本論文以國內2001-2005年之上市櫃公司為研究對象，針對其轉投資層數與股權結構型態進行台灣集團企業股權結構複雜度與企業經營關聯性之研究。有別於集團企業之實證研究，一般均以比較集團與單一企業經營績效與公司價值，來間接推論集團化相關理論之合理性。本論文嘗試直接從形成集團企業之經濟因素著手，探討股權結構複雜度對於企業交易成本、融資成本與決策控制力等經營層面之影響，以期能更深入瞭解集團企業之成本與效益。實證結果顯示，集團企業股權結構複雜度之效益無法反映於較低之交易成本，但可反映於較低之融資利息成本。本論文之實證發現，集團企業形成複雜股權結構主要係基於財務而非營運之考量。最後在決策控制力方面，分析結果顯示，複雜股權結構與股份控制權有顯著的正向關係，為「東亞國家之最終控制者，傾向於透過金字塔結構或交叉持股，以較低現金流量極大化控制權」之說法，提供實證證據。 / We explore the relationship between the complexity of a business group’s ownership structure and operation by using a sample of Taiwanese companies listed in Taiwan Stock Exchange and Over the Counter during 2001-2005. Instead of using Tobin’s q or ROA, we begin with the economic background of business group directly and discuss how the complexity of ownership structure influences the benefits and costs of business operation, such as operation cost, financing cost and ultimate control. Our empirical analysis indicates that the influence of complexity of ownership structure in operation cost is uncertain. According to related research in Taiwan, the main purpose of complexity of ownership structure is not for operation but for financing or restrictions of laws. This may be result in the insignificant effect on operating cost. Second, we find a positive and significant effect on financing cost. This result also supports the arguments about the purpose of complexity of ownership structure. Finally, our analysis offers empirical evidences that control is typically enhanced by pyramid structures and cross-holdings among firms in East Asian countries.

本研究之目的在了解使用同儕評量為考核方式時，可能影響團體成員公平知覺等心理反應的因素。研究中以96名大學女生為實驗對象，採2x2x2實驗設計，探討“同儕評量與自評之差異”、“團體成員相對親疏關係”及“決策控制力（自評對獎金分配之影響力）”等三個因素對團體成員公平知覺之影響，並了解內外控傾向在此影響機制中扮演的角色。研究結果顯示，當團體使用同儕評量之考核方法時，“同儕評量與自評之差異”對個體的公平知覺、結果滿意、團體吸引力、再次合作意願均有非常顯著的影響。顯示個體相當關心自我評量與同儕評量之差異，當同儕評量比自評低時，個人在以上幾種心理反應都顯著的較弱。在“相對親疏關係”上，結果顯示個體進入團體中時，若感覺其他兩位成員間之親疏關係，比個體自己與其他任一人間為親密時，其公平知覺會較低。在“決策控制力”上，則發現其對公平知覺與再次合作意願有顯著影響，當自評對酬賞結果具有影響力（決策控制力高）時，個體的公平知覺會較高，也較願意再次與其他兩位成員合作。在“同儕評量與自評之差異”、“相對親疏關係”、“決策控制力”三者之交互作用方面，分析結果顯示均未達顯著。在內外控此變項上，除發現其對公平知覺有顯著影響，即愈外控者之公平知覺愈低外，另亦顯示內外控與“相對親疏關係”具有交互作用，但與“決策控制力”、“同儕評量與自評之差異”之交互作用並不顯著，表示內外控只在“相對親疏關係”對公平知覺之影響上有調節效果。本研究最後對未獲驗證之部份加以討論，並依實驗所得結果，提出可能之貢獻、限制、對未來研究的建議及工商實務上之應用。 / This study, employing 96 undergraduates and 2×2×2 experimental design, examined the effects of “discrepancies between peer rating and self rating”, “ relative relationship” and “decision control (the influence of self rating on reward) ” to group members’ perception of fairness. The role of locus of control was also explored. When using the peer rating, subjects who received relative lower peer rating showed weaker perception of fairness, less satisfied with outcome, less attracted to other two coworkers and lower recooperative willing. Subjects perceived fairer when the relative relationship is equal (the familiarity within group members is the same). With the high decision control, subjects’ perception of fairness and recooperative willing were higher. No interaction effect of these three independent variables was found. Locus of control had moderating effect on the relation between relative relationship and perception of fairness. Implications for management and future research are discussed.