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題名 以股東會前持股變化探討三大法人對公司之監督效果
The impact of institutional investor`s shareholding behavior on firm`s performance.
作者 李軒慶
貢獻者 盧敬植
李軒慶
關鍵詞 三大法人
代理問題
股東會
Institutional investors
Agency problem
Shareholders` meeting
日期 2016
上傳時間 11-Jul-2016 16:59:13 (UTC+8)
摘要 本研究主要探討的是三大法人是否對公司能夠發揮監督的效果，並加入股東會的因子觀察三大法人是否為了在股東會行使表決權、發揮監督公司效果以達到改善其經營績效的目的而增加其持股比率。研究樣本來自2006年到2014年所有上市上櫃(但不含F股)公司的市場資料及財務資料，並使用普通最小平方法則和固定效果模型對三大法人持股的影響進行分析。
實證結果顯示，三大法人持股比率越高的公司確實會有較好的經營績效，與許多國內外認為機構投資人可以有效監督公司營運的研究結果符合，但在加入股東會因素後，本研究發現只有外資可能藉由其持股在股東會時發揮影響力，以達監督公司之目的；為了更進一步檢驗外資是否真能藉由股東會加強標的公司之公司治理，本研究使用資訊透明度及財報重編次數作為代理變數，模型結果也顯示外資在股東會最後過戶日前有增加持股的公司會有較好的公司治理表現，因此認為外資可能透過股東會以發揮其影響力，但投信及自營商則沒有此行為。
參考文獻 一、中文文獻
王育慧 (2007).「從公司治理論機構投資人股東權之行使-以公共基金為中心.」，國立政治大學法律系博士論文。
江向才、何里仁 (2003).「公司治理之資訊透明度與經營績效關聯性之實證研究」，管理會計。
李宗祥 (2001).「上市公司買回本公司股份之研究」，台灣大學財務金融學系研究所未出版碩士論文。
林泉源、吳瑞山及黃婉華 (2006). 「台灣股市機構投資人處分效果之實證研 究.」企業管理學報(68), 87-132。
陳美華、洪世炳 (2005).「公司治理, 股權結構與公司績效關係之實證研究.」企業管理學報65, 129-153。
陳麗娟 (2004).「董事會組成、股權結構、關係人交易與企業績效關係之研究—以紡織業及電子業為實証」，國立成功大學高階管理碩士在職專班未出版碩士論文。
曾炳霖 (2002).「淺論公司治理以安隆案為中心.」，會計研究月刊
程书强 (2006).「机构投资者持股与上市公司会计盈余信息关系实证研究.」管理世界(9), 129-136.
蔡佩真 (2001).「公司成長、資本結構與公司績效之研究—以台灣上市公司為例」，國立清華大學經濟學所未出版碩士論文。
蔣玲鈺 (2007). 「三大法人持股偏好與買賣超星期效果之實證研究.」，淡江大學 管理科學研究所碩士班學位論文, 1-91。
薛明玲 (2002).「資訊透明度與企業競爭力」，會計研究月刊。

二、英文文獻
Agrawal, A., & Knoeber, C. R. (1996). “Firm performance and mechanisms to control agency problems between managers and shareholders.” Journal of Financial and Quantitative analysis, 31(03), 377-397.
Amihud, Y., Kamin, J. Y., & Ronen, J. (1983). “Managerialism, ownerism and risk.” Journal of Banking & Finance, 7(2), 189-196.
Anderson, C. W., Jandik, T., & Makhija, A. K. (2001). “Determinants of foreign ownership in newly privatized companies in transition economies.” Financial Review, 36(2), 161-176.
Barnhart, S. W., & Rosenstein, S. (1998). “Board composition, managerial ownership, and firm performance: An empirical analysis.” Financial Review, 33(4), 1-16.
Berger, P. G., Ofek, E., & Yermack, D. L. (1997). Managerial entrenchment and capital structure decisions.” The Journal of Finance, 52(4), 1411-1438.
Bernstein, P. L., & Damodaran, A. (1998). Investment management: J. Wiley.
Brancato, C. K. (1997).“Institutional investors and corporate governance: best practices for increasing corporate value”, Irwin Professional Publishing.
