管理學院: 財務金融學研究所指導教授: 胡星陽鄭盛元Cheng, Sheng-YuanSheng-YuanCheng2017-03-032018-07-092017-03-032018-07-092016http://ntur.lib.ntu.edu.tw//handle/246246/274154本篇以「內部人持股比例變動」和「經營績效變動」兩大主軸作為出發點。以1992至2012年台灣新上市櫃公司為樣本，觀察首次公開發新公司(IPOs)，因首次上市櫃稀釋所造成對經營績效變動的影響。數據顯示，首次上市櫃公司經營績效逐年下降，且約是美國下降幅度的5-6倍之多。此外，探究上市櫃公司經營績效下降的諸多原因，本研究著重於內部人持股比例變動。由本研究實證結果來看，內部人持股比例與經營績效之間相關且為非線性關係。當內部人持股比例持續上升，公司經營績效將以「正、負、正」的關係變動。由於本篇面對的是非線性的迴歸模型，且內部人持股比例與經營績效亦有內生性問題，故本研究採用控制變數法而非兩階段最小平方法，解決內生性的問題。最後在穩健分析中，內部人持股比例以最終控制者持股比例與盈餘分配權代替原先的董監事持股比例。This study is focus on “Internal Ownership Change” and “Company Performance Change”. Observations of the initial public offerings companies are made within 1992-2012 time frame. By surveying IPOs’ dilution, this thesis tries to review how IPO companies’ performance will change. The empirical result shows that after the companies list on exchange, performance drops dramatically year by year. Besides, we focus on the cause to this phenomenon, especially on the internal ownership change. Based on the empirical results of our research, we are confident that there consists a non-linear relationship between internal ownership structure change and company performance change, which follows the pattern “positive, negative and positive” as internal ownership change increases. In fact, this thesis bumps into polynomial regression models and endogeneity problem together, we therefore use control function method to solve the endogeneity problem. In the end, we substitute the internal ownership definition by using ultimate control’s ownership and ultimate control’s cash flow right.論文使用權限: 不同意授權內部人持股比例公司經營績效內生性控制變數法Internal OwnershipCompany PerformanceControl Function MethodEndogeneitythesis10.6342/NTU201600539