若想在證券市場中獲得不錯的投資績效，如何透過一些資訊展現而透露出的端倪選擇適當標的是眾多投資者想瞭解的一個議題，雖然許多文獻表明所有權結構與企業經營績效大多有關聯存在，但是何種關聯，則是眾說紛紜。因此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年的年度財務資訊數據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，透過配適度數據的比較，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數據時，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。

If you want to obtain good investment performance in the securities market, how to choose an appropriate target through some information revealed is a topic that many investors want to understand. Although many documents show 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.

目　錄
表　目　錄	vi
圖　目　錄	vii
第一章　緒論	1
第一節　研究背景與動機	1
第二節　研究目的	4
第三節　研究架構與流程	5
第二章　理論與文獻回顧	7
第一節　代理理論	7
第二節　政府持股與企業績效關聯性的相關文獻	8
第三節　外資持股與企業績效關聯性的相關文獻	10
第四節　所有權集中度與企業績效關聯性的相關文獻	12
第五節　機構所有權與企業績效關聯性的相關文獻	13
第六節　控制變數與企業績效關聯性的相關文獻	14
第七節　綜合文獻小結	17
第三章　研究方法	18
第一節　研究資料定義與來源	18
第二節　相關性檢驗概述	24
第三節　縱橫資料迴歸分析法模型估計概述與推導	25
第四節　實證迴歸模型之設計	30
第四章　實證結果與分析	31
第一節　敘述統計量分析	31
第二節　共線性檢驗分析	40
第三節　縱橫迴歸分析	44
第四節　負債比率(RISK)與負債權益比(DER)的差異分析	70
第五章　結論與建議	73
第一節　結論	73
第二節　建議	74
參考文獻	76
 
表　目　錄
表 1　樣本資料篩選	19
表 2　參考學者探討之變數	20
表 3　變數名稱、代號及預期符號表	23
表 4　2006至2019年變數之敘述統計量整理-1	38
表 5　2006至2019年變數之敘述統計量整理-2	38
表 6　2006至2019年變數之敘述統計量整理-3	39
表 7　相關係數矩陣	41
表 8　相關係數之P-value	41
表 9　VIF變異數膨脹因子(解釋變數包含RISK)	42
表 10　VIF變異數膨脹因子(解釋變數包含DER)	43
表 11　股東權益報酬率(ROE)之模型適用檢定(解釋變數包含RISK)	45
表 12　股東權益報酬率(ROE)之固定效果模型(解釋變數包含RISK)	46
表 13　股價淨值比(MBR)之模型適用檢定(解釋變數包含RISK)	47
表 14　股價淨值比(MBR)之固定效果模型(解釋變數包含RISK)	48
表 15　Tobin’s Q (TBQ)之模型適用檢定(解釋變數包含RISK)	49
表 16　Tobin’s Q (TBQ)之固定效果模型(解釋變數包含RISK)	50
表 17　每股稅後盈餘(EPS)之模型適用檢定(解釋變數包含RISK)	52
表 18　每股稅後盈餘(EPS)之固定效果模型(解釋變數包含RISK)	53
表 19　固定效果模型彙總-1(解釋變數包含RISK)	55
表 20　固定效果模型彙總-2(解釋變數包含RISK)	56
表 21　股東權益報酬率(ROE)之模型適用檢定(解釋變數包含DER)	58
表 22　股東權益報酬率(ROE)之固定效果模型(解釋變數包含DER)	59
表 23　股價淨值比(MBR)之模型適用檢定(解釋變數包含DER)	60
表 24　股價淨值比(MBR)之固定效果模型(解釋變數包含DER)	61
表 25　Tobin’s Q (TBQ)之模型適用檢定(解釋變數包含DER)	62
表 26　Tobin’s Q (TBQ)之固定效果模型(解釋變數包含DER)	63
表 27　每股稅後盈餘(EPS)之模型適用檢定(解釋變數包含DER)	65
表 28　每股稅後盈餘(EPS)之固定效果模型(解釋變數包含DER)	66
表 29　固定效果模型彙總-1(解釋變數包含DER)	68
表 30　固定效果模型彙總-2(解釋變數包含DER)	69
表 31　負債比率(RISK)與負債權益比(DER)實證結果比較	71

圖　目　錄
圖 1　研究架構流程圖	6

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