董監事持股與經理人持股如何影響公司績效,過去相關結論分歧。本研究擬加入交叉持股之變因,探究企業是否具交叉持股特徵,有否對董監事與經理人持股對公司績效的影響造成不同的結果。採台灣經濟新報資料庫中,2008年至2015年台灣證券交易所之上市公司為對象,剔除不齊全的資料樣本後,總企業家數為1,526家,總樣本數共計10,472筆。 實證結果顯示,就整體上市公司而言,董監事與經理人持股的多少對公司績效有顯著正向影響。單就傳統產業上市公司而言,董監事與經理人持股亦對公司績效造成顯著正向影響;在非傳統產業,影響則不顯著。若傳統產業又具有交叉持股的特徵下,則僅剩董監事持股對公司績效(ROE與ROA)具有顯著正向影響,而在經理人持股方面則無顯著影響。傳統產業中不具交叉持股特徵的上市公司,董監事持股僅對公司績效(ROA)有顯著正向影響,經理人持股對公司績效有顯著正向影響。
There are many research and studies on corporate performance influence factor with multiple shareholders: shareholding of directors and supervisors and shareholding of managers, but remaining inconclusive. Within this study, we provided additional variant which is called cross shareholding factor, to explore whenever the enterprise has a cross-holder structure and whether this bring different result on corporate performance than shareholder by directors and managers only. According to TEJ database, listed companies from Taiwan Stock Exchange in 2008 to 2015 are object of this study, total 1,526 entrepreneurs, excluded incomplete samples and total samples counts are 10,472. From outcome of this practice shown there is significant influence to company performance when shareholding by directors and managers. Same results applicable to lists of traditional companies with same shareholding sturcture by supervisors and managers. However, in non-traditional industries, the impact is not significant. When traditional industry company has cross-shareholding structure, shareholding by directors and supervisors have significant influence on the company's performance and no significant effect to company performance by manager's shareholding. In traditional industry, there is a significant effect on listed of company performance to shareholding of managers without cross shareholding structure. Shareholding of directors and supervisors has a significant impact on company' ROA performance.