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.

目錄
謝辭 ii
摘要 iii
Abstract iv
目錄 v
圖次 vii
表次 viii
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究架構 5
第二章 文獻探討 7
第一節 理論文獻 7
第二節 國外實證文獻 10
第三節 國內實證文獻 15
第四節 績效與股權結構之內生性問題 17
第三章 研究方法 20
第一節 公司績效的衡量 20
第二節 研究分析方法與假說 26
第三節 研究樣本 29
第四節 研究變數的操作型定義與衡量 31
第五節 研究限制 33
第四章 實證結果與分析 34
第一節 基本統計分析 34
第二節 迴歸分析 38
第五章 結論與建議 48
第一節 結論 48
第二節 對後續研究之建議 50
參考文獻 51
英文部分 51
中文部分 55

英文部分
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中文部分
1.牛延苓，民國89年，股權結構、董事會組成與公司績效關係之研究─以高科技產業與傳統產業為例，國立中央大學企業管理研究所碩士論文
2.王元章，民國90年，內部人持股、風險、股利、負債、投資與公司價值，證券市場發展，第13卷第3期，pp.29-69。
3.伍忠賢，民國91年，公司治理的第一本書，商周出版，pp.13~165。
4.江健成，民國90年，公司治理對目標公司績效影響之研究，私立輔仁大學金融研究所碩士論文。
5.周行一、陳錦村、陳坤宏，民國85年，家族企業、聯屬持股與公司價值之研究，中國財務學刊，第4卷第1期，pp.115-139。
6.林明謙，民國90年，股權結構、董事組成對大股東介入股市行為影響之研究，輔仁大學金融研究所碩士論文
7.林淑棻，民國92年，公司股權結構、董事會組成結構以及財務政策與公司經營績效關係之研究 ，國立政治大學財務管理研究所碩士論文
8.邱毅、張訓華，民國80年，股權結構、董事會組成與企 業財務績效，台北市銀月刊，第二十二卷第五期，pp.11-32。
9.俞海琴，民國83年，內部人士持股比率與融資策略關係之實證研究，管理評論，13卷2期，pp.109-131。
10.柯承恩，民國89年，「我國公司監理體系之問題與改進建議」，會計研究月刊，第174期，pp.75~81與pp.79~83。
11.洪麗芳，民國93年，股權結構、財務決策與公司績效關聯性之研究，中原大學會計研究所碩士論文
12.張旭玲，民國87年，我國股票上市公司股權結暨經營績效之研究，國立成功大學會計研究所碩士論文　
13.張明峰，民國80年， 股權結構對公司績效影響之研究 ，國立政治大學企業管理研究所碩士論文
14.陳麗娟，民國93年，董事會組成、股權結構、關係人交易與企業績效關係之研究─以紡織業及電子業為實証，國立成功大學EMBA碩士論文
15.楊俊中，民國87年， 股權結構與經營績效相關性之研究 ，國立台灣大學會計學系碩士論文
16.葉銀華，民國91年，台灣公司治理的問題與改革之道，證券管理雜誌第20卷第11期
17.葉銀華、邱顯比，民國85年，資本結構、股權結構與公司價值關聯性之實證研究：代理理論，台大管理論叢，第7卷第2期，pp.57~59。
18.詹家昌，民國91年，經理人固守職位、 誘因與專屬投資決策，2002年財務金融學術研討會發表論文。
19.熊大中，民國88年，我國企業財務危機與董監股權質押關連性之研究，成功大學會計研究所未出版論文。
20.遲銘俊，民國93年，董事會組成與股權結構對高階主管更迭、公司價值與績效之關聯性-以台灣上市(櫃)金融業及電子業為例 ，國立成功大學企業管理學系碩士論文