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題名 機構投資人持股對現金持有價值與公司績效影響性
The Effects of Institutional Investors Ownership on Marginal Value of Cash and Operating Performance作者 江宇騰
Chiang, Yu-Teng貢獻者 陳明吉
Chen, Ming Chi
江宇騰
Chiang, Yu-Teng關鍵詞 機構投資人
監督效果
代理成本
現金持有價值
Institutional investors
Monitor effect
Agency cost
Marginal values of cash holdings日期 2018 上傳時間 1-Aug-2018 16:18:04 (UTC+8) 摘要 本研究以台灣上市公司作為研究對象，探討機構投資人持股比例與現金持有價值關聯性，是否機構投資人會發揮其監督功能，減少代理問題而使公司之現金持有價值提升。而本研究之實證結果顯示，在具有高機構投資人持股比例組合中，實證結果支持機構投資人之監督效果存在，而原因為在該組合內機構投資人持股比例高，與公司利害關係程度高，故在此時具有足夠誘因且能有效地來監督公司管理階層，進而降低代理問題使得其現金持有價值提高。而本研究另也探討機構投資人之異質性，根據林穎芬（2012）之定義加入主動型機構投資人與外資機構投資人，而實證結果表現外資機構投資人與主動型機構投資人之持股與公司之現金持有價值間不存在顯著正向關聯性。 除此之外，本研究亦發現公司治理品質會影響機構投資人之監督效果，在公司治理品質優之組別內，本研究實證結果支持機構投資人與主動型機構投資人會發揮其監督功能，而使公司之現金持有價值提升。最後，本研究之實證結果皆能證實機構投資人所發揮之監督功能使公司現金持有價值提升亦能使公司之績效表現提高。
The study examines whether the institutional investors monitor a firm related to the reduce of the agency problems and the rise of the marginal values of corporate cash holdings. We find that the company in the group with greater institutional ownership exists the monitoring effect from institutional investors, and the reason is the institutional investors with higher holdings would have greater incentive and ability to monitor the management. Further, we also discuss the heteroscedasticity of the institutional investors, but we don’t have sufficient evidence to support the positive correlation between marginal values of corporate cash holdings and active institutional investors, and neither do foreign institutional investors. In addition, our empirical result indicates the quality of corporate governance also influence the monitoring effect of institutional investors. In the group with the greatest corporate governance quality, the greater ownership of institutional investors and active institutional investors is associated with a higher marginal values of corporate cash holdings, which can be explained that the quality of corporate governance is an influential factor. At last, our study also observes that the rise of the marginal values of corporate cash holdings improves the corporate operating performance.參考文獻 中文文獻: 林穎芬、洪晨桓、陳佳成,2012,臺灣上市公司董事薪酬影響因子之研究,臺大管 理論叢,23 卷(1 期):175-207。 洪于婷,2011,公司治理對現金持有價值及對超額現金與公司績效關係之研究, 臺 北大學會計學系碩士論文。 楊海燕、韋德洪、孫健,2012,機構投資者持股能提高上市公司會計信息質量嗎?— —兼論不同類型機構投資者的差異,會計研究,9 期:16-23。 蒲文燕、張洪輝,2013,異質機構投資與上市公司現金持有,宏觀經濟研究, 12 期:113-129。 陳美華、蔡俊佑,2010,公司治理對於企業持有現金價值之影響,臺灣銀行季刊, 61 卷(4 期):227-243。 蘇玄啟、羅仙法、施懿宸、李汶育,2016,台灣上市公司的現金持有、現金持有價 值與公司生命週期:預防性動機假說之驗證,臺大管理論叢,26 卷(2 期):173- 209。 英文文獻: Aggarwal, R., Erel, I., Ferreira, M., and Matos, P. (2011). Does governance travel around the world? Evidence from institutional investors. Journal of Financial Economics, 100(1), 154-181. Agrawal, A., and Mandelker, G. N. (1990). Large shareholders and the monitoring of managers: The case of antitakeover charter amendments. Journal of Financial and Quantitative analysis, 25(2), 143-161 39 Ajinkya, B., Bhojraj, S., and Sengupta, P. (2005). The association between outside directors, institutional investors and the properties of management earnings forecasts. Journal of accounting research, 43(3), 343-376. Almazan, A., Hartzell, J. C., and Starks, L. T. (2005). Active institutional shareholders and costs of monitoring: Evidence from executive compensation.Financial Management, 34(4), 5-34. Bushee, B. J. (1998). The influence of institutional investors on myopic R&D investment behavior. Accounting review, 305-333. Bushee, B. J. (2001). Do institutional investors prefer near‐term earnings over long‐run value?. Contemporary Accounting Research, 18(2), 207-246. Chen, X., Harford, J., and Li, K. (2007). Monitoring: