南台科技大學
企業管理研究所
財務管理期中報告
公司治理與金融機構投資行為之研究
班級：碩研企管一甲
指導教授：楊雪蘭博士
研 究 生：陳瓊玫 M99702
目錄：
一、簡介 ·························································································· 1
二、摘要部分···················································································· 2
中文摘要················································································· 2
英文摘要················································································· 4
三、目錄 ·························································································· 6
四、內文部分···················································································· 8
錯、漏、贅字、標點符號 ··························································· 8
資料來源未補英文 ··································································· 10
未標示作者············································································· 10
資料錯誤················································································ 10
未標示年代············································································· 11
文獻標示錯誤·········································································· 11
抄襲部分················································································ 12
五、參考文獻··················································································· 15
中文文獻少列-論文 ·································································· 15
中文文獻少列-期刊 ·································································· 15
中文文獻少列-書籍 ·································································· 15
英文文獻少列·········································································· 16
未附的文獻，我也找不到 ·························································· 20
中文文獻格式錯誤 ··································································· 20
本研究生皆是複製這兩篇論文 ···················································· 21
六、個人評論··················································································· 21
七、小結 ························································································· 21
一、簡介
1997 年來，全球陸續發生上市公司爆發金融財務危機事件，如美國恩隆和
台灣台鳳、太電、訊碟、博達、與力霸案等造成許多投資人蒙受重大損失，有許
多相關研究文獻指出，公司治理機制的不完善，將是導致公司爆發金融財務危機
發生的主原因之一。因此，台灣證券主管機關於 2003 年頒佈了「上市上櫃公司
治理實務守則」及有關「投資人的保護法規」，和「投資人保護機構」的設置，
這些都是在政策法規上強化公司治理的具體措施。這些措施都是期望在制度面
上，針對台灣資本市場投資者以散戶為主的特性，建立起相關和更完善的法律規
範，以降低投資人與公司管理當局的利益衝突，和消除會阻礙公司價值成長的因
素，並藉由提升全國上市(櫃)公司的整體公司治理水準，重新建立起投資人對資
本市場上的信心。
就投資人而言，優良的公司治理品質，將是對投資人所投入的資本給予合理
報酬的承諾，也表示公司會將投資者所投入的資金做最有效率的應用與營運，所
以公司治理的良善與否，代表著公司本身的價值，進而影響公司在資本市場的籌
資能力；觀察過去之研究，偏重以大型公司企業與金融銀行監（治）理為研究對
象，來探討公司治理機制，但臺灣上市公司投資人，才是公司治理機制之重要關
係者，因此，本文試圖以之投資人為研究對象，深切探討台灣上市公司之投資人，
對公司治理滿意度、公司價值認知與投資人關係，三者之間的關聯性，並從中瞭
解若以投資人的角度而言，是否與以公司企業為研究主體的看法有所差異。
1
二、摘要部分

中文摘要
1.標點符號錯誤
原因之一，因此台灣證券主管機關於 2003 年
強化公司治理的具體措施，這些措施
營運，所以公司治理的良善與否
2
2.所以進行何項分析？迴歸？複迴歸？問卷回收率會不會太低？
3.關鍵字似乎少了一些研究者本身設定的構面
應該要補上公司價值認知與公司治理滿意度
4.中文是打全球，但英文卻是打亞洲
3

