企業高階經理人持股比例與違約風險關係探討— 以臺灣電腦及周邊產業上市公司為例

Abstract

本文利用Bharath and Shumway(2008)提出之衡量違約機率的簡化模型，探討臺灣公開上市電腦與周邊產業公司的高階經理人持股比例與違約機率的關係，在股權結構與違約機率為共同決定，具內生關係的基礎上，本文納入相關外生變數，並建立聯立方程式，透過兩階段最小平方法發現公司違約風險越高，高階經理人持股比例越高；高階經理人持股比例越高，公司違約風險越低。並利用比較靜態分析法之均衡點在靜態環境中移轉概念逐一驗證引用之外生變數對此二主要變數衍生的效果。此實證結果有別於現有文獻多以公司資產配置或績效表現為結果變數的研究，能夠做為公司治理中代理問題相關議題上的預測參考。

Applying the measure of default probability in Bharath and Shumway (2008),this paper estimates the relationship between ownership of top managers and default probability for the public firms belonging to computers and peripheral industries in Taiwan. Because the ownership of top managers and default probability are determined simultaneously, we use several instrumental variables to construct the simultaneous equations based on the endogeneity. By using the two-stage least square (2SLS) method, we find that as the default probability increases, the ownership of top managers will increase, and on the other side, as the ownership of top manager increases, the default probability will decrease.