IC設計業因為產品生命週期短、產業競爭性高,在電子產業中具有極高之附加價值。因此,本文探討是否會因股權結構的安排得宜,而產生較佳之公司治理。進而為企業帶來較高之競爭力。本篇研究主要在檢視機構投資人持股比例對企業經營績效U型效果之研究。本研究則以台灣上市櫃IC設計公司且有完整五個會計年度為研究樣本,樣本數135個,研究期間為2002-2006年並使用迴歸分析與平方法來探討企業之經營績效。 實証結果發現: 一、IC設計業之本國機構投資人持股比率對企業經營績效有顯著的影響 二、IC設計業之外資機構投資人持股對比率企業經營績效有顯著的影響 三、IC設計業之本國金融機構與本國信託基金持股與企業經營績效之間具有倒U型曲線之效果 四、 IC設計業之外資機構投資人持股比率與每股淨值間具有正U型曲線之效果
The IC design industry has characteristics of short-term product life cycle and intensive industry competition. This study intends to investigate the institutional investors (I. I.) share holding on the corporate performance. Particularly, the major focus is on the U-curve effect of share holdings on corporate performance. The data includes 27 IC design firms with four financial performance indexes and related share holding variables ranging from 2002-2006 annual data. A total of 135 observations. Quadratic nonlinear regression model is used as the empirical model. The results show that: Both domestic I.I. and foreign I. I. (QFII) share holdings have significant linear and U-curve impacts on corporate performance.