本次研究將以台灣地區1988年至2008年的上市櫃公司，再扣除金融保險業後作為研究對象。本文使用混合資料的兩階段式迴歸模型來進行實證分析，欲了解在實際經營情況下，當公司有其管理者與股東、股東與債權人的代理問題時，管理者持有公司股份的多寡，是否會對公司的融資決策，如資本結構與負債期限，產生影響。實證結果發現如下：
1. 管理者持股比例與公司負債比例呈現不顯著負向關係。
2. 固定資產、公司規模與公司負債比例呈現顯著正向關係。
3. 獲利能力、營運風險與公司負債比例呈現顯著負向關係。
4. 公司成長機會與營運風險皆與公司負債期限呈現顯著負向關係。
5. 傳統產業、航運產業、觀光產業等三種產業與負債期限呈現顯著相關。
6. 在公司成長機會高時，管理者持股比例與公司負債期限為顯著負向關係。
7. 在公司成長機會低時，管理者持股比例與公司負債期限為顯著正向關係。
8. 在公司營運風險高時，管理者持股比例與公司負債期限為不顯著正向關係。
9. 在公司營運風險低時，管理者持股比例與公司負債期限為不顯著負向關係。

一、 中文文獻：
1.陳淑萍，”從代理理論的觀點探討所有權結構與資本結構之關係”，國立中央大學企業管理研究所未出版碩士論文，民國87 年。
2.張瀞，”企業主要經理人持股與資本結構之相關性研究-以台灣上市企業為例”，東吳大學企業管理研究所，碩士論文，民91年。
3.李詩將，“台灣上市公司所有權結構、資本結構與公司績效間相關性研究”，高雄第一科技大學金融營運系碩士班，碩士論文，民90年。
4.吳雅茹，”成長機會與負債期限對公司資本結構之影響”， 高雄第一科技大學金融營運系碩士班，碩士論文，民93年。

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