企業管理者總是希望能探詢到最佳的組織架構，以便在資源既定的前提下實現最優化的經營。影響企業的經營績效原因有很多，其中股權的結構就是一個很重要的因素，股權結構包括公司各類股權持有者之間的制衡程度，而股權集中度又是股權結構的核心，本文的研究為探討股權集中度對經營績效的影響。研究內容是以股權集中度與資產報酬率(ROA)及股東權益報酬率(ROE)的關係來探討在台灣半導體產業股東對公司經營績效的影響程度，進而建立更完整股權機制模式，達到提升企業經營績效的目的。
根據經濟部的統計，2018年台灣半導體業產值達到2.61兆元，預估2021年產值將達到3兆元。半導體產業近年來已經是台灣出口市場的基石，因此深受各界重視。本文研究以台灣108家半導體上市櫃公司的第一大股東、前五大股東及前十大股東的持股比例為解釋變數，也就是原因。而企業經營績效則以資產報酬率及股東權益報酬率為被解釋變數，也就是結果。對數據進行分析，希望能對企業股權集中度與經營績效的關係有更進一步的了解，以達到提升企業經營績效的目的。經分析後發現台灣半導體上市櫃公司的第一大股東持股比例對公司經營績效呈現先增後減的倒U型非線性關係，代表第一大股東初期隨著持股比例增加，積極參與提升公司的績效，做出符合公司利益的決策，當持股到達一定比例之後，追求個人利益極大化，採取了否決對股東利益或公司價值有利的方案，損及公司價值。前五大股東持股比例對公司經營績效呈現先減後增的U型非線性關係，代表前五大股東初期會因為個人利益，侵犯小股東權益，損及公司價值，隨著持股增加到一定比例時產生制衡效果，會與公司的利益越趨於一致。

Business managers always want to be able to explore the best organizational structure to achieve optimal operations with the resources in place. There are many reasons for affecting the business performance of the enterprise. The structure of the equity is a very important factor. The ownership structure includes the degree of balance between the various types of equity holders of the company, and the concentration of ownership is the core of the equity structure. To explore the impact of equity concentration on business performance. The research content is based on the relationship between equity concentration and return on assets (ROA) and return on equity (ROE) to explore the impact of Taiwan's semiconductor industry shareholders on the company's operating performance, and then establish a more complete equity mechanism model to achieve improvement. The purpose of business performance.
According to the statistics of the Ministry of Economic Affairs, the output value of Taiwan's semiconductor industry reached 2.61 trillion yuan in 2018, and the output value in 2021 is expected to reach 3 trillion yuan. In recent years, the semiconductor industry has become the cornerstone of Taiwan's export market, and it has received great attention from all walks of life. This paper studies the proportion of the shareholding ratio of the first major shareholder, the top five shareholders and the top ten shareholders of 108 semiconductor listed cabinet companies in Taiwan, which is the reason. The business performance is explained by the asset return rate and the return on shareholders' equity, which is the result. Analysis of the data, I hope to have a further understanding of the relationship between corporate equity concentration and business performance, in order to achieve the purpose of improving business performance. After analysis, it was found that the shareholding ratio of the largest shareholder of Taiwan Semiconductor's listed company showed an inverse U-shaped nonlinear relationship. The shareholding ratio of the top five shareholders shows a U-shaped non-linear relationship.

中文摘要 ..............................v
英文摘要 .............................vi
誌謝 ............................vii
目錄 ...........................viii
圖目錄 ..............................x
表目錄 .............................xi
一、緒論 ..............................1
1.1研究動機 ......................1
1.2研究目的 ......................3
1.3論文架構 ......................4
二、台灣半導體產業的分析 ..............6
2.1台灣半導體產業發展 ..............8
2.1.1台灣半導體產業歷程 ..............9
2.1.2台灣半導體產業現況 .............10
2.2台灣半導體股票市場分析 .............11
三、文獻回顧 .....................13
3.1文獻假說 .....................13
3.1.1利益收斂假說 .............13
3.1.2利益掠奪假說 .............14
3.1.3利益無關假說 .............15
3.2實證研究 .....................15
四、研究方法 .....................18
4.1研究假說 .....................18
4.2估計方法 .....................19
4.2.1混合迴歸模型分析 .............19
4.2.2縱橫資料迴歸模型分析 .............20
4.3驗證模型 .....................21
4.4研究變數建立 .....................23
4.4.1樣本 .....................23
4.4.2變數 .....................24
五、實證結果 .....................27
5.1混合迴歸模型分析 .............27
5.1.1 ROA 混合迴歸模型分析 .....27
5.1.2 ROE 混合迴歸模型分析 .....30
5.2縱橫資料迴歸模型分析 .............33
5.2.1 ROA 固定效果分析 .............33
5.2.2 ROE 固定效果分析 .............35
5.2.3 ROA 隨機效果分析 .............37
5.2.4 ROE 隨機效果分析 .............40
5.3最適之迴歸模型選擇 .............43
六、結論 .....................46
6.1研究發現 .....................46
6.2研究限制與未來研究建議 .............47
參考文獻 .............................48

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