Which institutions matter?. Journal of financial Economics, 86(2), 279-305. Chen, A., Kao, L., Tsao, M., and Wu, C. (2007). Building a corporate governance index from the perspectives of ownership and leadership for firms in Taiwan. Corporate Governance: An International Review, 15(2), 251-261. Dittmar, A., and Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of financial economics, 83(3), 599-634. Duggal, R., and Millar, J. A. (1999). Institutional ownership and firm performance: The case of bidder returns. Journal of Corporate Finance, 5(2), 103-117. Faulkender, M., and Wang, R. (2006). Corporate financial policy and the value of cash. The Journal of Finance, 61(4), 1957-1990 40 Gan, H., and Park, M. S. (2017). CEO managerial ability and the marginal value of cash. Advances in Accounting, 38, 126-135. Hartzell, J. C., and Starks, L. T. (2003). Institutional investors and executive compensation. The journal of finance, 58(6), 2351-2374. Huang, P., and Zhang, Y. (2011). Does enhanced disclosure really reduce agency costs? Evidence from the diversion of corporate resources. The Accounting Review, 87(1), 199-229. Huang, C. L., Chen, W. J., and Lu, K. C. (2014). The monitoring effect of information disclosure: institutional and retail investors. International Journal of Information and Management Sciences, 25(), i+197-214. doi:10.6186/IJIMS.2014.25.3.1 Jensen, M. C., and 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. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329. Karpavičius, S., and Yu, F. (2017). How institutional monitoring creates value: Evidence for the free cash flow hypothesis. International Review of Economics & Finance, 52, 127-146. Keynes, J. M. (1936). The general theory of money, interest and employment. Reprinted in The Collected Writings of John Maynard Keynes, 7. Koh, P. S. (2007). Institutional investor type, earnings management and benchmark beaters. Journal of Accounting and Public Policy, 26(3), 267-299. 41 Li, J., Lam, K., Qian, G., and Fang, Y. (2006). The effects of institutional ownership on corporate governance and performance: An empirical assessment in Hong Kong. Management International Review, 46(3), 259-276. Lin, Y. R., and Fu, X. M. (2017). Does institutional ownership influence firm performance? Evidence from China. International Review of Economics & Finance, 49, 17-57. Liu, L. Y., and Peng, E. Y. (2006). Institutional ownership composition and accruals quality. Myers, S. C., and Rajan, R. G. (1998). The paradox of liquidity. The Quarterly Journal of Economics, 113(3), 733-771. O`Neill, M., and Swisher, J. (2003). Institutional Investors and Information Asymmetry: An Event Study of Self‐Tender Offers. Financial Review, 38(2), 197-211. Ozkan, A., and Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking & Finance, 28(9), 2103-2134. Ward, C., Yin, C., and Zeng, Y. (2018). Institutional investor monitoring motivation and the marginal value of cash. Journal of Corporate Finance, 48, 49-75. 描述 碩士
國立政治大學
財務管理學系
105357020資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105357020 資料類型 thesis dc.contributor.advisor 陳明吉 zh_TW dc.contributor.advisor Chen, Ming Chi en_US dc.contributor.author (Authors) 江宇騰 zh_TW dc.contributor.author (Authors) Chiang, Yu-Teng en_US dc.creator (作者) 江宇騰 zh_TW dc.creator (作者) Chiang, Yu-Teng en_US dc.date (日期) 2018 en_US dc.date.accessioned 1-Aug-2018 16:18:04 (UTC+8) - dc.date.available 1-Aug-2018 16:18:04 (UTC+8) - dc.date.issued (上傳時間) 1-Aug-2018 16:18:04 (UTC+8) - dc.identifier (Other Identifiers) G0105357020 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/119130 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 105357020 zh_TW dc.description.abstract (摘要) 本研究以台灣上市公司作為研究對象，探討機構投資人持股比例與現金持有價值關聯性，是否機構投資人會發揮其監督功能，減少代理問題而使公司之現金持有價值提升。