本研究動機來自於公司治理此議題，這幾年因著許多重大弊案的發生，而使其益顯重要。柯承恩教授曾指出可透過建立一適當的公司內部與外部機制，降低股東之損失。其指出之治理機制包括董監事的監督、經理人的誘因機制、法人投資者等股東的監督等。故本研究擬將此內外部監理機制合併從股權結構此一構面來探討對公司價值、盈餘管理之影響，最後欲觀察盈餘管理與公司價值間的關係。本研究以大股東、董監事、經理人、政府機構、金融機構、公司法人、外國機構、信託機構持股比例作為股權結構之代理變數，將樣本群分為資訊電子業與非資訊電子業，並以國內上市公司為研究對象，蒐集民國八十九年一月至九十三年十二月共五年間的資料，有效樣本共計 2544家。並對資料做基本檢定、無母數檢定及複迴歸分析。

　　實證結果顯示就股權結構對公司價值方面，只有資訊電子業之經理人持股比例對公司價值無顯著影響，其他變數皆呈顯著正相關。機構投資者中只有政府機構持股比例與信託機構持股比例對公司價值有顯著正向關係，其他三項皆不顯著。股權結構對盈餘管理則發現變數中只有董監事淨持股比例、外國機構持股比例與信託機構持股比例與盈餘管理呈現顯著反向關係，其他變數皆不顯著。盈餘管理對公司價值呈顯著正向關係。

none

中文部份：
1.丁立平，2003，「公司治理、會計資訊與公司價值關係之研究」，國立台灣大學會計學研究所未出版碩士論文。
2.王玉珍，2002，「股權結構、董事會組成、資本結構與企業績效關係之研究」，國立中央大學企業管理研究所未出版碩士論文。
3.沈立平，2003，「台灣上市公司股權結構、財務決策與公司價值之關聯性研究」，國立中正大學企業管理研究所未出版碩士論文。
4.邱毅、張訓華，1991，「股權結構、董事會組成與企業財務績效」，台北市銀月刊，第二十二卷第五期，11-32頁。
5.吳明儀，1997 ，「管理當局股權結構與盈餘管理相關性之研究」，國立台北大學會計學研究所未出版碩士論文。
6.吳美穎，2004，「內在公司治理機制之探討--股東組成與股權集中度對公司治理績效之影響」，輔仁大學管理研究所未出版碩士論文。
7.林明謙，2001，「股權結構、董事組成對大股東介入股市行為影響之研究」，輔仁大學管理研究所未出版碩士論文。林育雅，1994，「我國上市公司董事會特性與盈餘操縱現象之研究」，國立台灣大學會計學研究所未出版碩士論文。
8.周淑貞，1996，「管理當局持股比率與管理當局盈餘預測準確度、盈餘管理關係之實證研究」，國立政治大學會計研究所未出版碩士論文。
9.柯承恩，2000，「我國公司監理體系之問題與改進建議(上)」，會計研究月刊，第173 期，頁75-81。
10.俞海琴，1994，「內部人士持股比率與融資策略關係之實證研究」，管理評論，13卷2期，頁109-131。
11.陳家慧，2000，「我國上市公司管理機制與盈餘管理相關性之實證研究」，國立政治大學會計學研究所未出版碩士論文。
12.翁淑育，2000，「台灣上市公司股權結構、核心代理問題及公司價值之研究」，輔仁大學金融研究所未出版碩士論文。
13.高蘭芬，2002，「董監事股權質押之代理問題對會計資訊與公司績效之影響」，國立成功大學會計學研究所未出版博士論文。
14.張明峰，1991，「股權結構對公司績效影響之研究」，政治大學企業管理研究所未出版碩士論文。
15.黃政耀，2004，「公司治理與盈餘管理之關聯性研究-以國內特定上市櫃公司為例」，國立政治大學會計學研究所未出版碩士論文。
16.張秀玉，2003，「股權結構對盈餘資訊內涵之影響」，私立中原大學會計學研究所未出版碩士論文。
17.彭筱倩，2004，「盈餘管理與公司治理關聯性之研究-以我國財務危機公司為例」，國立政治大學會計學研究所未出版碩士論文。
18.張峻萍，1999，「公司監理與公司績效」，國立台灣大學會計學研究所未出版碩士論文。
19.葉銀華、何憲章、邱顯比，1997，「利益輸送代理問題和股權結構之理論與實證研究」中國財務學刊，頁47-73。
20.葉銀華、邱顯比，1996，「資本結構、股權結構與公司價值關聯性之實證研究：代理成本理論」，台大管理論叢7(2)，8月頁58－90。
21.楊朝旭，2001，「產品市場競爭可否降低公司內部治理機制不佳所導致的代理成本？」，國立中正大學，管理學報 21卷，第2期P153-173 。
22.蔡昇峰，2003，「盈餘管理與公司治理關係之研究-以十三國新興市場為例」，國立台北大學合作經濟研究所未出版碩士論文。
23.鄭筱凡，2001，「全球股權結構與經營績效之研究」，東吳大學企業管理研究所碩士論文。
24.戴淵明，1986，「公司控制型態與其經營績效關係之研究-台灣地區上市公司之實證分析」，國立中興大學企業管理研究所未出版碩士論文。
25.薛敏正、林嬋娟，2003，「自由現金流量與盈餘管理關聯性之研究」，台灣管理學刊，第三卷第一期P151－168。

英文部份：
1.Agrawal, A., and C. R. Knoeber, 1996, “Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders,” Journal of Finance and Quantitative Analysis 31,377-397.
