本研究主要探討公司內部人持股比率、負債比率與公司經營績效之關聯性。參考文獻得知,內部人持股比率、負債比率、與公司經營績效具有內生變數之反饋效果,故本研究重新建立內部人持股比率、負債比率與公司經營績效之聯立方程式,探討內部人持股比率、負債比率與公司經營績效關聯性之影響。 本研究以2005年至2009年間台灣上市公司資料進行實證,利用兩階段最小平方法估計聯立方程式的係數,分析內部人持股比率、負債比率與公司經營績效關聯性之影響。實證結果顯示,在公司績效方程式中,內部人持股比率、負債比率對公司績效皆有顯著的影響力。接著,在內部人持股比率方程式中,公司績效對內部人持股比率有顯著的影響;而負債比率則對內部人持股比率並沒有顯著的影響力。另外,在負債比率方程式中,公司績效對負債比率有顯著的影響;而內部人持股比率則對負債比率並沒有顯著的影響力。
This study focused on the relationship among company insider ownership ratio, debt ratio and corporate performance. Referring to the literature, there are feedbacks among them. Therefore, we explore simultaneous equations to investigate feedback system. In the present study, using two stage least squares to estimate the coefficients, the evidences are that in the company performance equation, insider ownership ratio and debt ratio are the determinants of the company performance. In company insider ownership equation, the corporate performance plays an important role. The impact of the debt ratio on company insider ownership ratio is not significant. The debt ratio is significantly related to corporate performance. However, we could not find the company insider ownership ratio is significantly to debt ratio.