股權結構、公司治理對企業經營績效影響之研究－以台灣上市光電業公司為例

The Study on Relation of Ownership Structure, Corporate Governance to Performance: An Empirical Analysis of Taiwanese Listed Optoelectronic Firms

闕廷諭(Ting-Yu Chueh) ； 洪嘉仁(Chia-Jen Hung)

《全球管理與經濟》 10卷1期 (2014/06) Pp. 1-17

https://doi.org/10.6565/JGME.2014.10(1).1

摘要

股權結構、公司治理機制攸關公司經營績效，經營績效會直接影響公司價值，進而反映在股票市價上，對投資人的影響重大。近年來智慧型手機蓬勃發展，造成光學鏡頭需求大為增加,以致台灣光電業產值增加，所以，其經營績效深受投資人關切，因此，本研究以臺灣光電業上市櫃公司為探討對象。本研究透過文獻探討得知股權結構、公司治理機制與經營績效具有因果關聯，因此，從TEJ資料庫擷取相關資料進行複迴歸分析；其中資訊透明度、董監持股比例、大股東持股比例對各項績效指標有顯著正向影響，與本研究假說相符，也符合「利益收斂假說」；更進一步分析，董監持股比例、大股東持股比例對各項績效的影響呈現先增後減的倒Ｕ型關係。

關鍵字

股權結構 ； 公司治理 ； 經營績效 ； 資訊透明度 ； 利益收斂假說

並列摘要

Ownership structure and corporate governance system are relevant to the performance of the company. The performance of the company will directly influence the value of the company and also reflect on stock price which means it indirectly affects the investors a lot. Recently the smartphones have developed vigorously which contribute to the demand of optical lenses increase greatly. So this study is focus on Taiwanese listed optoelectronic firms as objects. After the literature review for this study we found out that the ownership structure, corporate governance and company performance are closely related. Consequently, we caught related datum from the TEJ database to do multiple regression analysis. In particular, the information disclosure, directors & supervisors and big shareholders holding share proportions have significant positive influence on performance. These results completely match the study hypotheses and ＂convergence-of-interest hypothesis＂. Furthermore, the influences of directors & supervisors and big shareholders holding share proportions on performance reveal reverse U type relation of increase first then decrease.

並列關鍵字

Ownership Structure ； Corporate Governance ； Performance ； Information Disclosure ； Convergence-of-Interest Hypothesis