本研究以2008年至2015年台灣網絡通訊業之上市公司資料,探討股權結構、資本結構、股利政策對公司績效之互動影響。以內部人持股比率作為股權結構、負債比率作為資本結構及股利發放率作為股利政策主要研究變數,探討股權結構、資本結構、股利政策對公司績效之互動影響。公司績效採用Tobin's Q、ROA、ROE作為替代變數。實證結果如下:(1)內部人持股比率對公司績效為正向影響。(2)股利發放率對公司績效為正向影響。(3)金融機構持股比率對公司績效為正向影響。(4)負債比率對公司績效為負向影響。(5)外資持股比率對公司績效為正向影響。(6)政府持股對公司績效為負向影響。
A simultaneous equation system was applied toTaiwan's network communications industry over the period of 2008 to 2015. The thesis analyzed the interaction among the ownership structure, capital structure, Dividend policy, and corporate performance.The empirical results are as follows:1. The internal shareholder ratio has a positive impact on corporate performance. 2. Payout ratio has a positive impact on corporate performance. 3. Financial institution shareholder ratio has a positive impact on corporate performance. 4. Debt ratio has a negative impact on Corporate performance. 5. Government share holding has a negative impact on corporate performance.