本研究以台灣上市公司為例,區分為傳統產業及科技產業來探討董監事質押比率與公司經營績效間的非線性關係,本研究採用Gonza′lez, Teräsvirta and van Dijk (2004, 2005) 所發展的縱橫平滑移轉迴歸模型(Panel smooth transition regression model, PSTR),以董監事質押比率為模型中的門檻變數,觀察董監事質押比率對公司經營績效是否存在平滑移轉效果,並進一步分析監事質押比率對公司經營績效之平滑移轉效果下,董監事持股比率、經理人持股比率、公司規模與負債比率對公司經營績效之影響變化。實證結果發現,董監事質押比率對上市公司之公司經營績效存在顯著的平滑移轉效果,而其董監事持股比率、經理人持股比率及負債比與公司經營績效在各門檻間都對公司經營績效存在著或正或負的關係。
In this study, the listed companies in Taiwan for example, divided into traditional industries and technology industry to explore the equity pledge ratio and business performance nonlinear relationship between, this study uses Gonza 'lez, Ter svirta and van by Dijk (2004,2005) and the development of the smooth transition regression model (Panel smooth transition regression model, PSTR). The equity pledge ratio in the model of the threshold variable, observe the equity pledge ratio on business performance, whether there is a smooth transfer effect, and further analysis of the pledge ratio on corporate performance of the smooth transfer effect, the ratio of shares held by directors and managers' shareholding ratio, company size and debt ratio on the performance of the company changes affect the empirical results. Found that the equity pledge ratio was smooth shift on the operating performance of listed companies exist Transfer effect, and the ratio of shares held by directors and managers' shareholding ratio and debt ratio and corporate performance in the threshold between on corporate performance has positive or negative relationship.