本研究以 2013 到 2017年台灣上市公司為研究樣本，探討公司治理股權結構變數、財報表現及控制變數，對持股轉讓之影響。本研究從實證結果得到以下發現: 其一、持股轉讓之公司其價值較低。這意味著由於持股轉讓可能會被投資人視為公司營運不如預期，股價可能因此會有下修的疑慮，導致公司價值下降。其二、董事持股比例較低的公司經常發生股份轉讓，表明這些公司可能存在公司治理問題。其三、我們還發現，發生大規模股權轉讓的公司與我們的認知有些不同，這是因為這些規模較大的公司可能是董事持股比例較低的公司，其似乎與上述的研究發現相一致。

This study explores whether firm value would be affected by shares transferred after controlling the variables in terms of board structure, financial performance, and others, and reveals the following important findings. First, the firms with share transferred might not have higher firm value. We infer that shares transferred might not be regarded as a positive signal resulting in falling share price, thereby weakening firm value. Second, share transferred are often occurred for the firm with lower directors’ holdings ratio, indicating these firms might have corporate governance issues. Third, we also reveal that stock transferred is often occurred for the firm with large scales somewhat different from our cognition. We deduce that these firms with larger scale might be the firms with lower directors’ shareholding ratio consistent the finding mentioned above.

目錄
目  錄	I
圖目錄	III
表目錄	IV
第一章、緒論	1-6
第一節、研究背景與動機	1-2
第二節、研究目的	3-4
第三節、研究流程	5
第四節、研究架構	6
第二章、文獻探討	7-13
第一節、公司價值之相關文獻	7-8
第二節、內部人行為之相關文獻	8-10
第三節、公司治理、股權結構和財務表現與公司價值之相關文獻	10-12
第四節、內部人行為-持股轉讓與公司價值之相關文獻	12-13
第三章、研究假設與方法	14-19
第一節、研究資料與變數	14-17
第二節、研究假說與模型	17-18
第三節、研究方法	18-20
第四章、實證結果	21-28
第一節、敘述性統計量	21-23
第二節、Logistic迴歸分析	23-24
第三節、多元迴歸模型分析	24-26
第四節、Petersen迴歸模型分析	26-28
第五章、結論與建議	29-30
第一節、研究結論	29
第二節、管理與財務意涵	29-30
第三節、研究限制與建議	30
參考文獻	31-34
 
圖目錄
圖1.1  研究流程圖	5

 表目錄
表4-1  敘述統計量	20
表4-2  共線性VIF檢驗	21-22
表4-3  Logistic迴歸模型	22-23
表4-4  多元迴歸模型	24-25
表4-5  Petersen迴歸模型	26-27

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