英文摘要
因為覺得他的英文翻的怪怪的，故翻了一篇新的
Since 1997, listed companies are facing financial problems globally. Such as 台
灣台鳳、太電、訊碟、博達、與力霸案 which caused dramatic losses to investors.
Many of the research papers suggest that the lack of corporate governance is the
leading cause of companies’ financial problem. Hence, the committee of Taiwan
stock exchange issued ‘The act of Listed companies”, “the act of investor protections”
and the “investors protection organizations”legislations to encourage better corporate
governance. These measures were expected to fulfill the law in order to reduce
conflicts of interests between investors and corporate management. It eliminated the
factors that might influence the value of corporations and hence provide better
confidence to the market.
From a investor’s perspective, better corporate governance enhance better capital
return. It also ensures that companies will use investor’s money more efficiently and
effectively. Therefore corporate governance represents the value of a company and it
has a great impact on fund raising.
By observing the previous researches, they emphasis on the big companies and
financial institutions to discuss corporate governance. But in the case of Taiwan,
investors are the most importance factor in corporate governance. Hence this article
will focus on investors satisfactions, corporate recognition and investors relationship
to discover the difference from the big corporations perspective.
This research implemented investment behaviour analysis. 800 surveys were
issued, 303 surveys were collected. Available survey 254 while 50 incomplete
surveys are regarded as invalid. The rate of valid surveys is 31.6%. The research
shows:
1. Personal education levels and varies industries have a great impact on the
4
satisfaction and recognitions.
2. Investment satisfactions and personal recognition of company value are
positively correlated. Disclosure and social responsibility are more important than
financial indicators.
3. Investors recognition and the willingness to buy companies shares are
positively correlated.
4. Investors on corporate governance due to satisfaction, perceived value and the
company has significant difference, and each other
Into a positive relationship
Keywords: corporate governance, financial institutions, investor relations, stock
investor
5
三、目錄
1.上面目錄中的標題有頓號，但內文卻沒有
2.目錄中的與標題與問卷調查的題目大不相同
3.目錄少了比率的"率"
4.目錄需打成"表 4-1-1，"與內文一樣
6
5.第一個和第二個有“之”，但內文卻沒有，第三個目錄沒有“之”，但是與其
他的規格沒有統一；表 4-3-5 需應和其他標題一致。
6.應該要將第三章的標題改為「研究方法」，然後第三章第一節的內容，比較像
是文獻部分，故應該擺放在第二章內。
7
四、內文部分

錯、漏、贅字、標點符號
1.台灣自九十年代開始(p1)
2. 但大多主要著墨於證券交易(p1)
3. 重於董監事會的組成(p1)
4.交易商安隆(Enron) (p1)
5.眾多銀行從業人員的士氣，更甚者衝擊金融體系…………… (p10)
6.前者應該放的是、(頓號) ；後者應該是，(逗點) (p2)
8
7.應該要改為粗體：「沙賓法案」美國第七大企業安隆公司(p8)
8. 應該改為『綜合整理』，這是他自己發明的文字嗎? (p3)
9. (一)有粗體(二)沒有粗體(p24) (p32)
10.以上三個標題，只有第三個是粗體，字體大小看起來也不一樣，三個看起來
都怪怪的，需要一致的呈現。，各是 p48.p49.p52
9

資料來源未補英文
1.資料來源：從亞洲公司治理協會(ACGA)與里昂證券(CLSA)研究報告(p28)
要研究甚麼報告?沒寫清楚，應該要補上「公司治理觀察」
2.改為世界銀行(Work Bank)提出公司治理體系(p19)

未標示作者
這段沒加入引用的人，需加上陳若暉&王信惠(2007) (p5)

資料錯誤.
2002 年 1 月加入；這是申請日期(p6)
10

未標示年代
1.沒有放年代應該補上(1988)年 (p15)
2.一樣沒放進年代(p17)

文獻標示錯誤
應該只要註明【吳當傑(2007)】(p1)
11

抄襲部分
1.左邊為本文研究生寫的，右邊為陳淑珠研究生所寫，發現兩表格皆相同，完全
抄襲，資料來源竟然還打是本研究自行整理。(p23)
2.左邊為本文研究生寫的，右邊為陳淑珠研究生所寫，發現兩表格皆相同，在一
次的表格抄襲，還寫是自己整理的。(p36)
12
3..上圖為本文研究生寫的，下面為黃健銘等三人所寫，發現內文完全一樣。(p5)
下圖：黃健銘、簡郁蓉、鄭婉秀(2008)，「台灣金融機構公司治理特性與違約風
險之探討」，會計與公司治理，第五卷，第一期，pp33-54。
13
4.上面為本文研究生寫的，下面為陳淑珠研究生所寫，發現內文完全一樣。(p52)
5.抄襲頁數如下：
總共抄襲 41 頁，總共 55 頁，扣掉目錄前面一些，文獻部分幾乎都是複製的，連
別人的結論也抄。
14
五、參考文獻

