| Summary: | 碩士 === 中原大學 === 會計研究所 === 92 === Abstract
After Berle（1932）and Jensen（1976）indicated the agency problems caused by the benefits conflict between owner and manager, the ownership structure, firm value, and enterprise performances become the focused of scholars’ research. Although good corporate governance practice could result in better management efficiency, the ultimate goal of these practices is to enhance corporation’s value. In this research we would like to discuss the relationship between ownership structure, firm value, and enterprise performances.
The corporations, which entered the Taiwan stock market, are the study objects of this research. The reference material was collected from Taiwan Economic Journal （TEJ） from 1989 to 2002. The ownership structure was categorized into institutional investor and insider. In order to understand more real situation of ownership structure, we categorized five parts into institutional investor and three parts to insider. Moreover, we use multiple regressions to examine the result.
The result of institutional ownership shows that there is no significant stock holding ratio in ROE, firm risk and debt/benefit. There are a positive correlation between payout ratio and institutional ownership, and a negative correlation between capital expenditure and institutional ownership. It shows that the institutional ownership focus on short-term profit and capital expenditure.
In the insider ownership, we found that the insider is positively related to ROA and supporting convergence-of-interest hypothesis, but negatively related to stock market risk and payout ratio. We also found the positive relation between debt-equity ratio and insider.
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