臺灣地區上市公司董監事、關係人持股比率和公司托賓Q關係之研究

俞海琴 ； 周本鄂

《管理評論》 13卷1期 (1994/01) Pp. 79-98

https://doi.org/10.6656/MR.1994.13.1.CHI.79

摘要

本文是探討臺灣地區上市公司股權結構與公司Tobin's Q間之關係。文中將企業經營者股權結構依持有者身分之不同劃分為經理人、董事、監察人、關係人、董事暨監察人、董事暨監察人暨經理人及大股東七類，並分別探討各內部人士持股比率之不同，對公司經營績效之影響。本文之研究期間係自民國76年1月1日至80年12月31日，研究樣本是所有上市公司但不含金融保險類股及官股之公司，總樣本觀測值有619個，資料分析方法則為迴歸分析及共變數分析。文中發現董事暨監察人暨經理人及大股東對公司經營績效之影響最為顯著，故外部投資人可以此項持股比率高低，當成放射企經營績效的優劣指標。

關鍵字

股權結構 ； 代理成本 ； 公司績效 ； 托賓Q

並列摘要

This paper attempts to analyze the relationship between ownership structure and Tobin's Q in Taiwanese stock-listed company. In this paper, we try to separate the ownership structure of shareholders into seven types based on their status played in the company. Then, we will use the annual financial reports of stock-listed company to examine the effects of the different share-holding ratios of above types on the performance of corporate opertions. The important conclusions of this paper reveal that the share-holding ratios of directors who are also controlling people and professional managers, and stockholder who hold over 10% of outstanding stocks make significantly positive influences on Tobin's Q. Therefore, if the outside investors want to evaluate the performance of stock-listed corporation, they can adopt the above ratios as a signalling indicators.

並列關鍵字

Ownership Structure ； Agency Cost ； Corporate Performance ； Tobin's Q