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題名:股權結構對公司績效影響之研究-生命週期觀點
作者:黃梓蒼
作者(外文):Tzu-Tsang Huang
校院名稱:國立臺灣科技大學
系所名稱:財務金融研究所
指導教授:梁瓊如
學位類別:博士
出版日期:2010
主題關鍵詞:不平衡縱橫資料生命週期公司績效內生性股權結構聯立方程式架構Unbalanced panelLife-cycle stagePerformanceEndogeneityOwnership structureSimultaneous equation framework
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文獻上有關股權結構與公司績效的關係,並沒有產生一致的共識。透過使用在台灣新興市場上市公司的不平衡縱橫樣本,本文試圖以更周延的方式,重新發展股權對績效相互影響之效應。鑑於公司生命週期模型之影響力及重要性日增,本研究採用動態的觀點,在聯立方程式架構之下檢驗不同的生命週期階段,以及不同的時期,股權結構與公司績效的基本關係,及關係的持續性。總計4,443個公司年觀察值分類成三個公司生命週期階段。實證的研究結果發現,股權對績效相互影響之效應顯著,特別是在成熟階段之機構法人股權。這個發現強烈指出公司的生命週期扮演重要的角色。然而,股權對公司績效的影響也同時受到期間效應的影響,透過特別的研究設計,證據顯示股權與績效在不同期間的效應缺乏持續性。產業效應方面,使用不同的研究方法,對傳統產業公司及高科技公司股權對績效顯示不一致的影響力;為了穩健分析,本研究加入智慧資本概念之考量後,高科技公司股權對績效產生間接性的影響效應。最後,為減緩同時性問題,我們設計股權落後期與績效關係之驗證,顯示主結果具有一定的穩健性。整體而言,本文對過去相關領域文獻的貢獻,主要在於擴大生命週期之重要性,藉此更精細地評估股權與公司績效相互影響之各種效應。
Prior studies on the relationship between ownership structure and firm performance have produced mixed results; hence, this paper re-examines the relationship using an unbalanced panel pooled sample listed in the emerging Taiwanese market. To further explore the effect of the life cycle model, this study adopts a dynamic perspective to examine the persistence of the relationship in a simultaneous equations framework across the life cycle stages of firms over time. The 4,443 observations are categorized into one of three life-cycle stages. Does the interdependent impact of ownership on firm performance vary at different life cycle stages? Does it persist across stages over time? Empirical results suggest that firm performance is a function of institutional ownership, especially in the mature stage of firms, and vice versa over the same period. Accordingly, the life cycle stages of firms play an important role in the relationship between ownership and performance. Through alternative specification, evidence appears to account for lack of persistence of the impacts of ownership on performance over time. Furthermore, for robustness, this study explores the importance of intellectual capital to show strong impact of ownership on firm performance, especially for the traditional firms. For the high-tech firms, ownership can indirectly affect performance. To alleviate a potential endogeneity issue, we construct a lagged specification of ownership on performance in the fixed-effect regressions framework of panel data, finding robustness of our main results. Overall, this paper contributes to ongoing research by extending the importance of the life cycle stages of firms in assessing the impact of ownership on firm performance over time.
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