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.