在財務經濟的領域中，過去文獻大多數都單獨探討股票流動性、股權結構特性與公司績效的關連性。本研究樣本包含2003年至2008年間之台灣上市電子公司，以內部投資人、大股東與機構投資人作為股權結構之代理變數，進而探討股權結構對公司績效之影響，以及股權結構特性對流動性之關連性。另外，本研究加入股票流動性因子下，進一步探討股權結構對公司績效所產生之作用。
實證結果發現內部投資人、大股東、機構投資人其股權比例皆與公司績效呈現顯著正相關。再者，內部投資人與大股東對於流動性皆呈現正面的影響，而機構投資人則與流動性呈現負相關。最後，在考量流動性因子後，彼此相關性仍不受影響，即股權結構與流動性對於公司績效皆呈現正面之影響。

This study aimed to find out the relationships between ownership structure, liquidity and firm performance. Research samples include the listed technology companies in Taiwan in the period of 2003- 2008. First, this paper investigates the relationship between the firm performance and the ownership structure which use insiders, majority shareholders and institutional investors as proxies. Moreover, the relationship among the ownership structure and the liquidity are discussed. After employing the liquidity variable, this paper further examines whether the relationship between ownership structure and corporate performance is changed.
Whether introducing the liquidity variable into the empirical model or not, the results suggest that the insiders, stakeholders and institutional investors have the positive effect on the return on assets which stands for the corporate valuation. The result also indicates that the liquidity has a positive effect on the corporate performance.

第壹章 緒論
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 ……………………………………………………. 3
第貳章 文獻回顧與探討
第一節 流動性的定義、重要性與衡量方法概述 …………………. 5
第二節
股權結構與公司績效相關文獻 ………………………...… 15
第三節 流動性與公司績效相關文獻 ……………………………... 24
第参章 研究設計與方法
第一節 研究假說、研究對象與資料來源 ……………………..…. 27
第二節 變數定義與統計分析 …………………………………...… 31
第肆章 實證結果分析
第一節 樣本之敘述統計分析 …………………………………..…. 39
第二節 相關係數分析 …………………………………………...… 42
第三節 實證迴歸分析 …………………………………………...… 45
第伍章 結論與建議 …………………………………………...……..…. 59
參考文獻 ………………….………………………………………………. 61


表目錄
表 1 各變數之敘述統計值………...……………………………………..41
表 2 各變數之Pearson相關係數值………………………………..........44
表 3-1 內部投資人股權比率對公司績效之實證結果………………….47
表 3-2 內部投資人：加入流動性因子前後VIF與允差數值表……….49
表 4-1 大股東股權比率對公司績效之實證結果………………….........51
表 4-2 大股東：加入流動性因子前後VIF與允差數值表…………… 53
表 5-1 機構投資人股權比率對公司績效之實證結果…………..……...56
表 5-2 機構投資人：加入流動性因子前後VIF與允差數值表………..57

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