投資效率一直是投資者與管理者所關注的議題，一家公司的成敗往往取決於公司是否能做出對於公司而言最適的投資決策。此外，企業間常使用交叉持股來穩定經營權，但亦可能利用交叉持股使公司利益受損，甚至進一步做出危害公司利益的次佳投資決策。因此，本篇研究旨在探討交叉持股與投資效率間之關聯性，以2017年至2019年之上市上櫃公司為樣本，研究結果顯示，當公司與其他公司進行交叉持股時，會是有助於提升公司之投資效率，特別是在抑制「過度投資」之部分；在額外測試中以交叉持股比率衡量時也發現同樣的結果，進一步將其分成與同產業、不同產業、同集團、不同集團公司交叉持股，都發現相似的結果，由此可知當公司進行交叉持股時對於其他投資決策時會更加謹慎考慮，使投資無效率降低，進而使投資效率上升。

Investment Efficiency has always been a concern of investors and managers. The success or failure of a company often depends on whether the company can make the most appropriate investment decisions for the company. In addition, companies often use cross-shareholding to stabilize operating rights, but they may also use cross-shareholding to harm the company's interests, and even further make suboptimal investment decisions that harm the company's interests. Therefore, this study aims to explore the correlation between cross-shareholding and investment efficiency. Taking the listed and OTC companies from 2017 to 2019 as a sample, the research re show that when a company cross-shareholding with other companies, it will be improve the company's investment efficiency, especially in suppressing the "over-investment" part; the same result was also found when measured by the cross-shareholding ratio in an additional test, and it was further divided into the same industry, different industries, and the same group. , different group companies cross-shareholding, all found similar results. It can be seen that when companies cross-shareholding, they will be more cautious when considering other investment decisions, which will reduce Investment Inefficiency and increase Investment Efficiency.

第壹章 緒論 1
第一節 研究動機與背景 1
第二節 研究流程 4
第貳章 文獻回顧 5
第一節 交叉持股 5
第二節 投資效率 10
第參章 假說發展與研究設計 13
第一節 假說發展 13
第二節 實證模型建立 13
第三節 研究設計 15
第四節 樣本選擇與資料來源 19
第肆章 實證結果分析 23
第一節 敘述性統計 23
第二節 相關係數分析 25
第三節 實證結果 27
第四節 額外測試 31
第伍章 結論與建議 43
第一節 研究結論與貢獻 43
第二節 研究限制與研究建議 44
參考文獻 45

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