| Summary: | 碩士 === 靜宜大學 === 會計學系 === 102 === Corporate operating performance will affect the traditional financial performance indicators, then affecting the company's share price. Jensen (2005) believes that managers' performance could not be put on outside investors and managers in order to achieve the performance might be inefficient and unnecessary waste of investment.
This study investigates the empirical implications of the operating performance of overvalued equity. To understand Taiwan's capital market whether there might be overestimating interest in the relationship between market value and performance. In this study were selected from 2001 to 2012 Taiwan listed non-financial companies as a prototype. This study uses Data Envelopment Analysis Method as analyzing tool. Using total shareholders' equity, number of employees, return on assets, return on equity, and earnings per share for the variables, and empirical research in order to understand the relationship between overvalued equity and operating performance. Empirical results show that the equity market overvalued company whose performance is not the best.
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