經理人持股對公司價值的影響

本研究探討是否經理人持股對公司價值的影響，因為我們認為上述的課題在過去相關的研究並未詳細且深入地被探討。本研究是以2010年至2014年台灣上市的公司為研究對象，來探討各類經理人持股變化在控制公司財報變數、股權結構變數後對公司價值的影響。本研究發現，顯示經理人持股確實可提升公司價值，但觀察反向持股變化的顯著性高於正向持股變化；此外，大量持股減少的顯著性高於大量持股增加這幾個變數，顯示反向持股變化及大量持股減少這兩項變數更具參考性。

關鍵字

公司價值；經理人持股；股權結構

並列摘要

We focus on the effect of managers’ holding ratio on firm value in detail, since we argue that this issue seems not explored deliberately in the relevant studies. By employing the firms listed in Taiwan Stock exchange (TWSE) as our samples, we explore whether the firm value would be affected by various variables in term of managers’ holding ratio after controlling financial statement and other board structure variables as controlling variables. In this study, we reveal that mangers’ holding ratio would affect firm value. In addition, negative change of mangers’ holding ratio would be more significant than positive change of mangers’ holding ratio; in addition, huge negative change of mangers’ holding change would be more significant than huge positive change of mangers’ holding ratio. The results reveal that negative change and huge negative change would affect firm value significantly.

並列關鍵字

Firm value ； Managers’ shareholding ； Board structure

參考文獻

Yeh, Y.H., C.E. Ko, Y.H. Su. 2003. Ultimate Control and Expropriation of Minority Shareholders: New Evidence from Taiwan. Academia Economic Papers 31(3), 263–299.

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經理人持股對公司價值的影響

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