本研究計畫擬建立新的研究架構，進行經理人股權與廠商績效關聯性的分析。本計畫的特點有二。第一個特點，本計畫建立模型，將經理人股權的調整，分解為二部分，其一是基於經理人股權偏離最適股權水準所做的調整，其二是基於廠商特質變化所做的調整。基本論點乃是，經理人股權調整並不是一個單一性質的經理人行為，而是包含了異質的調整動機。如果經理人股權的增加，是因為原本的股權水準偏離最適水準，則資本市場應會給予正面的評價，可以預期這部分的經理人股權變動會與績效有正向的關係。如果經理人股權的增加，是基於廠商特質變化，以自身的成本利益考量為出發點，則這部分將有較高的可能性是經理人基於利益鞏固的動機下所做出的決策，可以預期這部分的經理人股權調整會與績效有負向的關係。本計畫希望對以往文獻所探討的「利益一致」與「利益鞏固」效果，提供不同的觀點。第二個特點，本計畫在績效的衡量方面，除了與現有文獻一致，以財務績效來衡量之外，也將著重在廠商的長期獲利能力，也就是生產效率，運用隨機生產邊界模型，分析經理人持股變化及其分解如何影響廠商的產出與生產效率。本研究計畫擬規劃二年的研究進度，第一年的研究進度為建立追蹤資料，進行經理人股權調整的分解設定，以及財務績效的迴歸分析。第二年的研究進度則是沿用第一年計畫的追蹤資料，運用第一年研究中所定義的股權調整分解變數，引入生產力與效率文獻的研究架構，分析包含經理人股權調整變數的隨機生產邊界模型。本計畫希望對經理人股權、財務績效與生產效率的關係提出嚴謹的分析與實證結果，藉此對我國廠商經理人股權調整的影響效果做深入精確的瞭解。更重要的是，本計畫建立與現有文獻不同的分析架構，期盼研究結果能在學術上有重要的發現。 This study establishes a new research framework to analyze the relationship between managerial ownership and firm performance. It has two features. The first feature is that a model is developed to decompose the adjustments of managerial ownership into two components: one is the adjustment based on the deviation of managerial ownership from the optimal ownership level of the firm, and the other is the adjustment derived from the changes in firm characteristics. My basic argument is that the adjustments of managerial shareholdings contain heterogeneous managerial motives. If the increase in managerial ownership is based on the first component, the stock market should give positive appraisal on such managerial behavior. It is thus expected that this part of ownership adjustments will be positively related to firm performance. Alternatively, if the increase in managerial ownership is based on the second component, implying that managerial behavior tends to be the one with the purpose of entrenchment, then this part of ownership adjustments is more likely to give rise to negative impact on firm performance. This study is purposed to provide a different viewpoint on the debate between the convergence-of-interest hypothesis and the entrenchment hypothesis in the literature of ownershipperformance relationship. The second feature of this study is that the measure of performance is considered by not only financial performance but productive efficiency. Linear regression models for the financial performance and stochastic frontier models for the productive efficiency will be adopted to investigate the impact of managerial ownership adjustments and their components on firm performance and efficiency. In sum, I expect the empirical framework and results of this study to provide a more comprehensive picture of the relationship between managerial ownership and firm performance than has been available to date in Taiwan. 研究期間：10008 ~ 10107