2.Aharony, J., C. Lin, and M.P. Loeb. 1993. “Initial public offering, accounting choices,and earning management.” Contemporary Accounting Research 10(1):61-81.
3.Beneish M.D. 1999. “Incentives and Penalties Related to Earnings Overstatements that Violate GAAP,”The Accounting ReviewVol.74, No.4, 425-457.
4.Berle, A. and G. C. Means, 1932, “The Modern Corporation and PrivateProperty,” New York: MacMillan.
5.Bhagat, S., and B. Black, and M. Blair, 1998, “Relational Investing and Corporate Performance,” Working paper funded by the Brookings Institute and the Columbia University Law School.
6.Bob Chirinko, Hans van Ees, Harry Garretsen & Elmer Sterken , 1999,”Firm performance, financial institutions and corporate governance in the Netherlands.”
7.Bolton, Patrick and Ernst-Ludwig Von Thadden, 1998,“Block, Liquidity and Corporate Control,” Journal of Finance, pp.1-25.
8.Brickley,J. A., R. C. Lease, and C. W. Smith, 1988, “Ownership structure and voting on antitakeover amendments,” Journal of Financial Economics 20, pp.267-292.
9.Chaganti, R. and F. Damanpour, 1991, “Institutional ownership, capital structure, and firm perform”, Strategic Management Journal, Vol. 12, pp.479-491.
10.Cho, M.H.,1998,”Ownership Structure, Investment, and the Corporate Value : An Empirical Analysis” Journal of Financial Economics 47, 103-121.
11.Claessens, S., S. Djankov, and L. H. P. Lang, 2000, “The Separation of Ownership and Control in East Asian Corporation,” Journal of Financial Economics 58, 81-112.
12.Core, J.E.,W.Guay, and D.F. Larcker(2001),”Executive Equity Compensation and Incentives: A survey” unpublished manuscript, The Wharton School, University of Pennsylvania, Philadelphia.
13.Crutchley, C. E., M. R. H. Jensen, J. S. Jahera Jr., and J. E. Raymond, 1999, “Agency problems and the simultaneity of decision making: The role of institutional ownership,” International Review of Financial Analysis 8, pp. 177- 197.
14.DeAngelo, L.E. 1986. “Accounting numbers as market valuation substitute:a study of management buyouts of public stockholders. “The Accounting Review 61:400-420.
15.DeAngelo, H., L. DeAngelo, and D.J. Skinner. 1994. “Accounting choice in troubled companys.” Journal of Accounting and Economics17:113-143.
16.Dechow, P., 1994, “Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals,” Journal of Accounting and Economics, 18: 3-42.
17.Dechow P.M. R.G. Solan and A.P. Sweeney, 1996, “Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC.”, Contemporary Accounting Research Vol.13, No.1, 1-36.
18.Demsetz, H., 1983, “The Structure of Ownership and the Theory of the Firm,” Journal of Law and Economics, 26, 375-390.
19.Demsetz, H. and K. Lehn, 1985, “The Structure of Corporate Ownership:Causes and Consequences,” Journal of Political Economy, 93,1155-1177.
20.Eric R. Gedajlovic, Toru Yoshikawa & Motomi Hashimoto , 2001,“Ownership Structure, Investment Behavior and Firm Performance in Japanese Manufacturing Industries”, Erasmus Research Institute of Management.
21.Fama, E. F., and M. C., Jensen, 1983, “Separation of Ownership andControl,” Journal of Law and Economics 26, 301-325.
22.Fan, P. H., and T. J. Wong, 2002, “Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia,” Journal of Accounting and Economics 33, 401-425.
23.Friedlan,J.M.,1994.”Accounting choice of issuers of initial public offerings.” Contemporary Accounting Research 11(summer):1-31.
