企業朝向多元化及國際化的發展,組織規模日益擴大,使得企業所有權與經營權分離,然而近年來台灣少數企業,相繼發生重大危機及舞弊事件,造成投資人、債權人及其他利害關係人蒙受重大損失,探究其原因之一乃是公司發生代理衝突。本研究主要利用追蹤型資料之二階段最小平方法來分析台灣上市公司股權結構、資本結構、公司風險與公司績效四者是否同時具有內生效果。其實證結果顯示確實具有互相影響之效果存在,並發現機構法人持股比例會同時影響此四者。
This study uses two stage least squares for the panel data to assess the determinants and interrelationships among ownership structure, capital structure, corporate risk-taking, and corporate performance. The sample includes firm that are listed on the Taiwan Stock Exchange. Under our system of equations, ownership structure, capital structure, corporate risk-taking, and corporate performance are dependent on each other, and also on other exogenous variables, such as institution ownership.