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股權結構與財務績效及ESG表現的中介效果
OWNERSHIP STRUCTURE AND FINANCIAL PERFORMANCE
WITH ESG PERFORMANCE MEDIATION
傅澤偉
國防大學管理學院財務管理學系副教授
潘大畏
臺北科技大學工業工程與管理系助理教授
王欣郁
國防大學管理學院財務管理學系碩士
Tze-Wei Fu
Associate Professor, Department of Financial Management,
National Defense University
Ta-Wei Pan
Assistant Professor, Department of Industrial Engineering and Management,
National Taipei University of Technology
Sin-Yu Wang
Master, Department of Financial Management,
National Defense University
摘要
股權結構決定企業所有權的分配方式，並影響決策與治理機制，進而影響財務績效。既有的實證更指出，股權結構亦影響ESG（環境、社會與公司治理）表現。隨著全球永續發展趨勢，企業是否能透過良好ESG表現提升績效，日益受到關注。因此，本研究探討ESG表現是否在股權結構與財務績效之間發揮中介效果。
研究以2019至2023年臺灣上市公司排除金融產業做為樣本，採用PLS-SEM進行分析。結果顯示，股權結構對財務績效具有顯著正向影響，且部分透過ESG表現發揮間接效果。尤其，外資對公司治理正向影響力最強，本國機構次之，大股東與內部人持股則可能削弱外部監督，限制ESG投入，而政府持股亦具正向影響，惟其影響程度相對有限。本研究不僅驗證ESG表現的中介角色，亦突顯多元化股權結構在促進企業永續與財務成果間的關鍵作用，為企業在永續轉型時提供股權治理的方向建議，亦有助於長期投資者、政策制定者與責任投資機構於資本配置與治理評估中做出更具策略性的決策。
關鍵字：股權結構、ESG表現、財務績效、中介效果
ABSTRACT
The ownership structure determines how corporate ownership is distributed and influences decision-making and governance mechanisms, thereby affecting financial performance. Existing empirical evidence further indicates that ownership structure also impacts ESG (Environmental, Social, and Governance) performance. With the global trend toward sustainable development, increasing attention has been directed toward whether firms can enhance performance through strong ESG practices. Therefore, this study aims to examine the mediating role of ESG performance in the relationship between ownership structure and financial performance.
This study uses a sample of Taiwan-listed companies from 2019 to 2023, excluding firms in the financial industry, and employs Partial Least Squares Structural Equation Modeling (PLS-SEM) for empirical testing. The results show that ownership structure has a significant positive impact on financial performance, with part of the effect mediated through ESG performance. Specifically, foreign ownership exerts the strongest positive influence on corporate governance, followed by domestic institutional ownership. In contrast, greater ownership by large shareholders and insiders may weaken external oversight and constrain ESG investment. Government ownership also shows a positive but relatively limited impact. The findings confirm the mediating role of ESG performance and highlight the importance of a diversified ownership structure in promoting both corporate sustainability and financial outcomes. These results provide practical implications for firms undergoing sustainability transitions through ownership governance and offer strategic insights for long-term investors, policymakers, and responsible investment institutions in capital allocation and governance evaluation.
Keywords: Ownership Structure, ESG Performance, Financial Performance, Mediation Effect
ELIMINATED RELATED PARTY SALES IN PREPARING THE CONSOLIDATED FINANCIAL STATEMENTS AND CASH HOLDING -
FURTHER EVIDENCE FROM THE ROLE OF INSTITUTIONAL OWNERSHIP
陳慶隆
國立雲林科技大學會計系教授
戴郁瑄
安侯建業會計師事務所審核員
張小玲
雲林縣稅務局北港分局主任
廖惠玲
財政部中區國稅局虎尾稽徵所綜所稅股長
Ching-Lung Chen
Professor, Department of Accounting,
National Yunlin University of Science and Technology
Yu-Syuan Dai
Auditor, Audit & Assurance Department, KPMG
Hsiao-Ling Chang
Beigang Branch Director, Revenue Service Bureau, Yunlin County
Hui-Ling Liao
Head, Individual Income Tax Section, Huwei Office,
National Taxation Bureau of the Central Area, Ministry of Finance
摘要
公司編製合併報表時，母公司與其具控制力之子公司間的銷貨交易應全數銷除。此被銷除關係人銷貨交易並不影響公司當期盈餘報導，然可視為公司的效率契約安排，有助於降低公司現金流量波動性。本研究檢測此被銷除關係人銷貨交易與現金持有水準之關聯性，且探討機構投資者持股率在前述關係所扮演的角色。實證結果顯示：上市櫃公司被銷除關係人銷貨交易與現金持有水準呈現負向關係，意味公司管理者在從事效率契約關係人銷貨安排後，顯著降低預防性現金持有部位。然機構投資者持股率愈高，被銷除關係人銷貨交易與現金持有水準之負向關係，某種程度會受到抑制。本研究進行若干敏感性測試，結果具備穩固性。
關鍵字：被銷除關係人銷貨交易、現金持有、機構投資者持股、預防性現金
ABSTRACT
When preparing consolidated financial statements, a listed firm must eliminate all related party sales between the reporting entity (parent company) and its controlled subsidiaries (i.e., ERPT) in the consolidated financial statements. The ERPT does not affect the current earnings reporting and can be attributed to an efficient contracting that helps reduce the volatility of the firm’s cash flow. This study thus examines the impact of ERPT on listed firms’ cash holding decisions and further explores the role of institutional ownership in the above aforementioned relationship. Empirical result shows that ERPT is negatively associated with the firm’s cash holding, indicating that managers significantly reduce the precautionary cash positions through efficient related-party sales arrangements. Further analysis documents that, in most cases, this negative relationship is suppressed by higher levels of institutional ownership. This study runs several diagnostic checks, the results confirm the robustness of the main findings.
