ROE) and Tobin's Q turning point respectively for 24% and 12.5%, representing a turning point between 12.5% and 24% will reduce the company's operating performance. When there are too many shares, it is necessary to pay attention to whether the interests of the directors and supervisors are out of line with the company. In terms of the shareholding ratio of the largest shareholder and the shareholding ratio of the second largest shareholder, this paper proposes two key points. Under the Return of Equity (ROE) result, the first major shareholder and the second largest shareholder agree with the convergence of interest hypothesis and entrenchment hypothesis; Under the Return of Assets (ROA) results, indicating that the second largest shareholder has a check and balance effect on the largest shareholder. In terms of the pledge rate of directors and supervisors, Tobin's Q is closer to the research hypothesis, which is a negative result. Most company directors the pledge rate is not high, and the pledge behavior may simply be to mortgage the stock for personal capital needs; In terms of company size, only Tobin’s Q achieves the expected results, because the source of the data is a listed company, and the listed company is extremely large, so it should bring positive results to business performance. In terms of financial ratio, under the Return of Equity (ROE), Return of Assets (ROA) and Tobin's Q, the Debt Ratio and the Earning Per Share are consistent expectation hypothesis. The debt ratio has a negative impact on business performance, and earnings per share brings positive relationship in terms of business performance. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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