透過多元迴歸模型測試並分析不同股權結構在不同生命週期，對公司績效之影響效應。本研究並以標竿電信公司治理機制現況與經營成果之個案分析觀點，搭配上市公司之通案實證分析，兩者使用相同公司治理與績效代理變數，相互比較。模型依變數為公司財務績效之代理變數；自變數分別為內部人持股比例、機構法人持股比例、控制股東控制席次比例、現金流量權偏離變數，及其他控制變數。本研究假說為內部人及機構法人股權皆與公司財務績效呈現正相關效應，但分別在成長與成熟階段比較顯著；其次，股權結構之席次控制權與現金流量權偏離差與公司績效將呈現負相關效應。

Using the same proxy variables of case study on corporate governance and performance, empirical analysis through multivariate regression model explores the impacts of ownership structure on company performance in different life-cycle stages. This study aims to address the status of the governance mechanism and operating results of the case analysis, and then compares with empirical analysis of listed companies. Asa proxy for firm performance, ROA is used for the dependent variable, while the fraction of shares held by insiders and institutional investors, controlling board-seat ratio, deviation of cash flow right and additional control variables are used as independent variables.Our empirical results suggest that the association between ownership (insider and institutional investors) and firm performance is positively related, and the impact is more pronounced among firms in the growth and maturity stage, respectively. Additionally, control of seats of the major shareholders and deviation of cash flow right are negatively related with firm performance. We expect that the association between ownership and performance will persist over time.