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第二節 研究限制與後續研究之建議
一、 研究限制
（ㄧ）樣本與變數範疇
本研究之研究期間僅採計上市與上櫃公司近五年的樣本資料，此外，除 了本研究所包含的公司規模、負債比率、資產報酬率、營收成長率以及董事會 相關因素等會影響企業價值外，也有許多會影響企業價值的因素，本研究因研 究時間限制並未將其納入模型。
（二）控股計算基礎
本研究之控制持股相關資料來源為台灣經濟新報，其控制股東之控制持 股的計算方式採La Porta et al. (2002) 所建議之方法，以控制鏈最末端對目標公 司的持股比率來計算控制股東之間接控制持股，礙於資料來源本研究僅能採取 此計算基礎。
二、建議
在變數方面，除了本研究所包含的變數以外，亦有其他已被證實與企業 價值俱有關聯性的變數，例如研發支出、資訊揭露程度、流動性等，建議後續 研究可納入更多影響變數一併考量，以得到更為周延的研究結果。此外後續如 能延長樣本期間並納入興櫃公司，以擴大研究樣本數，可使研究結果更具代表 性與說服力。
本研究礙於資料來源本研究僅能採取La Porta et al. (2002) 所建議之方法，
但亦有其他學者如Claessens et al. (2000) 建議以控制鏈中之最弱持股段作為控制 股東對目標公司之間接控制持股。建議後續研究可以深入探討不同計算基礎的 適用情形，並找尋其它計算基礎的資料來源管道，以作更適切的研究分析。
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