實證結果發現：第一，廠商控制變數方面，連接器廠商資本額對ROA呈現無相關，連接器廠商資本額對ROE及EPS之影響呈顯著正相關。連接器廠商成立年資對經營績效呈現負相關。連接器廠商技術層次對經營績效呈現顯著正相關。第二，在總體經濟控制變數方面，國際銅價及OECD會員國之平均實質國內生產毛額對總資產報酬率、股東權益報酬率及每股盈餘三項均呈現無相關。第三，董監事持股方面，董監事持股比例與公司經營績效之總資產報酬率、普通股權益報酬率、每股盈餘均不具有相關性。 The purpose of this study is to discuss the effect of director and supervisor’s stockholding on the operating performance of firms. The time period considers extending from 2004 to 2007. The sample comprises 19 Taiwanese electronic connector companies listed in Taiwan Stock Exchange. As pooled cross-section (firms) and time series data are employed for the empirical estimation, random effects and ordinary least square models have been estimated. The operating performance measures include return on assets (ROA), return on equity (ROE) and earnings per share (EPS).
The empirical evidences show that the following key points: Firstly, the size of firm has nothing to do with the return on assets. However, it has a strongly positive relationship with the ROE and EPS respectively. The age of the firm has a negative relationship with the operating performance of firm. The technology level of the firm has a positive relationship with the operating performance of firm. Secondly, copper price and OECD’s real GDP respectively show no significant effect on variables of ROA、ROE and EPS. Finally, the ratio of stockholding by directors and supervisors exhibits insignificant effect on the operating performance of firm’s ROA、ROE and EPS.