而本研究之實證結果顯示，在具有高機構投資人持股比例組合中，實證結果支持機構投資人之監督效果存在，而原因為在該組合內機構投資人持股比例高，與公司利害關係程度高，故在此時具有足夠誘因且能有效地來監督公司管理階層，進而降低代理問題使得其現金持有價值提高。而本研究另也探討機構投資人之異質性，根據林穎芬（2012）之定義加入主動型機構投資人與外資機構投資人，而實證結果表現外資機構投資人與主動型機構投資人之持股與公司之現金持有價值間不存在顯著正向關聯性。 除此之外，本研究亦發現公司治理品質會影響機構投資人之監督效果，在公司治理品質優之組別內，本研究實證結果支持機構投資人與主動型機構投資人會發揮其監督功能，而使公司之現金持有價值提升。最後，本研究之實證結果皆能證實機構投資人所發揮之監督功能使公司現金持有價值提升亦能使公司之績效表現提高。 zh_TW dc.description.abstract (摘要) The study examines whether the institutional investors monitor a firm related to the reduce of the agency problems and the rise of the marginal values of corporate cash holdings. We find that the company in the group with greater institutional ownership exists the monitoring effect from institutional investors, and the reason is the institutional investors with higher holdings would have greater incentive and ability to monitor the management. Further, we also discuss the heteroscedasticity of the institutional investors, but we don’t have sufficient evidence to support the positive correlation between marginal values of corporate cash holdings and active institutional investors, and neither do foreign institutional investors. In addition, our empirical result indicates the quality of corporate governance also influence the monitoring effect of institutional investors. In the group with the greatest corporate governance quality, the greater ownership of institutional investors and active institutional investors is associated with a higher marginal values of corporate cash holdings, which can be explained that the quality of corporate governance is an influential factor. At last, our study also observes that the rise of the marginal values of corporate cash holdings improves the corporate operating performance. en_US dc.description.tableofcontents 第一章 緒論 1 1.1研究背景與動機 1 1.2 研究目的 4 1.3研究架構與研究流程 6 第二章 文獻回顧 7 2.1 企業現金持有動機與代理問題 7 2.2機構投資人之監督效果 8 2.3 公司治理機制對現金持有價值與經營績效之關聯性 11 2.4 公司治理品質之衡量標準與影響層面 13 第三章 研究方法 14 3.1 研究假說 14 3.2 樣本選取來源與樣本期間 17 3.3 研究模型與變數定義 18 第四章 實證結果分析 21 4.1 敘述性統計分析 21 4.2各類型機構投資人持股比例與公司現金持有價值之關聯性 24 4.3 公司治理品質與機構投資人對現金持有價值之關聯性 30 第五章 研究結論與限制 35 5.1 研究結論 35 5.2 研究限制與未來研究建議 38 參考文獻 39 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105357020 en_US dc.subject (關鍵詞) 機構投資人 zh_TW dc.subject (關鍵詞) 監督效果 zh_TW dc.subject (關鍵詞) 代理成本 zh_TW dc.subject (關鍵詞) 現金持有價值 zh_TW dc.subject (關鍵詞) Institutional investors en_US dc.subject (關鍵詞) Monitor effect en_US dc.subject (關鍵詞) Agency cost en_US dc.subject (關鍵詞) Marginal values of cash holdings en_US dc.title (題名) 機構投資人持股對現金持有價值與公司績效影響性 zh_TW dc.title (題名) The Effects of Institutional Investors Ownership on Marginal Value of Cash and Operating Performance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文文獻: 林穎芬、洪晨桓、陳佳成,2012,臺灣上市公司董事薪酬影響因子之研究,臺大管 理論叢,23 卷(1 期):175-207。 洪于婷,2011,公司治理對現金持有價值及對超額現金與公司績效關係之研究, 臺 北大學會計學系碩士論文。 楊海燕、韋德洪、孫健,2012,機構投資者持股能提高上市公司會計信息質量嗎?— —兼論不同類型機構投資者的差異,會計研究,9 期:16-23。 蒲文燕、張洪輝,2013,異質機構投資與上市公司現金持有,宏觀經濟研究, 12 期:113-129。 陳美華、蔡俊佑,2010,公司治理對於企業持有現金價值之影響,臺灣銀行季刊, 61 卷(4 期):227-243。 蘇玄啟、羅仙法、施懿宸、李汶育,2016,台灣上市公司的現金持有、現金持有價 值與公司生命週期:預防性動機假說之驗證,臺大管理論叢,26 卷(2 期):173- 209。 