企業資本結構與機構所有權人持股關係之研究 － 以台灣上市公司為例

本文主要在探討機構所有權人持股數與公司資本結構間的關係，以及公司特性對被投資公司資本結構與所有權結構的影響。我們以民國九十二年一月一日至民國九十六年十二月三十一日之間，台灣證券市場五百八十家上市公司為樣本，應用Pooled及Panel迴歸模型對樣本公司進行實證研究，並以兩階段最小平方法求解聯立，以驗證實證結果是否一致。結果顯示機構所有權人持股數與公司規模呈顯著之正相關，與負債比率、股利支付比率與獲利能力呈顯著之負相關，表示機構所有權人基於股利稅負因素，較偏好持有負債比率及股利支付比率較低的大規模公司股票，反而不願意持有獲利能力及股利支付較高的小規模公司的股票。若單以台灣上市企業之資本結構來看，流動比率及獲利能力較低之大規模公司，較有能力以固定資產抵押舉債來維持公司的高成長率。然而流動比率及獲利能力較高的小規模公司，無法以固定資產抵押來增加其舉債能力，而會改採內部資金來進行投資。

關鍵字

資本結構；機構所有權人；所有權結構； Pooled迴歸模型； Panel迴歸模型

並列摘要

This article aims to investigate the relationship between the number of shares owned by shareholders and the company’s capital structure. In addition, how company characteristics influence capital and ownership structure of invested company is discussed as well. Subjects were 580 listed companies in Taiwan’s stock market, and the duration was from Jan 1st, 2003 to Dec 31st, 2007. This research adopted empirical study employing regression model proposed by Pooled and Panel. Two stage least squares is also applied to simultaneous model solution in order to examine the consistency among research results. Results show that the number of shares owned by institutional ownership is positively correlated with the size of a company and significantly negatively correlated with debt ratio, dividends payout ratios and profitability. Results suggest that institutional owners prefer big companies with lower debt and payout ratio than small companies with higher profitability and payout ratio. Judging from the capital structure of listed companies in Taiwan, big company with lower liquidity ratio and profitability can sustain high growth rate with fixed asset mortgaged for debts. However, smaller companies with higher liquidity ratio and profitability prefer using internal capital for investments.

並列關鍵字

Capital structure ； Institutional investors ； Ownership structure

參考文獻

Chen, H. J. and H. W. Wang. “Ownership and the Extent to which Stock Price Reflect Future Earnings: Evidence from Group-Affiliated Firms and Non Group-Affiliated Firms in Taiwan.” Journal of Accounting and Corporate Governance 3, no.2 (2006): 69-100.

Jiambalvo, J., S. Rajgopal, and M. Venkatachalam. “Institutional Ownership and the Extent to Which Stock Prices Reflect Future Earnings.” Contemporary Accounting Research 19, no.1 (2002): 117-145.

Wu, C. S., P. H. Hsin, and S. S. Ou. “Determinants and Return Predictability of Institutional Ownership in IPOs.” Journal of Data Analysis 2, no.6 (2007):113-134.

Al-Najjar, B. and P. Taylor. “The Relationship between Capital Structure and Ownership Structure.” Managerial Finance 34, no.12 (2008): 919-933.

Allen, F., A. E. Bernardo, and I. Welch. “A theory of Dividends Based on Tax Clienteles.” The Journal of Finance 55, no.6 (2000): 2499-2536.

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企業資本結構與機構所有權人持股關係之研究－以台灣上市公司為例

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