Camara, K. A. D. (2004).“Classifying institutional investors.” SSRN 573441.
Chaganti, R., & Damanpour, F. (1991).“Institutional ownership, capital structure, and firm performance.” Strategic Management Journal, 12(7), 479-491.
Chen, Y. (1998).“Ownership structure and corporate performance: some Chinese evidence.” Unpublished working paper, San Francisco State University.
Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (2002).“Disentangling the incentive and entrenchment effects of large shareholdings.”The Journal of Finance, 57(6), 2741-2771.
Coffee, J. C. (1991).“Liquidity versus control: The institutional investor as corporate monitor.” Columbia law review, 91(6), 1277-1368.
Core, J. E., Guay, W. R., & Rusticus, T. O. (2006).“Does weak governance cause weak stock returns? An examination of firm operating performance and investors` expectations.” The Journal of Finance, 61(2), 655-687.
Cremers, K., & Nair, V. B. (2005).“Governance mechanisms and equity prices.” The Journal of Finance, 60(6), 2859-2894.
Dahlquist, M., & Robertsson, G. (2001).“Direct foreign ownership, institutional investors, and firm characteristics.” Journal of Financial Economics, 59(3), 413-440.
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1996).“Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC.” Contemporary accounting research, 13(1), 1-36.
Demsetz, H. (1983).“Structure of Ownership and the Theory of the Firm.” The. JL & Econ., 26, 375.
Douma, S., George, R., & Kabir, R. (2006).“Foreign and domestic ownership, business groups, and firm performance: Evidence from a large emerging market.” Strategic Management Journal, 27(7), 637-657.
Eakins, S. G., Stansell, S. R., & Buck, J. F. (1998).“Analyzing the nature of institutional demand for common stocks.” Quarterly Journal of Business and Economics, 33-48.
Fama, E. F., & Jensen, M. C. (1983).“Separation of ownership and control.” The Journal of Law & Economics, 26(2), 301-325.
Gillan, S., & Starks, L. T. (2003).“Corporate governance, corporate ownership, and the role of institutional investors: A global perspective.” Journal of applied Finance, 13(2).
Gilson, R. J., & Kraakman, R. (1991).“Reinventing the outside director: An agenda for institutional investors.” Stanford Law Review, 863-906.
Gompers, P. A., & Metrick, A. (1998).“Institutional investors and equity prices.”National bureau of economic research.
Gorton, G., & Schmid, F. (1996).“Universal banking and the performance of German corporations.” NBER working paper, 5453.
Graves, S. B., & Waddock, S. A. (1994).“Institutional owners and corporate social performance.” Academy of management Journal, 37(4), 1034-1046.
Grossman, S. J., & Hart, O. D. (1982).“Corporate financial structure and managerial incentives.” The economics of information and uncertainty (pp. 107-140): University of Chicago Press.
Hill, C. W., & Snell, S. A. (1989).“Effects of ownership structure and control on corporate productivity.” Academy of management Journal, 32(1), 25-46.
Himmelberg, C. P., Hubbard, R. G., & Palia, D. (1999).“Understanding the determinants of managerial ownership and the link between ownership and performance.” Journal of Financial Economics, 53(3), 353-384.
Jarrell, G. A., & Poulsen, A. B. (1987).“Shark repellents and stock prices: The effects of antitakeover amendments since 1980.” Journal of Financial Economics, 19(1), 127-168.
Jensen, M. C., & Meckling, W. H. (1976).“Theory of the firm: Managerial behavior, agency costs and ownership structure.” Journal of Financial Economics, 3(4), 305- 360.
Jensen, M. C., & Murphy, K. J. (1990).“Performance pay and top-management incentives.” Journal of political economy, 225-264.
Jensen, M. C., & Ruback, R. S. (1983).“The market for corporate control: The scientific evidence.” Journal of Financial Economics, 11(1), 5-50.
John, K., & Senbet, L. W. (1998).“Corporate governance and board effectiveness.” Journal of Banking & Finance, 22(4), 371-403.
Johnson, R. A., & Greening, D. W. (1999).“The effects of corporate governance and institutional ownership types on corporate social performance.” Academy of management Journal, 42(5), 564-576.
