股權結構與公司風險之實證研究

An Empirical Study between Ownership Structure and Corporate Risk-Taking

10.30053/CHJM.200612.0004

李馨蘋(Shin-Ping Lee)；張月瓊(Yueh-Chyong Chang)

股權結構 ； 公司風險 ； 風險規避假說 ； 財富移轉假說 ； Ownership structure ； Corporate risk-taking ； Rick aversion hypothesis ； Wealth transfer hypothesis

中華管理學報

7卷4期（2006 / 12 / 01）

51 - 69

繁體中文

本研究主要目的在探討股權結構與公司風險之間的關係，進而了解公司風險之影響變數及內部人士持股比例與公司風險間究竟存在風險規避假說或財富移轉假說。最後，再將樣本依據不同的成長機會及不同產業來分析。選取1995至2004年上市公司為研究樣本，採用追蹤型資料線性廻歸模型來分析。實證結果顯示內部人士持股比例和當年度公司風險呈現U字型之線性相關，且具有遞延效果，而擁有成長機會公司或高科技產業同樣具有相同效果。機構法人持股比例愈高時，不但會使得公司當年度風險愈高，也會使得下一年度公司風險增加，擁有成長機會公司或高科技產業同樣具有相同效果。大股東持股比例不論對公司當年度及下一年度之風險或在何群體中，均不會造成影響。

The main purpose of this study is to examine the relationship between ownership structure and corporate risk-taking. Data are gathered from Taiwan's listed firms doting the period from 1995 to 2004. Furthermore, applies linear regression models for panel data to analysis. The contemporaneous relationship between insider ownership and corporate risk-taking is negative when insiders hold low equity stakes but positive when insiders hold high equity. And the lagged relationship between insider ownership and corporate risk-taking is negative. For corporate with growth opportunities and hi-tech industries, the statistical results strongly supported that the relationship between insider ownership and corporate risk-taking is in U-shaped Institutional ownership excited a significant, positive influence on corporate risk-taking. Also the lagged relationship between institutional ownership and corporate risk-taking is positive. But the role of blockholders is negligible in any groups.

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