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題名 長期型機構投資人及企業創新之關聯性-以美國上市公司為例
The Relationship between Long-term Institutional Investors and Corporate Innovation: Evidence from US Listed Companies作者 鄭至均
Cheng, Chih-Chun貢獻者 張祐慈
鄭至均
Cheng, Chih-Chun關鍵詞 企業創新
長期型機構投資人
短視行為
公司治理
Corporate innovation
Long-term institutional investors
Myopic behavior of management
Corporate governance日期 2023 上傳時間 2-Aug-2023 13:24:09 (UTC+8) 摘要 創新一直是企業成長關鍵的一環，若企業缺乏創新，在市場快速更迭且競爭激烈的時代，可能會就此失去市場地位。然而企業創新程度高低卻會受諸多因素影響，如企業規模、企業文化、經營狀況、財務狀況、管理階層的行為、機構投資人持股高低等等。隨公司治理議題日益重要，加上機構投資人在資本市場中扮演重要角色，OECD也在2015年公司治理原則中的六大基礎中新增了「機構投資人、證券市場及其他中介機關」，而根據優勢投資人(superior investor)觀點，長期型機構投資人更在乎企業長期績效。因此本研究將探討長期型機構投資人對於企業創新的影響，並研究長期型機構投資人是否能削減企業管理階層的短視行為。研究結果發現，長期型機構投資人對於企業創新有正向的影響，且對於大型企業影響更為明顯；然對於企業管理階層的短視行為並無顯著改善。另外本研究針對「長期型機構投資人是否能削減企業管理階層的短視行為」在額外測試中將樣本依據該年度企業獲利結果及其管理階層可能操弄盈餘可能性高低分為三組子樣本並做研究，得出結果，長期型機構投資人對於企業管理階層的短視行為仍無顯著改善。
Innovation has always been a crucial aspect of business growth. In an era of rapid market changes and intense competition, companies that lack innovation may risk losing their market position. However, the degree of innovation in a company can be influenced by various factors such as company size, corporate culture, operational and financial conditions, behaviors of management, institutional investor ownership, and more. With the increasing importance of corporate governance issues and the significant role played by institutional investors in the capital market, the OECD added " Institutional investors, stock exchanges and other intermediaries" as one of the six principles in its 2015 Corporate Governance Principles. From the perspective of superior investor, long-term institutional investors are more concerned with a company`s long-term performance. Therefore, this study aims to explore the impact of long-term institutional investors on corporate innovation and investigate whether they can mitigate the myopic behavior of management.The findings of this study reveal that long-term institutional investors have a positive impact on corporate innovation, with a more pronounced effect observed in large companies. However, they do not significantly improve the myopic behavior of management. Additionally, this study conducts additional tests on whether long-term institutional investors can reduce the myopic behavior of management by dividing the sample into three sub-samples based on the company`s annual profitability and the likelihood of management manipulating earnings. The results indicate that long-term institutional investors still do not significantly improve the myopic behavior of management.參考文獻 王志袁、劉念琪，2011，研發投入、研發組織管理與研發績效，商略學報，第三卷第4期：269-280。王曉雯、王泰昌與吳明政，2008，企業經營型態與研發活動績效，管理學報，第二十五卷第2期：173-193。金成隆、林修葳與邱煒恒，2005，研究發展支出與資本支出的價值攸關性：以企業生命週期論析，中山管理評論，第十三卷第2期：617-643。Aghion, P. and Reenen, K.V. and Zingales, L. 2013. Innovation and Institutional Ownership. American Economic Review, 103(1), 277-304.Baber, W., P. Fairfield, and J. Haggard. 1991. The effect of concern about reported income on discretionary spending decisions: The case of research and development. The Accounting Review, 66, 818-829.Berger, P. 1993. Explicit and Implicit Tax Effects of the R & D Tax Credit. Journal of Accounting Research, 31(2), 131-171.Bushee, B. J. 1998. The influence of institutional investors on myopic R&D investment behavior. The Accounting Review, 73, 305-333.Bushee, B. J. 2001. Do institutional investors prefer near‐term earnings over long‐run value? Contemporary Accounting Research, 18(2), 207-246.Burgstahler, D. and Dichev, I. 1997. Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics, 24, 99-126.Chang, C. and Chi, Y. and Kuo, W. and Tsui, S 2021. Do Blockholder Incentives Matter? Evidence from Firm Innovation. Review of Securities and Futures Markets 33: 2, 51-104 (2021)Duke, J., and H. Hunt. 1990. An empirical examination of debt covenant restrictions and accounting-related debt proxies. Journal of Accounting and Economics 12 (January), 45-63.Falk, N. and Train, K. 2016. Patent valuation with forecasts of forward citations. Journal of Business Valuation and Economic Loss Analysis, 16.Hall, Bronwyn H, Adam B Jaffe, and Manuel Trajtenberg, 2001, The nber patentcitation data file: Lessons, insights and methodological tools, NBER WorkingPaper.Hall, Bronwyn H, Adam Jaffe, and Manuel Trajtenberg, 