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Lipton, M., & Lorsch, J. W. (1992).“A modest proposal for improved corporate governance.” The business lawyer, 59-77.
Luoma, P., & Goodstein, J. (1999).“Research Notes. Stakeholders and Corporate Boards: Institutional Influences on Board Composition and Structure.” Academy of management Journal, 42(5), 553-563.
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Williamson, O. E. (1983).“Organization form, residual claimants, and corporate control.” The Journal of Law & Economics, 26(2), 351-366.
Yafeh, Y., & Yosha, O. (2003).“Large shareholders and banks: Who monitors and how?” The Economic Journal, 113(484), 128-146.
Zahra, S. A., & Pearce, J. A. (1989).“Boards of directors and corporate financial performance: A review and integrative model.” Journal of management, 15(2), 291-334.
描述 碩士
國立政治大學
財務管理研究所
103357038
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103357038
資料類型 thesis
dc.contributor.advisor 盧敬植zh_TW
dc.contributor.author (Authors) 李軒慶zh_TW
dc.creator (作者) 李軒慶zh_TW
dc.date (日期) 2016en_US
dc.date.accessioned 11-Jul-2016 16:59:13 (UTC+8)-
dc.date.available 11-Jul-2016 16:59:13 (UTC+8)-
dc.date.issued (上傳時間) 11-Jul-2016 16:59:13 (UTC+8)-
dc.identifier (Other Identifiers) G0103357038en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/98850-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 103357038zh_TW
dc.description.abstract (摘要) 本研究主要探討的是三大法人是否對公司能夠發揮監督的效果，並加入股東會的因子觀察三大法人是否為了在股東會行使表決權、發揮監督公司效果以達到改善其經營績效的目的而增加其持股比率。研究樣本來自2006年到2014年所有上市上櫃(但不含F股)公司的市場資料及財務資料，並使用普通最小平方法則和固定效果模型對三大法人持股的影響進行分析。
實證結果顯示，三大法人持股比率越高的公司確實會有較好的經營績效，與許多國內外認為機構投資人可以有效監督公司營運的研究結果符合，但在加入股東會因素後，本研究發現只有外資可能藉由其持股在股東會時發揮影響力，以達監督公司之目的；為了更進一步檢驗外資是否真能藉由股東會加強標的公司之公司治理，本研究使用資訊透明度及財報重編次數作為代理變數，模型結果也顯示外資在股東會最後過戶日前有增加持股的公司會有較好的公司治理表現，因此認為外資可能透過股東會以發揮其影響力，但投信及自營商則沒有此行為。		zh_TW
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的及結果 4
第二章 文獻回顧 5
第一節 代理問題之文獻探討 5
第二節 機構投資人積極主義之文獻探討 7
第三節 機構投資人對公司監督效果之文獻探討 10
第三章 研究方法 13
第一節 資料與樣本 13
第二節 研究變數定義與假說 14
第三節 研究方法與模型 23
第四章 實證結果分析 27
第一節 敘述統計分析 27
第二節 解釋變數與公司績效之關聯性分析 31
第三節 三大法人持股率與公司績效間之關聯性分析 37
第四節 三大法人股東會前持股變化與公司績效之關聯性 40
第五節 三大法人股東會前的持股變化(考慮其他因素後)與公司績效之關聯性 43
第六節 機構投資人與公司治理之檢驗 46
第七節 穩健性檢定 48
第五章 結論與建議 52
第一節 結論 52
第二節 研究限制與未來研究建議 53
參考文獻 55
一、中文文獻 55
二、英文文獻 56		zh_TW
dc.format.extent 1384039 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103357038en_US
dc.subject (關鍵詞) 三大法人zh_TW
dc.subject (關鍵詞) 代理問題zh_TW
dc.subject (關鍵詞) 股東會zh_TW
dc.subject (關鍵詞) Institutional investorsen_US
dc.subject (關鍵詞) Agency problemen_US
dc.subject (關鍵詞) Shareholders` meetingen_US
dc.title (題名) 以股東會前持股變化探討三大法人對公司之監督效果zh_TW
dc.title (題名) The impact of institutional investor`s shareholding behavior on firm`s performance.en_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、中文文獻
王育慧 (2007).「從公司治理論機構投資人股東權之行使-以公共基金為中心.」，國立政治大學法律系博士論文。
江向才、何里仁 (2003).「公司治理之資訊透明度與經營績效關聯性之實證研究」，管理會計。
李宗祥 (2001).「上市公司買回本公司股份之研究」，台灣大學財務金融學系研究所未出版碩士論文。
林泉源、吳瑞山及黃婉華 (2006). 「台灣股市機構投資人處分效果之實證研 究.」企業管理學報(68), 87-132。
陳美華、洪世炳 (2005).「公司治理, 股權結構與公司績效關係之實證研究.」企業管理學報65, 129-153。
陳麗娟 (2004).「董事會組成、股權結構、關係人交易與企業績效關係之研究—以紡織業及電子業為實証」，國立成功大學高階管理碩士在職專班未出版碩士論文。
曾炳霖 (2002).「淺論公司治理以安隆案為中心.」，會計研究月刊
程书强 (2006).「机构投资者持股与上市公司会计盈余信息关系实证研究.」管理世界(9), 129-136.
