本研究為探討內部人持股與融資決策及股利政策的關聯性。股權結構、融資決策及股利政策是公司經營團隊的重要決策，因此本研究想瞭解三者間的關係。經營者希望可以運用這三個重要決策為公司創造最大價值，而投資者卻擔心經營者的決策是為經營者本身創造最大價值而不是為公司或是股東創造最大價值，因此內部人持股率、融資決策及股利政策就會產生環環相扣的關係。

1、 內部人持股率會影響融資決策，且在不同的股利政策下，內部人持股率的變化對融資決策也有不同方向的影響。
2、 在任何的股利政策下，股利發放率與負債比率呈負相關。
3、 負債比率與公司固定資產比率及公司規模呈正相關。
4、 內部人持股率會影響股利政策，且在不同的股利政策下，內部人持股率的變化對股利政策也產生不同方向的影響。
5、 負債比率對股利發放率沒有明顯的影響。
6、 營收成長率與企業風險會因為股利政策的不同而有不同的影響力。
7、 融資決策與股利政策對內部人持股率沒有明顯的影響。
8、 在不同的股利政策下，法人持股率對內部人持股有不同的影響力。

This paper studies the relationships among insider ownership, financed decision, and dividend policy. Most important policy of a firm conducts is to choose the weight of the structure of equity, financed decision, and dividend policy. So this paper attempts to explore these relationships. The manager hopes to make use of these important policies to create the highest value of firm. However, investors worry that the manager’s policy may benefit himself, but not create the value of firm. Therefore, insider ownership, financed decision, and dividend policy may be highly correlated.

1、 The insider ownership affects financed policy. In the different dividend conditions, the change of rate about insider ownership will affect differently financed policy.
2、 For any dividend policy, the dividend release’s rate affects the opposite directions effect about debt ratio.
3、 The debt ratio is positively correlated with the firm’s size and plant asset ratio.
4、 The insider ownership affects dividend policy. In the different dividend conditions, the change of rate about insider ownership will affect the differently.
5、 The debt ratio does not have apparent effect on the dividend release’s rate.
6、 The dividend policy has different influences on the growth rate of revenue and
business risk.
7、 The financed policy and the dividend policy have no influence on the insider ownership.
8、 In different dividend conditions, the rate of institutional holding has an influence on insider ownership.

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