中文文獻少列-論文

丁立平(2003)，
「公司治理、會計資訊與公司價值關係之研究」
，台灣大學會
計學系碩士論文。

朱建州(1999)，「機構投資人與月營收資訊內涵之關聯性研究-以台灣股市為
例」，國立中正大學會計學未出版之碩士論文。

吳麗皙(2001)，
「公司資訊揭露與投資者信念關係之研究」
，中國文化大學國
際企業管理學系未出版博士論文。

吳鑑芝(2003)，
「智慧資本與公司價值之攸關性探討」
，中原大學會計學系碩
士論文。

賴英照(2002)，依法行政與金融管理，中國人權協會專題演講。

遲銘俊(2003)，「董事會組成與股權結構對高階主管更迭、公司價值與績效
之關聯性」，國立成功大學企業管理學系博士論文。

中文文獻少列-期刊

陳曉蓉(2003)，
「台灣銀行業公司治理機制與風險承擔行為之關係」
，風險管
理學報，第五卷，第三期，pp363-391。

中文文獻少列-書籍

柯芳枝(1991)，「公司法論」，台北三民書局。

溫蒂亞譯(Michael Useem 原著)(1998)，「罷黜董事長-投資人改造企業新趨
勢」，商周出版社。
15

英文文獻少列

Abell, J. D. and T. M. Krueger, 1989, “Macroeconomic Influences on
Beta.”Journal of Economics and Business 41:185-193

Bettis, R. A. 1987. Performance differences in related and unrelated diversified
firms.

Black, B., 2001, “The Corporate Governance Behavior and Market Value of
Russion Firms.”Emerging Markets Review, 2, 89-108.

Clarke, G, and Murray, L. W. 2000, “Investor relations: perspections of the
annual statement.” Corporate Communications, 5(3), 144-151.

Demsetz H., 1983, “The Structure of Ownership and the Theory of the Firm,”
Journal of Law and Economics, 26, 375-390.

Denis, D. J. and D. K. Denis(1995), “Performance Changes Following Top
Management Dismissals,” Journal of Finance,50: 1029-1057.

Durnev, Art and E. Han Kim, 2002, “To Steal or Not to Steal: Firm Attributes,
Legal Environment, and Valuation,” Working Paper.

Durnev, Art and E. Han Kim, 2002, “To Steal or Not to Steal: Firm Attributes,
Legal Environment, and Valuation.”Working Paper.

Eccles, R. G, and Mavrinac, S. C.,1995, “Improving the Corporate Disclosure
Process.”Sloan Management Review, 36(4), 11-25.

Essman, A. V., 1989, “Senior Management’s Role in an Effective Investor
Relations Program. In Nichols, D. R.” The Handbook of investor relations.
Illinois: Dow Jones and Company, Inc.

Fama, E. F., 1980, “Agency Problem and Theory of the Firm,” Journal of
Political Economy, 88, 288-307.

Fama, E. F., and M. C,, Jensen,1983, “Separation of Ownership and Control,”
Journal of Law and Economics 26, 301-325.
16

Ferris, R. D., 1989, “Why It’s Important to Understand Who Owns stock, In
Nichols, D, R,” The Handbook of investor relations. Illinois: Dow Jones and
Company, Inc.

Friend, I., and L. H. P. Long. 0988. An empirical test of the impact of managerial
self-interest on corporate capital structure. Journal of Finance 43(June): 271-281.

Goshen, Z., and Parchomovsky, 2001, “On insider trading, Markets and Negative
Property rights in information.” 87 Va. L. Rev. 1229.

Grant, R. M. 1987. Multinationality and performance among British
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18(September):79-89.

Holland, J. B., 1998, “Private Disclosure and Financial Reporting.”Accounting
and Business Research, 28(4), 255-269.

http://www.standardpoors.com,
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Poor’s
Company
Transparency
Disclosures Survey 2001,” Asia-Pacific 100.

Jensen, M, C., and W. H. Melking, 1976, “Theory of the Firm: Managerial
Behavior, Agency cost and Ownership Structure,” Journal of Financial
Economics 3, 305-360.

Jensen, M. C. and J. B. Warner, 1988, “The Distribution of Power Among
Corporate Managers, Shareholders, and Directs ,”Journal of
Financial and
Economics 20,.3-24.

Jensen, M. C., and R. S. Ruback, 1983, “The Market for Corporate Control: The
Scientific Evidence,”Journal of Financial Economics,11, 5-50.

Jensen, M. C., and R. S. Ruback. 1983. The market for corporate control: the
secientific evidence. Journal of Finanical Economics 11(April): 5-50.

