在公司績效的決定因素的研究中，本研究採用Marginal q作為衡量企業投資效率的指標，發現內部人持股比例與公司經營績效間之關係綜合「利益收斂說」以及「掠奪性假說」兩種效果，隨內部人持股比例呈倒U字形先增後減的非線性關係。其他控制變數方面：機構投資人能擔任監督管理者的角色、有效降低代理成本增進公司價值；規模對公司績效大致呈正面影響，惟效果並不顯著；在Tobin's q模型，研發活動支出比例對公司績效有正面的影響；在Marginal q模型，研究發展支出比例對公司績效影響不顯著。本研究亦考量董監質押比例的影響，結果顯示，公司績效僅與董監質押行為負相關與質押比例則無顯著關係。本研究亦採用一個新的衡量內部人持股變數—平均每位董事/監察人持股，該變數亦能精確衡量內部人持股。考量模型內生性的問題後，內部人持股比例與公司績效之關係，並未因此改變。 / We investigate the determinants of the performance of the firm measured by Tobin's q and Marginal q in our study, and find a curvilinear relation between firm value and insider ownership. The traditional measure, Tobin's q, suffers from several drawbacks. Among which the endogeneity is the most serious one which may cause the relationship spurious.
As for other controlling variables, we found that institutional investors are able to supervise the management effectively, which implies lower agency cost. The size of the firm is contributive to the value of the firm; however, the influence is not significant. R&D has positive and significant impacts on Tobin's q as we expect. There is less reason to expect a positive relationship between R&D and Marginal q. Indeed, we didn’t find any significant relation in our regression result. We also include the mortgage ratio of the insiders in our study. We conclude that performance is related to whether the insiders mortgage or not. The extent of mortgage doesn’t matter. We construct a new variable –average insider ownership– which could also measure the extent of insider holding well. Considering the possibility of endogeneity, the relation between insider ownership and performance of the firm is still consistent with the result of our study.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0923570251 |
| Creators | 朱陳啟康 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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