本研究從公司生命週期來分析公司股權結構與其績效之關係。分析董事和經理人持 股在成長期、成熟期和不分生命週期的階段與績效間的關係。研究數據來自於1994 年 至2004 年的488 家股票上市製造業者。本研究發現無論是在成長期或是成熟期，績效 會影響董事持股，然而，公司績效卻並不會影響經理人持股。此外，本研究發現董事持 股與績效間呈現倒U 型的關係，這顯示董事持股比率可以求得最佳持股比例，而經理 人持股則與績效呈現U 型關係。董事持股與績效的關係顯示利益一致性的結論；而經 理人持股與績效關係則顯示利益掠奪效果。

This study analyzes the relationship between a firm’s ownership structure and its performance. Directorial and managerial ownership are two types of ownership. The corporate life cycle stages analyzed in this paper include the growth stage, the maturity stage, and the life cycle as a whole. The data was taken from a 1994-2004 panel of 488 manufacturing firms listed on the Taiwan stock exchange. In order to correct endogeneity issues, a simultaneous model is used to analyze the relationship. As a result, in the case of both the growth and maturity stages, directorial ownership is shown to be influenced by corporate performance; however, corporate performance is not found to influence managerial ownership. On the one hand, an inverted U-shaped relationship is deciphered between directorial ownership and performance, which suggests optimal ownership shares for directors; on the other hand, a U-shaped relationship between managerial ownership and performance is found. These relationships refer to the alignment and entrenchment effect, respectively.