24.Füerst, O., and S. H. Kang, 2000, “Corporate governance, expected operating performance, and pricing,” Working paper, Yale School of Management, New Haven.
25.Gillan, Stuart L. and Laura T. Starks, 2000, “Corporate Governance Proposals and Shareholder Activism: Motivation and Empirical Evidence,” Journal of Financial Economics, 57,275-305.
26.Han, K. C. and D. Y. Suk, 1998,“The Effect of Ownership Structure on Firm Performance: Additional Evidence.” Review of Financial Economics 7, No.2, pp.143-155.
27.Healy, P.M. 1985. The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics 7:85-107.
28.Hudson, C. D., J.S. Jahera and W. P. Lloyd. ,1992, ”Further Evidence on the Relationship between Ownership and Performance. “The Financial Review 27(2),May 227-239.
29.Iryna Akimova and Gerhard Schwodiauer,2003, ”Owernership Structure, Corporate Governance and Enterprise Performance: Empirical Results for Ukraine”, Institute for Economic Research and Policy Consulting, working paper 21.
30.Jensen, M. C., and R. S. Ruback, 1983, “The Market for Corporate Control: The Scientific Evidence,” Journal of Financial Economics 11, 5-50.
31.Jensen, M. C., and W. H. Meckling, 1976, “Theory of the Firm: Managerial Behavior, Agency cost and Ownership Structure,” Journal of Financial Economics 3, 305-360.
32.Jones, Jennifer J. 1991.” Earning management during import relief investigation. “Journal of Accounting Research 29(2):193-228.
33.La Porta, R., F. Lopez-de-Silanes, A. Shleifer, 1999, “Corporate Ownership around the World,” Journal of Finance 54, 471-517.
34.Leland, H. and D. H. Pyle, 1977, “Information Asymmetric, Financial Structure and Financial Intermediation,” Journal of Finance, 32, 371-388.
35.Lins, Karl, 2000, “Equity ownership and firm value in emerging markets.” Working paper, University of Utah.
36.Lloyd, W. P., Hand, J. P., & Modani, N. K. 1987. “The effect of the degree of ownership control on firm diversification, market value, and merger activity.” Journal of Business Research, 15(4): 303-312.
37.McConnell, J. and H. Servaes, 1990, “Additional Evidence on Equity Ownership and Corporate Value,” Journal of Financial Economics 27, 595-612.
38.Morck, R., A. Shleifer, and R. W. Vishny, 1988, “Management Ownership and Market valuation: an Empirical Analysis,” Journal of Financial Economics 20, 293-315.
39.Murphy, K.(1999),”Executive Compensation.” Chapter35 In : O. Ashenfelter and D. Card(Eds.), Handbook of Labor Economics 3,(Amsterdam: North-Holland).
40.Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson, 1999, ” The determinants and implications of corporate cash holdings,” Journal of Financial Economics 52, 3-46.
41.Oswald, S. L., & Jahera, Jr., 1991, “ The Influence of Ownership on Performance：An Empirical Study ” , Strategic Management Journal, Vol.12, pp.321-326.
42.Pound, J., 1988, “Proxy Contests and the Efficiency of Shareholder oversight”, Journal of Financial Economics, vol.20, pp.237-265.
43.Rajgopal, S. and M,Venkatachalam ,1998, ”The role of institutional investors in corporate governance: an empirical investigation. “Working paper.
44.Shleifer, A., and R. Vishny, 1986, “Large shareholders and corporate control”, Journal of Political Economy 94,461-488.
45.Shleifer, A., and R. Vishny, 1997, “A Survey of Corporate Governance,” Journal of Financial Economics 52, 737-783.
46.Smirlock,M.and W.Marshall(1983),”Monopoly Power and Expense Preference Behavior: Theory and Evidence to the Contrary.” Bell Journal of Economics 14, 166-178.
47.Steen Thomsen, 2004, ” Blockholder Ownership, Dividends and Firm Value, in Continental Europe.” Department of International Economics and Management, Copenhagen Business School.
48.Steen Thomse and Torben Pedersen, 1997, ”Ownership Structure and Economic Performance in the Largest European companies.”
49.Stulz, R., 1988, “ Managerial Control of Voting Rights, Financing Policies and the Market for Corporate Control,” Journal of Financial Economics, 20, 25-54.
50.Takao Kato and Cheryl Long , 2004, “Executive Compensation, Firm Performance, and Ownership Structure: An Empirical Study of Listed Firms in China”.
51. Zeckhouser, R., & Pound, J. 1990. “Are large shareholders effective monitors? An investigation of share ownership and corporate performance.” In G. R. Hubbard, (Ed.), Asymmetric information, corporate finance and investment.