蔡佩真 (2001).「公司成長、資本結構與公司績效之研究—以台灣上市公司為例」，國立清華大學經濟學所未出版碩士論文。
蔣玲鈺 (2007). 「三大法人持股偏好與買賣超星期效果之實證研究.」，淡江大學 管理科學研究所碩士班學位論文, 1-91。
薛明玲 (2002).「資訊透明度與企業競爭力」，會計研究月刊。

二、英文文獻
Agrawal, A., & Knoeber, C. R. (1996). “Firm performance and mechanisms to control agency problems between managers and shareholders.” Journal of Financial and Quantitative analysis, 31(03), 377-397.
Amihud, Y., Kamin, J. Y., & Ronen, J. (1983). “Managerialism, ownerism and risk.” Journal of Banking & Finance, 7(2), 189-196.
Anderson, C. W., Jandik, T., & Makhija, A. K. (2001). “Determinants of foreign ownership in newly privatized companies in transition economies.” Financial Review, 36(2), 161-176.
Barnhart, S. W., & Rosenstein, S. (1998). “Board composition, managerial ownership, and firm performance: An empirical analysis.” Financial Review, 33(4), 1-16.
Berger, P. G., Ofek, E., & Yermack, D. L. (1997). Managerial entrenchment and capital structure decisions.” The Journal of Finance, 52(4), 1411-1438.
Bernstein, P. L., & Damodaran, A. (1998). Investment management: J. Wiley.
Brancato, C. K. (1997).“Institutional investors and corporate governance: best practices for increasing corporate value”, Irwin Professional Publishing.
Camara, K. A. D. (2004).“Classifying institutional investors.” SSRN 573441.
Chaganti, R., & Damanpour, F. (1991).“Institutional ownership, capital structure, and firm performance.” Strategic Management Journal, 12(7), 479-491.
Chen, Y. (1998).“Ownership structure and corporate performance: some Chinese evidence.” Unpublished working paper, San Francisco State University.
Claessens, S., Djankov, S., Fan, J. P., & Lang, L. H. (2002).“Disentangling the incentive and entrenchment effects of large shareholdings.”The Journal of Finance, 57(6), 2741-2771.
Coffee, J. C. (1991).“Liquidity versus control: The institutional investor as corporate monitor.” Columbia law review, 91(6), 1277-1368.
Core, J. E., Guay, W. R., & Rusticus, T. O. (2006).“Does weak governance cause weak stock returns? An examination of firm operating performance and investors` expectations.” The Journal of Finance, 61(2), 655-687.
Cremers, K., & Nair, V. B. (2005).“Governance mechanisms and equity prices.” The Journal of Finance, 60(6), 2859-2894.
Dahlquist, M., & Robertsson, G. (2001).“Direct foreign ownership, institutional investors, and firm characteristics.” Journal of Financial Economics, 59(3), 413-440.
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1996).“Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC.” Contemporary accounting research, 13(1), 1-36.
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