John Pound, 1988, “Proxy contests and the efficiency of shareholder
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17

Johnson, J. D., 1989, “Establishing the Investor Relations Function. In Nichols,
D. R.” The Handbook of investor relations. Illinois: Dow Jones and Company,
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
Kester, W. C. 1986. Capital and ownership structure: a comparison of united
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
Klapper, L. K., & Love, I, (2004), “Corporate Governance, Investor Protection,
and Performance in Emerging Markets ,”Journal of Corporate Finance, 10,
pp.703-728.

Lake, D., and Graham, J., 1990, “Investor Relations.”Euromoney Publications
PLC Nestor House, Playhouse Yard London EC4V 5EX.

Lincoln, P. C., 1989, “Investor Relation: The User’s Perspective,” In Nichols,
D.R. The Handbook of investor relations. Illinois: Dow Jones and Company, Inc.

Mahoney, W. F., 1991, “Investor Relations: The Professional’s Guide to
Financial Marketing and Communication.” NYIF Corp.
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Mahoney, W. F., 1991, “Investor Relations: The Professional’s Guide to
Financial Marking and Communications.”NYIF Corp.
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Mehran, H., McNichols and Wilson, 1995, “Executive Compensation Structure,
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Merkel, E. M., 1989, “Determining and Delivering the IR Message.”In Nichols,
D.R. The Handbook of investor relations Illinois: Dow Jones and Company, Inc.
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Merkel, E. M., 1989, “Determining and Delivering the IR Message.” In Nichols,
D.R. The Handbook of investor relations. Illinois: Dow Jones and Company, Inc.
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Performance of the Large Publicly Traded Corporations,” Columbia Law Review,
18
vol. 98.

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
Ohlson, J. A., 1995, “Earnings, Book value and dividends in equity
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
Oviatt, B. M., 1988, “Agency and Transaction Cost Perspectives on the
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
Patton, A. and J. C. Baker, 1987, “Why won’t directors rock the boat.”Harvard
Business Review 65:10-18.
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Pincus, T. H., 1989, “Emerging from the dark ages: an overview of the investor
relation art today
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Pincus, T. H., 1989,”Emerging from the dark ages: on overview of the investor
relations art today.” In Nichols, D. R, The handbook of investor relations. Illinois:
Dow Jones and Company, Inc.
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Saunders, A., E. Strock, and N. G Travlos. 1990. Ownership structure,
deregulation, and bank risk taking. Journal of Finance 45(June):643-654.

Seifert B., H. Gonenc, and J. Wright. 2005. The international evidence on
performance and equity ownership by insiders, blockholders, and institutions.
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Strategic Management Journal 2(October):379-394.
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Thompson, L. M., 1990, “Foreword, In Investor Relations”, Euromoney
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Tuominen, P., 1997, “Investor relations: a Nordic school approach.” Corporate
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19

Williamson, O. E., 1983, “Organization form Residual Claimants and Corporate
Control ,”Journal of Law and Economics, 26, 351-366.

Xu, X., and Y. Wang. 1999. Ownership structure and corporate governance in
Chinese stock companies. China Economic Review 10: 75-98.

未附的文獻，我也找不到
我該從何找起?哪些媒體整理的?都沒有附上文獻的出處來源。(p11)

中文文獻格式錯誤
鄧秋菊(2002)，商標價值之估計及其攸關性之探討，中
原大學會計研究所碩士論文。
20

本研究生皆是複製這兩篇論文
1.黃健銘、簡郁蓉、鄭婉秀(2008)，
「台灣金融機構公司治理特性與違約風險之探
討」，會計與公司治理，第五卷，第一期，pp33-54。
2.陳淑珠(2006)，「公司治理、公司價值與投資人關係關聯性之研究-以台灣上市
公司之投資人為研究對象」，靜宜大學管理學碩士在職專班論文。
六、個人評論

英文摘要寫得亂七八糟，跟中文摘要無法吻合。

文獻內容有的不符合題意，有點亂。

抄襲他人資料過於多。

文獻過多，太多無謂的資料，根本就用複製來的文獻充頁數。

沒有很明確的分清楚標題。
七、小結

標點符號跟錯別字有點過多，錯的都是自己寫的。

排版要清楚，段落間沒有分仔細。

在這份論文中，多下點苦心，還有不要抄襲過多的資料，我相信此研究生還
是可以做出相當完美的論文。
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