內部人持股、公司策略與績效之關係

The Relationship Among Insider Ownership， Corporate Strategies， and Performance

本文旨在探討內部所有權人、公司策略、與績效之間的關係。本研究將內部人區分為董監事、大股東、與管理者，並以公司策略當作中介變數。本研究採用由中華徵信社編纂的2004至2008年台灣企業集團資料。經調查266家企業集團的核心廠商後，本研究發現內部人的持股顯著地與公司績效有關。公司策略則具有中介效果，亦即內部人持股會影響公司的策略選擇、進而影響績效。此現象意味著內部人股東為了增進自身的利益，會選擇足以增進公司績效的策略。不過，內部人股東為了規避風險，傾向於不採用多角化策略。

The purpose of this research is to explore the relationships among shares of insider owners， corporate strategies， and performance. The classification of insiders in this research includes the directors and supervisors， large shareholders， and managers. This research treats corporate strategies as intervening variables. This paper adopted data from “2004-2008 Business Groups in Taiwan，” edited by the China Credit Information Service. After surveying secondary data from 266 core firms of business group， this study found that the shares of insiders have significant relationships with performance. As to the intervening effect， the shares of insiders will affect firms’ performance through corporate strategic decisions. This phenomenon implies that insider shareholders will dedicate to improve corporate performance in order to maintain their own interests. However， they tend to not adopt diversification strategies due to avoid investing risks.