股權結構與經營行為之研究

本文以股權結構與經營行為之研究為主軸，我國目前的商業組織型態有兩合公司、無限公司、有限公司、股份有限公司以及新增訂的閉鎖型股份有限公司等五種形式，股份有限公司作為公司組織，於現代社會中已經成為國家經濟活動之核心角色，居於不可或缺的地位。在我國像是鴻海、台積電等大型企業其一舉一動都會影響社會大眾及國家經濟。少數企業更有等同於一個國家的經濟實力，在現今全球化的影響之下，除了與世隔絕之外，我們每個人皆無法避免的受到企業活動之影響。因此公司治理的好壞，不僅對公司組織產生直接的影響，間接的亦連帶影響了社會大眾，故，公司治理是一個很重要的概念，影響公司組織的大小或者是時代的變遷。公司治理中，股權結構又是影響公司治理一個最重要的因素，因此，本文會就股權結構之類型進行介紹並分析其優缺點，再來輔以鄰近各國如日本、南韓、大陸乃至於美國的公司進行公司的股權結構分析及公司經營的分析，最後再以台灣的公司為主以個案的方式來分析台灣的公司股權結構與經營行為。在上述分析後，對於股權結構不同影響公司經營行為優劣，以及是否有單一最佳股權結構模式，統整分析作成結論。

關鍵字

金字塔股權結構；交叉持股；雙層股權結構；一股一權

並列摘要

In this paper, the research of equity structure and business behavior is the main axis, China's current business organization type has five forms, such as two-in-one company, infinite company, limited company, limited company and newly-subscribed closed-type limited company, the company limited by shares as a company organization, in modern society has become the core role of national economic activities, in an indispensable position. In our country, such as Hon Hai, TSMC and other large enterprises will affect the public and the national economy. A few companies are more equal to a country's economic power, and under the influence of today's globalization, we can not avoid the impact of corporate activities, except in isolation. Therefore, the quality of corporate governance , not only directly affects the the company's organization, but also indirectly affects the public. Consequently, corporate governance is an importance concept affects the size of the company's organization or changes of the times. In corporate governance, the ownership structure is one of the most important factors affecting corporate governance. This paper will introduce and analyze the advantages and disadvantages of the type of equity structure, supplemented by the company's equity structure analysis and the analysis of company management by companies in neighboring countries such as Japan, South Korea, mainland China and even the United States, and finally analyze the company's equity structure and business behavior in Taiwan on a case-by-case basis. After the above analysis, the overall analysis and conclusions are drawn for the different ownership structures that affect the pros and cons of the company's operating behavior, and whether there is a single best ownership structure model.