本研究目的為探討在不同生命週期下，資本結構、股權結構和績效三者的關係。本文使用1998到2006年台灣上市製造業公司為樣本，考量股權結構之內生特性，建立資本結構、股權結構與績效之聯立模型。由動態資本結構理論與Churchill and Lewis(1983)提出股權結構及公司績效會隨著代表公司生命週期的成立年限與規模而改變可知，三者是會隨著時間而不停變動的。因此本研究劃分生命週期來探討在不同生命週期下，其三者關係的差異，以力求在此議題探討上的完整性，以避免得到一個不明確的結果。此外，由於內部人與大股東所關注的利益不同而產生的代理問題，有必要分別進行探討。
由實證結果顯示股權結構和公司績效在不同生命週期下的關係有很大的不同，呈現倒S型，這應證了Demsetz and Villalogna (2001)所提研究樣本期間的不同可能是導致先前相關研究分歧結果的原因，而本研究求得在成長期有一使績效最大的內部人持股比例36.33%與成熟期有一使績效最小的內部人持股比例19.30%，這是過去還未有過的發現，可供公司未來做為提升績效決策時參考。而大股東持股在不同生命週期下也有著不同的關係，可解釋先前研究有著正、負相關的結果。由以上結果可知劃分生命週期來探討能得到較完整的資料呈現也較不會有偏誤的結果，其重要性可見一番。

The purpose of this study is to explore the relationship among capital structure, ownership structure and corporate performance in different life-cycle. This paper uses Taiwan listed manufacturing companies from 1998 to 2006 as a sample, considering the ownership structure characteristics of the establishment of capital structure, ownership structure and performance of the model legislation. According to the dynamic capital structure theory and what Churchill and Lewis (1983) had proposed, we can see that ownership structure and corporate performance on behalf of the company, with the establishment of the life-cycle length and scale of change, will change constantly over time. Therefore, this study discusses the relationship among their differences to strive to explore the subject on the integrity in different life-cycle, in order to avoid an inaccurate result. In addition, due to the difference in interests between internal and the major shareholders, there is a need to explore each respective area separately.

Positive results from the relationship between ownership structure and corporate performance in different life-cycle are quite different, showing an inverted S-type, which is what Demsetz and Villalogna (2001) referred to as the life-cycle being related to previous research, which led to a positive correlation, a negative correlation, a non-linear correlation and no significant relationship between the reasons for the differences. This study aims to obtain a growing internal and greatest achievement so that company with 36.33 percent stake in a mature performance will be of the smallest proportion of internal ownership. And 19.30 percent has not been found in the past, and it can be served as a reference for the company's future decision-making in performance enhancing. The major shareholders having shares during different life-cycle also have different relationships; which explain why previous studies showed positive and negative relevant results. These results show that the study of life-cycle can be more complete than the data which shows no bias the results, and the importance is visible.

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