由於文獻上股權結構與財務績效的關係並沒有產生較一致的共識與結果。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。本研究同時以相關專家學者之諮詢意見，應用分析層級程序法剖析各種衡量指標之間的重要性及優先性，並選擇優先次序居前的公司治理與績效代理變數，進行進一步分析。分析層級程序法最大的特色，在於能把任何複雜多因素的決策問題，透過群體決策進行整體性之分析，從而獲致合理正確的決策。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。本文對文獻上之貢獻及意義，主要是擴大生命週期重要性，藉由「個案研究」與「通案實證分析」互相呼應，以瞭解股權結構對績效關係之本質。

Previous empirical studies on the nature of the relationship between ownership structure and other governance mechanism and corporate value fail to get to a consensus. 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. This paper proposes an integrated approach for the measure indicators of governance mechanism and corporate value using the analytic hierarchy process method (AHP). AHP is a powerful multi-criteria decision-making method that has been applied to solve unstructured problems in a variety of decision making situations, providing alternative prioritization and importance for the measure indicators of intellectual capital. As a proxy for firm performance, ROA is then 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.