本研究探討十大股東間有較高密切關係的企業是否是值得投資的標的,本研究以台灣以2010年至2013年台灣上市公司為樣本來進行實證研究,並有以下重要發現,其一為十大股東關係有關係比率越高的公司反而會降低其公司價值;其二、十大股東持股比率對公司價值並無顯著性影響,其三、自願性揭露十大股東相互關係的企業,並無較高之公司價值。 This study explores whether the firms with close relationship among top ten shareholders would have higher firm values. By employing the firms listed in Taiwan Stock Exchange over the period 2010-2013, we reveal several important findings as shown below. First, the firms with higher close relationships among top ten shareholders might not enhance firm value. Second, the firms with higher top ten shareholders ratio would not have higher firm value. Third, the firms disclosing the relationship among top ten shareholders, on the contrary, weaken firm value.