本研究使用未來盈餘反應係數(Future Earnings Response Coefficient)實證模型來檢視股權之構成是否影響未來盈餘資訊內涵。研究樣本為台灣證券交易所之上市公司及證券櫃檯買賣中心之上櫃公司，研究結果顯示董監持股增進股票報酬與未來盈餘之關聯，而控制股東的席次控制權與現金流量權偏離對未來盈餘反應係數的影響效果為顯著負向，據此本研究支持董監持股在我國資本市場之正面資訊內涵並建議監管席次盈餘權的偏離程度。;This study employs future response coefficient methodology developed by Lundholm and Myers(2002) to examine whether ownership structure convey information about the firm′s future earnings to the capital markets. Using the annual reports of listed and OTC companies in Taiwan, the results show that shareholding of directors and supervisors is associated with higher future earnings response coefficient, and the separation of ownership and control is associated with lower future earnings response coefficient.