2005, Market value andpatent citations, RAND Journal of Economics 16–38.Jiang, X. and Yuan, Q. 2018. Institutional investors` corporate site visits and corporate innovation. Journal of Corporate Finance 48, 148-168.Kim, H., and Park, K., and Song, K.2019. Do long-term institutional investors foster corporate innovation? Accounting and Finance 59, 1163-1195.Kleinknecht, A. 1989 Firm size and innovation: Observations in Dutch manufacturing industries. Small Business Economics 1, 215–222(1989).Kochhar, R., & David, P. 1996. Institutional investors and firm innovation: A test of competing hypotheses. Strategic Management Journal 17(1), 73–84.Lin, B. W., Lee, Y. and Hung, S. C. 2006. R&D intensity and commercialization orientation effects on financial performance, Journal of Business Research, 59(6), 679-685.Myers, S. 1984. The capital structure puzzle, Journal of Finance,39(July), 575-592Porter, M. 1992 Capital choices: Changing the way America invests in industry. Council on Competitiveness/Harvard Business School, Boston.Shefer, D. and Frenkel, A. 2005. R&D, firm size and innovation: an empirical analysis. Technovation 25(2005), 25–32.Tsetsekos, G. and Zantout, Z. 1994. The wealth effects of announcements of R&D expenditure increases. The Journal of Financial Research 17, 205-216Rajgopal, S. and Venkatachalam, M. 1997. The role of institutional investors in corporate governance: An empirical investigation. Working paper, Stanford University. 描述 碩士
國立政治大學
會計學系
110353013資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353013 資料類型 thesis dc.contributor.advisor 張祐慈 zh_TW dc.contributor.author (Authors) 鄭至均 zh_TW dc.contributor.author (Authors) Cheng, Chih-Chun en_US dc.creator (作者) 鄭至均 zh_TW dc.creator (作者) Cheng, Chih-Chun en_US dc.date (日期) 2023 en_US dc.date.accessioned 2-Aug-2023 13:24:09 (UTC+8) - dc.date.available 2-Aug-2023 13:24:09 (UTC+8) - dc.date.issued (上傳時間) 2-Aug-2023 13:24:09 (UTC+8) - dc.identifier (Other Identifiers) G0110353013 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146390 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 110353013 zh_TW dc.description.abstract (摘要) 創新一直是企業成長關鍵的一環，若企業缺乏創新，在市場快速更迭且競爭激烈的時代，可能會就此失去市場地位。然而企業創新程度高低卻會受諸多因素影響，如企業規模、企業文化、經營狀況、財務狀況、管理階層的行為、機構投資人持股高低等等。隨公司治理議題日益重要，加上機構投資人在資本市場中扮演重要角色，OECD也在2015年公司治理原則中的六大基礎中新增了「機構投資人、證券市場及其他中介機關」，而根據優勢投資人(superior investor)觀點，長期型機構投資人更在乎企業長期績效。因此本研究將探討長期型機構投資人對於企業創新的影響，並研究長期型機構投資人是否能削減企業管理階層的短視行為。研究結果發現，長期型機構投資人對於企業創新有正向的影響，且對於大型企業影響更為明顯；然對於企業管理階層的短視行為並無顯著改善。另外本研究針對「長期型機構投資人是否能削減企業管理階層的短視行為」在額外測試中將樣本依據該年度企業獲利結果及其管理階層可能操弄盈餘可能性高低分為三組子樣本並做研究，得出結果，長期型機構投資人對於企業管理階層的短視行為仍無顯著改善。 zh_TW dc.description.abstract (摘要) Innovation has always been a crucial aspect of business growth. In an era of rapid market changes and intense competition, companies that lack innovation may risk losing their market position. However, the degree of innovation in a company can be influenced by various factors such as company size, corporate culture, operational and financial conditions, behaviors of management, institutional investor ownership, and more. With the increasing importance of corporate governance issues and the significant role played by institutional investors in the capital market, the OECD added " Institutional investors, stock exchanges and other intermediaries" as one of the six principles in its 2015 Corporate Governance Principles. From the perspective of superior investor, long-term institutional investors are more concerned with a company`s long-term performance. Therefore, this study aims to explore the impact of long-term institutional investors on corporate innovation and investigate whether they can mitigate the myopic behavior of management.The findings of this study reveal that long-term institutional investors have a positive impact on corporate innovation, with a more pronounced effect observed in large companies. However, they do not significantly improve the myopic behavior of management. Additionally, this study conducts additional tests on whether long-term institutional investors can reduce the myopic behavior of management by dividing the sample into three sub-samples based on the company`s annual profitability and the likelihood of management manipulating earnings. The results indicate that long-term institutional investors still do not significantly improve