本研究依據Datta, Datta and Raman (2005)之研究架構，以台灣地區1995年至2008年的上市公司，扣除金融保險業後作為研究之對象。本文使用追蹤資料(Panel data)的兩階段迴歸模型來進行實證分析，欲了解在實際經營的情況下，透過代理理論的角度，探討股權結構各持股比率是否會對公司的融資決策，如資本結構與負債期限產影響。實證結果發現如下：
1.內部人持股比率與負債比率呈顯著負相關、金融機構持股比率與負債比率呈顯著負相關，機構投資人持股比率與負債比率呈現不顯著負相關。
2.固定資產比例、公司規模與負債比率呈顯著正相關
3.獲利能力與負債比率呈顯著負相關、營運風險與負債比率呈不顯著負相關。
4.內部人持股比率與負債期限呈顯著負相關、金融機構持股比率與負債期限呈顯著負相關，機構投資人持股比率與負債期限呈現顯著正相關。
5.公司成長機會、營運風險、公司規模與負債期限呈顯著正相關。
6.不同的成長機會與營運風險，股權結構各持股比率對負債期限有不同的影響。

This study follows the Datta, Datta and Raman (2005) methodology to investigate whether the characteristics of the company and ownership structure have a strong effect on determining capital structure and debt maturity. The sample includes all firms listed on the Taiwan stock exchange. We employ the panel regression to conduct our empirical analysis. From the perspective of the agency theory, we attempt to see whether ownership structure affects firms’ financing policies such as capital structure and debt maturity.
Several important empirical findings are noted as follows. First, we find that both the insider ownership and financial institution ownership significantly negatively affect debt ratio. The institutional investor ownership does not affect the debt ratio, but it has a positive impact on debt maturity. Second, both the fixed asset ratio and firm size significantly have positive impacts on the debt ratio. Third, the debt ratio is significantly negatively affected by profitability, but not affected by operation risk. Fourth, debt maturity is significantly negatively affected by both the insider ownership and financial institution ownership, but is significantly positively affected by the institutional investor ownership. Five, growth opportunity, operation risk, and firm size are positively correlated with debt maturity. Sixth, the ownership structure has differential effects on debt maturity under different growth opportunities and operation risks.

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