文獻上治理機制及股權結構與公司績效或公司價值的關連性並沒有達成明顯而一致的說法。股權的結構包括內部人持股比例、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等。股權的結構一直被認為是公司治理內部機制的核心之一。為了要擴大研究，本文嘗試著發展股權結構與公司績效之關係，經過不同的時間、不同的產業，股權對績效的影響會因而不同嗎？在不同的公司生命週期之下，股權結構與公司績效互相影響的效應會改變嗎？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，希望了解公司績效之影響效應，實證的研究發現不同形式的股權結構與公司績效存在一種非單調關係，公司生命週期也是重要變數之一。

Previous empirical studies on the nature of the relationship between ownership structure and other governance mechanism and Corporate performance fail to get to a consensus. Ownership structures, the fraction of shares held by insiders and institutional investors, controlling board-seat ratio, deviation of cash flow right, are considered to be one of the core internal mechanisms of corporate governance. To extend prior studies, this paper seeks to examine the relation by applying a dynamic perspective to explore the persistence of the relationship by industries and over time. We cast doubts: Does the interdependent impact of ownership on Corporate performance varies at different life cycle stages of firms? Empirical analysis through multivariate regression model explores the impacts of ownership structure on company performance in different life-cycle stages. Our empirical results suggest that a potential non-linear relation exists between shareholding and Corporate performance. We also find that the split specification of ownership structure and life cycle stages of firms matter.