本文係探討臺灣地區上市公司管理當局持股比率與公司融資策略之關係。文中係將管理當局定義為對公司決策有影響的人士，即高階管理人員(CEO)，如董監事、經理人、大股東及內部關係人等，爾後則以內部人士稱之。文中將內部人士持股比率依大於及小於25%劃分成二群，並以迴歸分析及變異數、共變異數分析探討持股比率不同，在負債比率、流動比率、利息保障倍數及股利支付率上之差異，以推論我國上市公司股權結構對公司決策之影響，並進而判定國內代理問題存在的情形。本文之研究期間係自民國71年1月1日至80年12月31日，共計十年，研究樣本是不含金融保險類股後之所有第一、第二類上市公司。文中發現，由於國內上市公司中內部人士所有的比率幾乎佔了一半以上，故表現在公司融資決策上的代理問題，整體而言並不嚴重。

This paper attempts to inspect the relationship between Chief Executive Officer (CEO) share-holding and the financing decisions in Taiwanese stock-listed company. In this paper, we firstly separate the samples into two groups based on the 25% share-holding ratio of insider. Then, we use ANOVA, ANCOVA, time series cross section regression methods to testify the difference between above two groups from the aspects of debt ratio, current ratio, interest coverage ratio and dividend payout ratio. And we use the above results to discuss whether the phenomena of agency problems have existed in Taiwan or not. Because the ratio of the insider-owned company in Taiwanese stock-listed company has approached above one-half, therefore the empirical result reveals that the influence of agency problem on the financing decisions of corporation is not so significantly.