摘 要 股權結構與公司價值間關係,一直是學者在理論及實務研究上的焦點。公司價值的指標,除了帳面營運績效外,市場股價更是反映投資大眾對公司的評價。良善的公司治理能提升企業經營績效與管理效率,惟其最終目的在於使公司價值極大化。故本研究期望藉由股權結構與公司價值之間關聯性進行探討。 本研究以台灣證券交易所掛牌上市公司為研究對象,公司公開資訊資料來源自2006年至2008年,共3年,本研究將股權結構分成股權集中度、股東屬性及董事會運作。為進一步了解股權結構真實狀況,本研究選取股東權益報酬率、營業利潤率、股價淨值比、股權集中度、法人機構持股、董事長兼總經理、產業別、負債比率及公司規模等變數,進行複迴歸檢定分析。 實證結果顯示,股權結構對公司帳面價值的影響,在股東權益報酬率影響並不明顯,法人機構持股呈顯著相關。股權結構對公司市場價值影響更是相當的明顯,尤其股價表現。我們發現股權結構的對公司股價變化的影響,確實是比對公司績效更具敏感度與複雜性。
Abstract The relationship between ownership structure in firms and corporate value is one of the most popular research topics. As everyone knows, good corporate governance can improve firm performance and management efficiency. Besides, the ultimate goal of corporate governance is to maximize corporation value. This research tried to analysis the relationship between ownership structure and corporate value. Companies, listed in the Taiwan stock market, are the samples of this study. Data were collected from Taiwan Economic Journal for the year 2006 to 2008. The ownership structure is categorized into concentration of shareholding, shareholders’ attributes and operation in the board of directors. In order to measure the details of ownership structure, we used return on equity, operating income ratio, price-book ratio, the degree of shareholding concentration, percentage of shares possession for legal representatives, president/CEO, industry, debt ratio and business size as variable. We used multiple regressions as instrument to examine the result. The result of ownership structure has an impact on enterprise performances. There is no significant found in return on equity. There is an obvious correlation in ownership structure and corporate market value, which especially reflect corporate market stock price. Our findings indicate that the influence of ownership structure on corporate stock price variation is more complex and sensitive than that on firm performance.