the myopic behavior of management. en_US dc.description.tableofcontents 第壹章 緒論 1第一節 研究動機與目的 1第二節 研究問題 3第三節 研究架構 5第貳章 文獻探討 7第一節 機構投資人與企業創新 7第二節 機構投資人與管理階層短視行為(myopic behavior) 9第參章 研究方法 11第一節 研究假設 11第二節 資料來源與研究設計 13一、 資料來源： 13二、 樣本選取： 14三、 研究設計： 17四、 研究方法： 23五、 變數解釋： 25第肆章 實證結果 29第一節 敘述性統計及相關係數分析 29一、 敘述性統計： 29第二節 迴歸分析結果 34一、 假說一： 34二、 假說二 ： 38第三節 額外測試 41一、 額外測試說明： 41二、 敘述性統計： 42三、 額外測試實證結果： 42第伍章 結論與建議 50第一節 研究結論 50第二節 研究限制與建議 52一、 研究限制： 52二、 研究建議： 52參考文獻 54附錄 57 zh_TW dc.format.extent 2104378 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353013 en_US dc.subject (關鍵詞) 企業創新 zh_TW dc.subject (關鍵詞) 長期型機構投資人 zh_TW dc.subject (關鍵詞) 短視行為 zh_TW dc.subject (關鍵詞) 公司治理 zh_TW dc.subject (關鍵詞) Corporate innovation en_US dc.subject (關鍵詞) Long-term institutional investors en_US dc.subject (關鍵詞) Myopic behavior of management en_US dc.subject (關鍵詞) Corporate governance en_US dc.title (題名) 長期型機構投資人及企業創新之關聯性-以美國上市公司為例 zh_TW dc.title (題名) The Relationship between Long-term Institutional Investors and Corporate Innovation: Evidence from US Listed Companies en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 王志袁、劉念琪，2011，研發投入、研發組織管理與研發績效，商略學報，第三卷第4期：269-280。王曉雯、王泰昌與吳明政，2008，企業經營型態與研發活動績效，管理學報，第二十五卷第2期：173-193。金成隆、林修葳與邱煒恒，2005，研究發展支出與資本支出的價值攸關性：以企業生命週期論析，中山管理評論，第十三卷第2期：617-643。Aghion, P. and Reenen, K.V. and Zingales, L. 2013. Innovation and Institutional Ownership. American Economic Review, 103(1), 277-304.Baber, W., P. Fairfield, and J. Haggard. 1991. The effect of concern about reported income on discretionary spending decisions: The case of research and development. The Accounting Review, 66, 818-829.Berger, P. 1993. Explicit and Implicit Tax Effects of the R & D Tax Credit. Journal of Accounting Research, 31(2), 131-171.Bushee, B. J. 1998. The influence of institutional investors on myopic R&D investment behavior. The Accounting Review, 73, 305-333.Bushee, B. J. 2001. Do institutional investors prefer near‐term earnings over long‐run value? Contemporary Accounting Research, 18(2), 207-246.Burgstahler, D. and Dichev, I. 1997. Earnings management to avoid earnings decreases and losses. Journal of Accounting and Economics, 24, 99-126.Chang, C. and Chi, Y. and Kuo, W. and Tsui, S 2021. Do Blockholder Incentives Matter? Evidence from Firm Innovation. Review of Securities and Futures Markets 33: 2, 51-104 (2021)Duke, J., and H. Hunt. 1990. An empirical examination of debt covenant restrictions and accounting-related debt proxies. Journal of Accounting and Economics 12 (January), 45-63.Falk, N. and Train, K. 2016. Patent valuation with forecasts of forward citations. Journal of Business Valuation and Economic Loss Analysis, 16.Hall, Bronwyn H, Adam B Jaffe, and Manuel Trajtenberg, 2001, The nber patentcitation data file: Lessons, insights and methodological tools, NBER WorkingPaper.Hall, Bronwyn H, Adam Jaffe, and Manuel Trajtenberg, 2005, Market value andpatent citations, RAND Journal of Economics 16–38.Jiang, X. and Yuan, Q. 2018. Institutional investors` corporate site visits and corporate innovation. Journal of Corporate Finance 48, 148-168.Kim, H., and Park, K., and Song, K.2019. Do long-term institutional investors foster corporate innovation? Accounting and Finance 59, 1163-1195.Kleinknecht, A. 1989 Firm size and innovation: Observations in Dutch manufacturing industries. Small Business Economics 1, 215–222(1989).Kochhar, R., & David, P. 1996. Institutional investors and firm innovation: A test of competing hypotheses. Strategic Management Journal 17(1), 73–84.Lin, B. W., Lee, Y. and Hung, S. C. 2006. R&D intensity and commercialization orientation effects on financial performance, Journal of Business Research, 59(6), 679-685.Myers, S. 1984. The capital structure puzzle, Journal of Finance,39(July), 575-592Porter, M. 1992 Capital choices: Changing the way America invests in industry. Council on Competitiveness/Harvard Business School, Boston.Shefer, D. and Frenkel, A. 2005. R&D, firm size and innovation: an empirical analysis. Technovation 25(2005), 25–32.Tsetsekos, G. and Zantout, Z. 1994. The wealth effects of announcements of R&D expenditure increases. The Journal of Financial Research 17, 205-216Rajgopal, S. and Venkatachalam, M. 1997. The role of institutional investors in corporate governance: An empirical investigation. Working paper, Stanford University. zh_TW