英文文獻: Aggarwal, R., Erel, I., Ferreira, M., and Matos, P. (2011). Does governance travel around the world? Evidence from institutional investors. Journal of Financial Economics, 100(1), 154-181. Agrawal, A., and Mandelker, G. N. (1990). Large shareholders and the monitoring of managers: The case of antitakeover charter amendments. Journal of Financial and Quantitative analysis, 25(2), 143-161 39 Ajinkya, B., Bhojraj, S., and Sengupta, P. (2005). The association between outside directors, institutional investors and the properties of management earnings forecasts. Journal of accounting research, 43(3), 343-376. Almazan, A., Hartzell, J. C., and Starks, L. T. (2005). Active institutional shareholders and costs of monitoring: Evidence from executive compensation.Financial Management, 34(4), 5-34. Bushee, B. J. (1998). The influence of institutional investors on myopic R&D investment behavior. Accounting review, 305-333. Bushee, B. J. (2001). Do institutional investors prefer near‐term earnings over long‐run value?. Contemporary Accounting Research, 18(2), 207-246. Chen, X., Harford, J., and Li, K. (2007). Monitoring: Which institutions matter?. Journal of financial Economics, 86(2), 279-305. Chen, A., Kao, L., Tsao, M., and Wu, C. (2007). Building a corporate governance index from the perspectives of ownership and leadership for firms in Taiwan. Corporate Governance: An International Review, 15(2), 251-261. Dittmar, A., and Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of financial economics, 83(3), 599-634. Duggal, R., and Millar, J. A. (1999). Institutional ownership and firm performance: The case of bidder returns. Journal of Corporate Finance, 5(2), 103-117. Faulkender, M., and Wang, R. (2006). Corporate financial policy and the value of cash. The Journal of Finance, 61(4), 1957-1990 40 Gan, H., and Park, M. S. (2017). CEO managerial ability and the marginal value of cash. Advances in Accounting, 38, 126-135. Hartzell, J. C., and Starks, L. T. (2003). Institutional investors and executive compensation. The journal of finance, 58(6), 2351-2374. Huang, P., and Zhang, Y. (2011). Does enhanced disclosure really reduce agency costs? Evidence from the diversion of corporate resources. The Accounting Review, 87(1), 199-229. Huang, C. L., Chen, W. J., and Lu, K. C. (2014). The monitoring effect of information disclosure: institutional and retail investors. International Journal of Information and Management Sciences, 25(), i+197-214. doi:10.6186/IJIMS.2014.25.3.1 Jensen, M. C., and 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. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329. Karpavičius, S., and Yu, F. (2017). How institutional monitoring creates value: Evidence for the free cash flow hypothesis. International Review of Economics & Finance, 52, 127-146. Keynes, J. M. (1936). The general theory of money, interest and employment. Reprinted in The Collected Writings of John Maynard Keynes, 7. Koh, P. S. (2007). Institutional investor type, earnings management and benchmark beaters. Journal of Accounting and Public Policy, 26(3), 267-299. 41 Li, J., Lam, K., Qian, G., and Fang, Y. (2006). The effects of institutional ownership on corporate governance and performance: An empirical assessment in Hong Kong. Management International Review, 46(3), 259-276. Lin, Y. R., and Fu, X. M. (2017). Does institutional ownership influence firm performance? Evidence from China. International Review of Economics & Finance, 49, 17-57. Liu, L. Y., and Peng, E. Y. (2006). Institutional ownership composition and accruals quality. Myers, S. C., and Rajan, R. G. (1998). The paradox of liquidity. The Quarterly Journal of Economics, 113(3), 733-771. O`Neill, M., and Swisher, J. (2003). Institutional Investors and Information Asymmetry: An Event Study of Self‐Tender Offers. Financial Review, 38(2), 197-211. Ozkan, A., and Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking & Finance, 28(9), 2103-2134. Ward, C., Yin, C., and Zeng, Y. (2018). Institutional investor monitoring motivation and the marginal value of cash. Journal of Corporate Finance, 48, 49-75. zh_TW dc.identifier.doi (DOI) 10.6814/THE.NCCU.Finance.021.2018.F07 -
