The Impact of Ownership Structure, the Ratio of Debt and Related Party Transactions on the Company’s Financial Performance - Taiwan’s Listed Companies for Example

• Main Authors: Teng-Yi Wang, 王騰毅
• Other Authors: Der-Jang Chi
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/78527332753326710613

碩士 === 中國文化大學 === 會計學系 === 100 === The company’s financial performance is the issues of concern to shareholders and creditors, by internal corporate governance mechanisms to reduce agency prob-lems, and ensure that managers act, the company from becoming the outbreak of the fraud. The measures of company’s financial performance can be divided into ROA of the company’s traditional accounting performance indicators and the Tobin’s Q of future indicators. This study focused on the ownership structure, debt ratio, related party transactions tripartite face of the company’s financial performance, to provide the reference of the company in terms of governance. This study selected Taiwan’s listed company from 2004-2010 total seven years to be samples. The empirical results are summarized as follows: insider ownership, large black-holders have positive impact on performance. Institutional ownership higher the stake, make ROA is better but Tobin’s Q is not on performance. Ratio of mortgaged / debt have negative impact on performance. The security make Tobin’s Q is better but ROA is not on performance .For related purchase have negative impact but not significant on performance. Related party sale of ROA is negative but not significant and Tobin’s Q is worse on performance.