股權結構、資本結構與電子產業之公司績效關係之研究

The Relationship of Ownership Structure, Capital Structure and Firm Performance in Electronics Industry

鄭心泱(Sin-Yang Jheng)

指導教授 ： 戴錦周

共同指導教授 ： 賴煒曾(Wei-Tseng Lai)

國立臺中科技大學/商學院/財務金融研究所碩士班/碩士(2022年)

摘要

本研究以2015至2019年台灣上市與上櫃之電子產業公司為研究對象，資料來源為台灣經濟新報資料庫(TEJ)、公開資訊觀測站以及本研究自行整理，合計共取得4073筆樣本資料與777家電子公司。本研究旨在探討股權結構、資本結構、與台灣電子產業公司績效的關係，並以財務績效ROAA與ROAB，來衡量公司的績效。
實證結果發現:稅前息前折舊前之資產報酬率(ROAA)受到法人持股、本國金融機溝持股、經理人持股、外國金融機溝持股、外部法人持股、十大股東持股之平方項、法人持股之平方項、本國金融機溝持股之平方項、經理人持股之平方項、外部法人持股之平方項、負債比率、負債比率之平方項以及公司資產的顯著影響。另外十大股東持股、董監持股、董監持股之平方項、外國金融機溝持股之平方項這些變數對稅前息前折舊前之資產報酬率(ROAA)沒有影響。此外，稅後息前折舊前之資產報酬率(ROAB)受到董監持股、法人持股、本國金融機溝持股、經理人持股、外國金融機溝持股、外部法人持股、法人持股之平方項、本國金融機溝持股之平方項、經理人持股之平方項、外國金融機溝持股之平方項、外部法人持股之平方項、負債比率、負債比率之平方項以及公司資產的顯著影響。另外十大股東持股、十大股東持股之平方項、董監持股之平方項這些變數對稅後息前折舊前之資產報酬率(ROAB)沒有影響。

關鍵字

公司治理 ； 股權結構 ； 資本結構 ； 公司績效

並列摘要

This study aims to explore the relationship of ownership structure, capital structure, and the performance of Taiwanese electronics industry companies, and to measure the company's performance by the return on assets before tax, interest and depreciation and the return on assets after tax and before interest and depreciation.
The empirical results show that the return on assets before tax, interest and depreciation is affected by corporate shareholding, domestic financial institutions shareholding, managers shareholding, foreign financial institutions shareholding, external legal entities shareholding, and the square of top ten shareholders shareholding, the square of the corporate shareholding, the square of domestic financial institutions shareholding, the square of managers shareholding, the square of external legal entities shareholding, the debt ratio, the square of debt ratio, and the company's assets significantly. And, the top ten shareholders shareholding, the directors and supervisors shareholding, the square of directors and supervisors shareholding, and the square of foreign financial institutions shareholding are not statistically significant on the return.
In addition, the return on assets after tax and before interest and depreciation is affected by the directors and supervisors shareholding, corporate shareholding, domestic financial institutions shareholding, managers shareholding, foreign financial institutions shareholding, external legal entities shareholding, the square of corporate shareholding, the square of domestic financial institutions shareholding, the square of manager's shareholding, the square of foreign financial institutions shareholding, the square of external legal entities shareholding, the debt ratio, the square of debt ratio and company assets significantly. And, the variables of the top ten shareholders shareholding, the square of the top ten shareholders shareholding, and the square of the directors and supervisors shareholding are not statistically significant on the return.

並列關鍵字

Corporate Governance ； Ownership Structure ； Capital Structure ； Firm Performance

參考文獻

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