股權結構對投資中國企業績效之影響－－以非高科技產業為例

The Effect of Ownership Structure on Corporate Performance of Investing in China: Evidence from Non-High-Tech Industry

隨著台灣投資中國的限制逐步放寬，中國市場儼然成為台灣企業進行海外投資之首選，其中，又以非高科技產業投資中國佔多數。因此，本研究針對台灣之上市公司，以2000至2013年投資中國的非高科技產業為研究樣本，探討其股權結構與市場績效和會計績效的關聯性。本研究結果發現，機構投資人為精明的市場參與者，其持股有助於監督機制的發揮，進而正向影響企業之市場績效和會計績效；董監事和經理人之持股雖亦有利於會計績效之呈現，但對於市場績效的影響，則因其職能和與企業之關係不同而呈現不一樣的結果。最後，值得注意的是，儘管企業多考量低廉的經營成本而赴中國投資，但本研究卻無證據顯示赴中國投資之非高科技公司，較未赴中國投資之非高科技公司有更佳的績效表現，此暗示著投資中國所衍生的額外經營成本可能抵銷了低廉的人力資源和廣大市場所帶來的利潤。

With the relaxation of restrictions on the investment in China, China has been the most important market when Taiwan's firms make decisions of the foreign investments. Among these, the investment of non-high-tech industries in China is in the majority. Using non-high-tech firms with investing in China from 2000 to 2013, we investigate the association between ownership structure and corporate performance, including accounting and market performance. According to the empirical results, we find a positive and significant relationship between institutional shares and corporate performance. Moreover, the stock ownership of directors and supervisors as well as mangers is conducive to accounting performance but has diverse influence on market performance due to the different functions and relationships with firms. Finally, it is worth noting that firms probably take low operating costs into consideration and hence invest in China, but we find no evidence that there is better performance for the non-high-tech firms with investing in China than those without investing in China. The result implies that the additional operating costs derived from investing in China offset the profits of the lower human resources cost and the broader market.