公司所有權結構與利益同化現象對企業價值與經營績效的影響

The Effects of Corporate Ownership Structure and Interest Assimilation on Corporate Value and Business Performance

陳慶光(CHING-KUANG CHEN)

指導教授 ： 嚴奇峰

中原大學/商學院/企業管理研究所/碩士(2016年)

https://doi.org/10.6840/cycu201600614

摘要

本研究主要探討公司所有權結構與利益同化現象對企業價值與經營績效的影響。利用台灣經濟新報(TEJ)資料庫，以2007至2014年台灣上市、上櫃公司做為分析對象並運用SPSS統計軟體，獲得以下發現：首先，所有權結構之外圈股權結構與企業價值呈現負相關，外圈的持股比例增加會降低企業價值，亦即公司較重視短期的經營績效；其次，所有權結構的內圈與核心圈的股權結構對企業價值呈現正相關，在經營績效指標上也有顯著相關但並無一致性；第三，席次股份偏離倍數越高，董事會愈容易被家族控制，即指核心圈的利益同化情形越明顯；最後，當家族控制的程度高時，因核心圈向外合併內圈產生了利益同化情形反而降低了企業價值與經營績效，但在盈餘分配權與負債比率上卻有所提升。本文根據研究發現提出管理上的貢獻以及對實務上的意涵。

關鍵字

公司治理 ； 所有權結構 ； 利益同化 ； 企業價值 ； 經營績效

並列摘要

The purpose of this research was to explore the impacts of companies’ the ownership structure and the phenomenon of interest assimilation on the enterprise value and the operating performance. We selected listed companies in Taiwan as research targets, sorted the 2007-2014 data from the archives of the Taiwan Economic Journal (TEJ), and analyzed the data with SPSS statistical software. The results we found were as follows: First, the ownership structure of the outer circle and the enterprise value revealed a negative relationship. The increased shareholding ratio of the outer circle decreased the enterprise value, and this indicated that companies put more emphasize on the shore-term operating performance. Secondly, the ownership structure of the inner circle and the core circle had the positive relationship with the enterprise value. This significant relationship was also shown on the operating performance, but inconsistent. Third, the higher seat-share deviation multiple rise, the easier board directors were controlled by family firms. In other words, the situation of interest assimilation in the core circle became obvious. Finally, when family firms highly controlled the ownership structure, the situation of the interest assimilation was revealed due to the merged of the core circle and the inner circle, and this lowered the enterprise value and operating performance. However, cash flow right and debt ratio rise. The study contributed to provide reference for management and practical use based on the research findings.

並列關鍵字

Corporate governance ； Ownership structure ； Interest assimilation ； Enterprise value ； Operating performance

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