股權結構、資本結構與經營績效－Jensen、Meckling與Fama理論之驗證

Ownership Structure, Capital Structure and Performance-Tests of Jensen, Meckling and Fama's Theories

林純瓊(Eva C. Yen)

《中國財務學刊》 1卷2期 (1994/01) Pp. 1-20

https://doi.org/10.6545/JoFS.1994.1(2).1

摘要

本研究利用1979年至1992年這段期間238家上市廠商資料驗證Jensen、Meckling與Fama有關股權結構、資本結構與經營績效闖關係之理論。因為資料顯示此三個財務比例益非常態分自己，故我們改用相關靜、數法進行分析，結果扮現：（1）從橫斷面分析，董事持股比例與負債比例不存在顯著的相關，但從時間序列分析，兩者卻存在顯著的正相關。（2）不論從橫斷面分析或時間序列分析，董事持股比例與獲利能力存在繃著的正相關。（3）不論從橫斷面分析或時悶序列分析，負債比例與獲利能力存在顯著的負相關。

並列摘要

The purpose of this paper is to re-examine the relationship among ownership structure, capital structure and performance proposed by Jensen, Meck-ling and Fama. The data are compiled from all the listed companies from 1979 to 1992. Kim and Sorensen argue that high inside ownership firms may issue dabt so as to remain high inside ownership firms because of costs of outside equity. But according to Jensen and Meckling, high debt ratios may also increase the costs of debt, and then may decrease the firm values. They argue that ownership structure and capital structure are simultaneously determined. On the other hand, Fama and Jensen also put emphasis on the agent-principal's relationship to study the relationship between ownership structure and performance. They argue that once a company survives, it must have already chosen the optimal form of organization. According to the argument, there is no systematic relationship between ownership structure and performance. Because all the related variables are not normally distributed, we use nonparametric analysis rether than regression analysis. From the correlation coefficient analysis, we find the follows. (1) Based on the cross-sectional anal-ysis, there is no significant relationship between percentage of equity held by direct ors and debt-equity ratio. Based on the time series analysis, the relationship is significantly positive. (2) There is significantly positive relationship between the percentage of equity held by direct ors and performance. (3) There is significantly negative r elation ship between debt-equity ratio and performance.