股權結構對企業經營績效影響之研究-探討國內電子業與紡織業經營者之管理風格

The Effect of Ownership Structure on Company’s Operational Performance- The Examination of Managers' Management Styles between Electronic and Textile Industries in Taiwan

柯蓓珊(Pei-Shan Ko)

指導教授 ： 胡為善

中原大學/商學院/企業管理研究所/碩士(2015年)

https://doi.org/10.6840/cycu201500537

摘要

過去二十年，許多研究者發現，公司治理與經營績效關係密切，而經營績效又會影響公司價值，進而反映於其股價之漲跌上。由於經營者常有不同的管理風格，使其最終決策常反映於公司營運數據之良窳。本研究以國內上市電子業共356家和紡織業47家作為研究對象，研究期間自2010年至2014年，採用多元迴歸模型，俾探討在不同管理風格之下的股權結構，所呈現出之經營績效有何不同。本研究實證結果歸納如下：

1.本研究發現電子業之平均營業利潤高於紡織業之平均營業利潤，此外，實證發現電子業經營者之管理風格，若屬積極型，則其獲利水準會優於保守型以及穩健型；而紡織業經營者之管理風格，若屬穩健型，則其獲利水準會優於保守型及積極型。
2.本研究實證結果顯示，無論任何管理風格，大股東持股比例均與經營績效呈顯著關係。其中，電子業之經營者無論屬於任何一種管理風格，及紡織業經營者之管理風格若屬保守型，“大股東持股比例”會對其經營績效呈現負向影響；但紡織業經營者之管理風格若為穩健型及積極型，其“大股東的持股比例”對其經營績效則會呈現顯著正向影響。
3.本研究結果也發現，無論何種管理風格，電子業和紡織業之“經理人之持股比例”以及“法人持股比例”對其經營績效並未呈現顯著影響。

關鍵字：大股東持股比例、法人持股比例、經理人持股比例、管理風格、股權結構、經營績效

關鍵字

大股東持股比例 ； 法人持股比例 ； 經理人持股比例 ； 管理風格 ； 股權結構 ； 經營績效

並列摘要

For the past decades, numerous researchers found that corporate governance is closely related to operational performance of a company, it then reflects to its stock price. Because of different management attitudes toward risk of top executives, their final decisions often influences the operational performance of their companies. The main targets of this study are Taiwanese electronic and textile industries. This investigation collects 356 companies in electronic industry and 47 companies in textile industry from 2010 to 2014. Employing multiple regression analysis, this study examines the ownership structure under different management styles affecting their operational performance. Empirical results are summarized below:

1.This study finds that the average operational profit of electronic industry outperforms that of textile industry. Empirical findings indicate that the aggressive management style of top executives outperforms the conservative and stable management styles of top executives in the electronic industry. However, in the textile industry, the stable management style of top executives outperforms the conservative and aggressive management styles of top executives.
2.Empirical results show that the shareholding ratio of directors is significantly related to the operational performance under any management style of top executives in both industries. This study also finds that the operational performance is negatively related to the shareholding ratio of directors under any management style in the electronic industry and that under the conservative management style in the textile industry. However, the operational performance is positively related with the shareholding ratio of directors under the aggressive and stable management styles in the textile industry.
3.This study also finds that shareholding ratio of managers and institutional investors in both industries have no significant impact on operational performance.

Keyword: Management style, Operational performance, Ownership Structure, Shareholding ratio of directors, shareholding ratio of institutional investors, and shareholding ratio of managers.

並列關鍵字

Management style ； Operational performance ； Ownership Structure ； Shareholding ratio of directors ； shareholding ratio of institutional investors ； shareholding ratio of managers

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