鑒於近年來全球性的經濟不景氣之影響，在這種環境下企業為了能夠永續生存下去，強化自身內部的資本結構是很重要的，並且大部份的企業會採用庫藏股購回行為來進行所有權、資本結構的調整，為的是使企業能夠降低成本、並使企業的價值最大化。因此企業生存成功之關鍵將會是如何使財務槓桿效果發揮至最大、保持自身股價並提高自身之經營效率。因此本研究試圖在企業公告實施庫藏股情境下，將所有權、資本結構與企業績效做一個探討。


為了探討台灣上市國際企業且從事國際策略聯盟公告實施庫藏股制度後，所有權、資本結構與企業績效間之間的關係，本研究選擇使用時間序列分析，以分析這三大變數對台灣上市國際企業且從事國際策略聯盟的效應。研究樣本部分特別設定庫藏股法案通過後 (民國89至99年)，公告實施庫藏股之企業，並以公告實施之後4年的時間序列資料為驗證。


本研究結果發現資本結構對企業績效具有負向影響，可能的原因為企業在購回庫藏股時使用過多的負債，進而使得負債成本過高而影響到績效，企業在庫藏股購回情境下若要控制財務槓桿時，必須要考慮到其自身的資本結構是否會造成過多的負債與破產成本，必須要衡量自身的資本結構以獲得較高的企業績效。


關鍵字：資本結構、所有權、庫藏股

In view of recent global economic downturn's impact, in this situation, enterprises in order to survive, to strengthen their own internal capital structure is an important issue. In the case of lower cost and maximize the value of enterprises, most enterprises in such predicament will adjust their own ownership structure and capital structure by buying back treasury stock. Therefore, the key to the success of survival will be how to maximize the financial leverage and maintain their share price and improve their operating efficiency. Hence, this paper attempts to investigate the relationship between the ownership structure, capital structure and corporate performance when enterprises buying back treasury stock.


In order to discuss the relationships between ownership structure, treasury stock and management performance under the situation of treasury stock buying back, the study analyzed the effect caused by these three variables by time series panel analysis on the listed international enterprises in Taiwan carry out International strategy alliance.


The contributions in our study are: First, the result of a relationship between ownership, capital structure and management performance is mainly aimed at the listed international enterprises in Taiwan International strategy alliance enterprises, and provide the result to firm; Second, we provide the correlation test between ownership, capital structure and management performance under the situation of treasury stock buying back that is not full discussion in past literatures and not to be empirical investigation via this study to fill this gap.


Key Words: Capital Structure, Ownership, Treasury stock.

封面內頁

簽名頁

中文摘要．．．．．．．．．．．．．．．．．．．．． ii

英文摘要．．．．．．．．．．．．．．．．．．．．． iii

誌謝 ．．．．．．．．．．．．．．．．．．．．．．． Iv

內容目錄 ．．．．．．．．．．．．．．．．．．．．． v

表目錄 ．．．．．．．．．．．．．．．．．．．．． vii

圖目錄 ．．．．．．．．．．．．．．．．．．．．． viii

第一章 緒論．．．．．．．．．．．．．．．．．．．． 1

第一節 研究背景．．．．．．．．．．．．．．． 1

第二節 研究動機．．．．．．．．．．．．．．．． 5

第三節 研究目的．．．．．．．．．．．．．．．． 7

第四節 研究結構與研究流程圖．．．．．．．．． 8

第二章 文獻探討．．．．．．．．．．．．．．．．．． 10

第一節 庫藏股制度 ．．．．．．．．．．．．．． 10

第二節 所有權．．．．．．．．．．．．．．．． 19

第三節 資本結構．．．．．．．．．．．．．．． 27

第四節 所有權與資本結構 ．．．．．．．．．．．． 35

第三章 研究方法 ．．．．．．．．．．．．．．．．． 40

第一節 研究架構．．．．．．．．．．．．．．． 40

第二節 研究假說．．．．．．．．．．．．．．． 41

第三節 研究樣本．．．．．．．．．．．．．．． 44

第四節 變數定義．．．．．．．．．．．．．．．． 46

第五節 研究方法．．．．．．．．．．．．．．．． 49

第四章 實證結果．．．．．．．．．．．．．．．．．． 50

第一節 所有權對資本結構之影響 ．．．．．．．． 50

第二節 所有權對企業績效之影響．．．．．．．． 53

第三節 資本結構對企業績效之影響．．．．．．． 56

第四節 資本結構對所有權與企業績效之中介效果． 59

第五章 結論 ．．．．．．．．．．．．．．．．． 60

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