外國公司來台第一上市櫃(KY類股)上市櫃初期董監事與大股東持股與經營績效變動關係研究

The Relationship between the Shareholding of Directors, Supervisors and Major Shareholders and Changes in Operating Performance in the initial stage of the Listing in Taiwan for foreign Companies (KY Class Stocks)

林育婷(none)

指導教授 ： 陳明進

國立政治大學/商學院/經營管理碩士學程(EMBA)/碩士(2020年)

https://doi.org/10.6814/NCCU202001814

摘要

本研究以2010年至2016年之上市櫃公司為研究對象，區分為國內一般上市櫃公司以及第一上市櫃(KY股)公司，探討在上市櫃後之初期三個年度內，其董監事(含非董監之前十大股東)及大股東(持股1,000張以上)持股比例變動與經營績效變動的情形與關聯性。研究結果發現：一、一般公司及第一上市櫃(KY股)公司，在初次上市櫃後之三年的時間內，董監事及大股東持股比例都是下降的。而第一上市櫃(KY股)公司之董監事及大股東在上市櫃後之三年內，其持股比例的下降幅度高於國內一般公司。二、一般公司及第一上市櫃(KY股)公司，在初次上市櫃後之三年的時間內，經營績效指標包含資產報酬率、股東權益報酬率、毛利率、營業利益率、每股盈餘趨勢都是下降的。除了第一上市櫃(KY股)公司的每股盈餘在每年度的下降的趨勢較不顯著之外，其餘經營績效指標都有顯著下滑的現象，但第一上市(櫃)(KY股)公司經營績效衰退的幅度並未大於一般公司，因此本研究並未發現第一上市櫃(KY股)公司在上市櫃後初期的三年內董監事及大股東持股變動率降幅較大者，其在該期間內之同年度或次年度之經營績效有衰退越大的情形。三、研究結果亦未能發現第一上市櫃(KY股)公司在上市櫃初期內部股東持股轉讓與經營績效衰退之間的關聯性，但後續研究可回歸到公司治理面對KY股公司進行探討，以個案研究的方式個別討論KY股公司治理的良莠。

關鍵字

第一上市櫃 ； KY股 ； 董監事持股 ； 大股東持股 ； 經營績效

並列摘要

This study takes the listed companies from 2010 to 2016 as the research object, and divides them into domestic listed companies and the first listed of foreign companies (KY stocks). In order to find out the relationship between the shareholdings of the directors and supervisors, including the top ten shareholders who are not directors and supervisors, and major shareholders that hold more than 1 million shares, and changes in operating performance in the initial three years after the listing. The results of the study found: 1. in domestic companies and first listed companies (KY stocks), the shareholding ratio of the directors, supervisors and major shareholders declines within three years after the initial listing. However, within three years after the initial listing, the directors, supervisors and major shareholders of the first listed companies (KY stocks) saw their shareholding ratio decline more than that of domestic companies. 2. for domestic companies and first listed companies(KY stocks), within three years after the initial listing, the operating performance include ROA, ROE, gross profit margin, operating profit rate, and EPS, the trends are all declining. Except that the EPS of first listed companies (KY stocks) has a relatively insignificant annual decline, other operating performance indicators have a significant decline, but the first listed companies (KY stocks) the decline in operating performance is not greater than that of domestic companies. Moreover, this study did not find the first listed companies (KY stocks) that have larger decline in the rate of change in the shareholding of directors, supervisors and major shareholders in the initial three years after listing, its operating performance in the same period or the following year has decline larger. The results of the study did not find the correlation between the transfer of internal shareholder shares and the decline in operating performance of the first listed companies (KY stocks) in the initial stage of the listing. However, subsequent studies can return to corporate governance to discuss the KY companies, and discuss the good and bad aspects of corporate governance in the form of case studies.

並列關鍵字

First listed of foreign companies ； KY stocks ； Shareholding of the directors and supervisors ； Major shareholders ； Operating performance

參考文獻

一、中文部分

周岐原，2017，96檔KY股總體檢 誰飛天？誰墜地？今周刊(1068期)。摘錄自https://www.businesstoday.com.tw/article/category/80402/post/201706080010 (2020/8/11擷取)

許繼元，2015，KY股是什麼意思？KY開頭(F開頭)股票，腰斬機率是其他台股的5倍。摘錄自 https://rich01.com/f5/ (2020/8/11擷取)

台灣證券交易所，2013，外國企業來台上市：初次發行股票上市(中文版)。

台灣證券交易所，2020，外國企業第一上市宣導手冊(2020/3/23版)。