Keywords: ERPT, Cash Holding, Institutional Ownership, Precautionary Cash
ESTABLISHING THE FINANCIAL EDUCATION CURRICULUM GUIDELINE IN TAIWAN - A PROPOSAL FOR DISCUSSION
曾永清
國立臺灣師範大學公民教育與活動領導學系教授
蕭奕凡
淡江大學財務金融學系助理教授
游翰霖
國立臺灣師範大學公民教育與活動領導學系博士生
Yung-Ching Tseng
Professor, Department of Civic Education and Leadership,
National Taiwan Normal University
I-Fan Hsiao
Assistant Professor, Department of Banking and Finance, Tamkang University
Han-Lin Yu
Ph. D. Student, Department of Civic Education and Leadership,
National Taiwan Normal University
摘要
理財教育是全球化教育的共同趨勢，其實施經證實能幫助大眾提升經濟邏輯思維，促進經濟的發展與社會的安定，為國家未來奠定紮實的人力資源基礎。此外，近年來國人投資行為日趨熱絡，提升理財教育品質可回應當前市場需求，因應國際情勢快速轉變，令國人可順利與國際金融時代接軌並開拓國際視野。本研究將AHP層級分析法應用於理財課綱之權重排序，以處理課程綱要專家意見的量化問題。權重結果中，「擬定個人或家庭理財目標與決策」被廣泛認為最具重要性。學者認為擬定理財目標與決策是理財規劃最基礎與重要的步驟，藉由建立個人與家庭的財務目標，來實現理想生活。若採取精確且系統化的理財課程設計，令人們普遍接受理財教育，可以實現個人理想，提升生活品質，豐富家庭生活的目標，亦可降低整體社會成本，促進經濟成長。
關鍵字：理財課程、理財教育、理財規劃、財務福祉
ABSTRACT
Financial education has become a common global trend in education. Its implementation has been shown to enhance individuals’ economic reasoning, promote economic development and social stability, and lay a solid human capital foundation for national development. In recent years, individual investment activities in Taiwan have become increasingly active. Therefore, improving the quality of financial education can respond to current market needs, help individuals adapt to the rapidly changing international financial environment, and broaden their global financial perspectives. This study aims to develop a proposed financial education curriculum guideline for Taiwan. Drawing on international financial education frameworks and local educational needs, the proposed curriculum consists of seven topics: Spending and Accounting, Income and Employment, Saving and Investment, Credit and Borrowing, Protection and Insurance, Financial Planning, and Financial Landscape. This study further applies the analytic hierarchy process (AHP) to rank the relative weights of the curriculum topics and standards, thereby quantifying expert opinions on curriculum design. The results show that Financial Planning receives the highest weight among the seven curriculum topics. At the curriculum-standard level, “setting personal or household financial goals and making financial decisions” is ranked as the most important criterion. This finding suggests that goal-setting and decision-making are fundamental steps in financial planning. Through precise and systematic financial education, individuals and households may better achieve personal goals, improve quality of life, and enhance financial well-being. At the broader level, financial education may also reduce social costs, promote economic growth, and contribute to long-term social and economic stability.
Keywords: Financial Curriculum, Financial Education, Financial Planning, Financial Well-Being
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