公司的治理結構或稱法人治理結構實質上是一種對公司進行控制和管理的體系,此一結構是由公司所有者、董事會和經理人所組織而成。股權結構為公司治理結構的基礎,而公司的經營績效又取決於公司治理結構適當與否,因此,公司治理結構、股權結構與經營績效之間存在密不可分的關係,唯有適當的股權分配才可以形成完善的公司治理結構。因此本研究欲針對台灣上市之集團企業進行探討,股權結構是否會影響公司經營績效。 本研究以複迴歸(Multiple Regression)模型,並以2001年至2009年台灣上市90間集團企業公司為研究對象,採用較常使用之公司治理指標(股權結構與董事會組成等)與經營績效指標(資產報酬率與Tobin’s Q)進行驗證。實證結果發現,多角化程度、機構投資人持股率、大股東持股率、獨立董事比例皆與經營績效之間為正相關,而董監事持股率與會計指標呈現正相關、與市場指標呈現負相關,國際化程度、董事會規模、領導結構與經營績效呈現負相關。
Corporate governance structure is essentially the agency problem. The principal constraint on the agents is monitoring and institutional arrangements. Ownership structure is the basis for corporate governance and corporate governance structure determines the company's operating performance. Thus, the relationship among the ownership structure, corporate governance structure and operating performance is inseparable. Only the suitable allocation of ownership can develop a complete corporate governance structure. Because of different industries, there are various forms of corporate governance in regulatory authorities. This study explores whether ownership structure affects corporate performance on business groups. This research uses the Multiple Regression Analysis and set the parameter on the business groups in Taiwan stock exchange, including 90 companies from 2001 to 2009. The empirical finding shows that: (1) Independent variables: the level of diversification, institutional shareholding ratio, blockholder ownership ratio, independent directors ratio are all positively associated with financial performance; (2) The managerial equity ownership shows conflicting results between the accounting and market proxy models; (3) The internationalization, board size and duality are all negatively associated with financial performance.