The study of the relationship between ownership structures and operating performance in the Taiwan Stock-Listed company－The Evidence of plastic and chemical industries

• Main Authors: Hsin-hung Lin, 林信宏
• Other Authors: Chou-wen Wang
• Format: Others
• Language: zh-TW
• Published: 2003
• Online Access: http://ndltd.ncl.edu.tw/handle/54004135022398992875

碩士 === 國立高雄第一科技大學 === 財務管理所 === 91 === The main objective of this study is to investigate the relationship between stockholder structures, companies operating performance. In this research, it collects the data of plastic and chemical industries both list in TSE (Taiwan Stock Exchange) over the period of 1998 to 2002. Finally the sample includes the 49 firms. As crossing-section data and pooling of time-series to be measure standard of companies operating performance in the return on assets、return on equity、earning per share and Tobin’s Q by used duplicate regression analysis. The empirical findings indicate that： 1. The ratio of shareholding by large shareholder is no significantly correlation with companies operating performance. 2. The ratio of shareholding by Legal-person-institution is no significant correlation with companies operating performance. 3. The relationship between the ratio of shareholding by the pattern of insider and companies operating performance of the empirical findings indicating the significant positive correlation in whatever models. The ratio of shareholding by the supervisory board as to positive significant. More than, the relationship between the ratio of shareholding by the managers and companies operating performance is no significantly correlation. 4. The amount of the board of directors is significant positive correlation with companies operating performance. Indicating the large scale of the board of directors containing of different character、education、the background of industries、skill and ability to improve the quality of policymaking. 5. The CEO duality is significant negative correlation with companies operating performance. There is excellent of companies operating performance when the CEO duality in the whole efficiency of the separation of operating and ownership right, to arise the value of companies.