股權結構與公司績效之關係研究-以雅加達伊斯蘭指數成份股為例

The Relationship between Ownership Structure and Firm Performance: An Empirical Analysis over Jakarta Islamic Index Listed Companies

納蘇弟(Andi Khaerul Nasruddin)

指導教授 ： 許江河

國立虎尾科技大學/管理學院/財務金融系碩士班/碩士(2016年)

摘要

本研究以雅加達伊斯蘭指數51家成份股由2010年到2014年共8個半年資料，分析這些公司的股權結構與公司績效之關係。代表公司股權結構的變數有最大股東持有股數、總資產及負債槓桿；代表公司績效的變數則有Tobin’s Q、資產報酬率及股東權益報酬率。在ROA迴歸模型裡﹐最大股東與ROA呈現正相關﹐槓桿與ROA呈現負相關﹐而總資產則與ROA不相關。在ROE迴歸模型裡﹐只有最大股東與ROE呈現正相關。至於Tobin’s Q迴歸模型裡﹐最大股東與Tobin’s Q呈現正相關﹐總資產與Tobin’s Q呈現負相關﹐而槓桿與Tobin’s Q則不相關。

關鍵字

股權結構 ； 公司績效 ； 雅加達伊斯蘭指數成份股 ； 最大股東持有股數 ； Tobin’s Q ； ROA ； ROE

並列摘要

This study investigates the relationship between ownership structure and firm performance of 51 companies listed in Indonesia’s Jakarta Islamic Index for eight semi-annual periods 2010 to 2014. This study uses the share of the largest shareholder, leverage and total assets as ownership structure variables; return on assets, return on equity and Tobin’s Q as firm performance variables. Panel data analyses were applied to determine the relationship among variables. In the ROA regression model, largest shareholder is positively correlated and leverage is negatively correlated, while the total assets variable is uncorrelated. For ROE, only largest shareholder is correlated with a positive relationship. In the case of Tobin’s Q, largest shareholder is positively correlated and total assets are negatively correlated, while leverage is uncorrelated.

並列關鍵字

Ownership structure ； firm performance ； Jakarta Islamic Index ； shares of largest shareholder ； Tobin’s Q ； return on assets ； return on equity

參考文獻

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