摘要
本文探討公司成長性、股權、資本結構與經營績效之關聯性，並藉此延伸瞭解一公司之營運效率。採民國81年、83年與85年國內上市公司之資料為樣本，以過去五年平均銷貨收入成長率、本益比、淨值成長率與總資產成長率區分高低成長性公司，而Tobin，s Q為經營績效，根據Chang(1999)之模型求得營運效率值。文中主要採迴歸方法加以進行分析探討，應變數可分為經營績效與營運效率值，而自變數則為內部人持股比率、機構投資人持股比率、技術變動率高的產業、董監事兼任經理人、員工人數、負債比率、廣告費用比率、研究發展費用比率與重置成本。

由於各公司成長機會的不同，因而其股權與資本結構對經營績效所產生的影響並非為一致，而即使提升變數值會使經營績效上升，但此並非意謂著公司應當增加此一變數值以求利益之極大，此時可仰賴營運效率值所透露之訊息來加以判斷。實證結果為：

(1)於高低成長性公司之下，內部人持股比率、機構投資人持股比率與負債比率對經營績效之影響並無顯著差異性。

(2)內部人持股比率與營運效率於高低成長性公司中皆呈顯著負向關係。

(3)機構投資人持股比率與營運效率於高低成長性公司中呈不顯著相關。

(4)於高成長性公司中，負債比率與營運效率之負關係較低成長性公司更為顯著。

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