股權集中度與企業經營績效之關聯性

The Relevance of Ownership Concentration and Business Performance

李沃牆(Wo-Chiang Lee)；陳彥廷(Yen-Ting Chen)

所有權集中度 ； 企業經營績效 ； 縱橫資料迴歸分析 ； 元大台灣50 ； 代理理論 ； Ownership concentration ； Business performance ； Regression analysis of panel data ； Yuanta Taiwan 50 ETF ； Agency theory

東吳經濟商學學報

106期（2023 / 06 / 01）

65 - 97

繁體中文;英文

許多文獻已顯示，所有權結構與企業經營績效大多有關聯存在，但究竟是何關聯，則尚無定論。本文試圖探究股權結構與企業經營績效間之關係，使市場中的投資者在未來進行投資時，能夠參考以上因素以提早應對企業經營績效可能產生的變化。本文蒐集2006至2019年的年度財務資訊資料與持股比例進行縱橫資料迴歸分析，在進行分析之前利用了相關性檢驗，確認所選變數間無共線性的問題，接著透過Likelihood Ratio、Lagrange Multiplier、Hausman檢定，選擇固定效果模型為最適模型，使我們能更準確地得知我們所選樣本中，其股權集中度與企業經營績效之間的關係為何。實證結果顯示，台灣龍頭股的股權集中度與企業經營績效正相關。另外，由模型配適度F值的比較，可以發現以Tobin's Q作為績效指標進行分析的模型配適度優於以其他績效指標作為被解釋變數的配適度。除此之外，透過配適度資料的比較，並輔以合理的推導判斷後，證實若同時擁有負債比率與負債權益比的資料時，應優先選擇負債比率進行實證分析，以得到更為精確的結果。

Many literatures revealed that ownership structure is mostly related to business performance, but what kind of connection is different. Therefore, this article attempts to explore the relationship between the ownership structure and business performance, so that investors in the market can refer to the above factors when investing in the future to respond to possible changes in business performance. This article collects annual financial information data and shareholding ratios from 2006 to 2019 to perform a regression analysis of panel data. Before the analysis, a correlation test is used to confirm that there is no collinearity problem among the selected variables, and then through Likelihood Ratio, Lagrange Multiplier, Hausman test selects the fixed-effect model as the most suitable model, so that we can more accurately know the relationship between the concentration of equity and the business performance of the sample we selected. The empirical results show that the equity concentration of Taiwan's leading stocks is positively correlated with corporate operating performance. In addition, from the comparison of the F value of the model fit, it can be found that the model fit with Tobin's Q as the performance indicator is better than the fit with other performance indicators as the explained variable. In addition, through the comparison of appropriate data, supplemented by reasonable derivation and judgment, it is proved that if the debt ratio and debt-to-equity ratio data are available at the same time, the debt ratio should be selected for empirical analysis in order to obtain a more accurate result.

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