| dc.contributor.advisor | 李怡宗 | zh_TW |
| dc.contributor.author (作者) | 林鼎堯 | zh_TW |
| dc.creator (作者) | 林鼎堯 | zh_TW |
| dc.date (日期) | 2002 | en_US |
| dc.date.accessioned | 2009-09-18 | - |
| dc.date.available | 2009-09-18 | - |
| dc.date.issued (上傳時間) | 2009-09-18 | - |
| dc.identifier (其他 識別碼) | G0090353040 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/34198 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 會計研究所 | zh_TW |
| dc.description (描述) | 90353040 | zh_TW |
| dc.description (描述) | 91 | zh_TW |
| dc.description.abstract (摘要) | 現今，世界經濟脈動迅速，科技發展日新月異，如何在瞬息萬變的趨勢洪流中掠取先機，端賴自身競爭力強弱而定。然而管理當局短視行為的發生，卻易損及企業的競爭優勢，甚至對企業未來有不利影響。造成管理當局短視之因源於多方面，來自資本市場投資人的影響即為其一。而資本市場中，機構投資人往往是大家注目的焦點，因此本研究乃對機構投資人持股比例與管理當局短視行為的關係進行探討，並期望能對公司治理制度的擬定上有所助益。本研究以民國八十四年至民國九十年為研究期間，針對我國上市公司研究其管理當局短視行為與機構投資人持股比例間的關係，並探究在電子與非電子產業間兩者關係是否相同。此外，本研究亦比較機構投資人與個人投資者，各自持股比例與管理當局短視行為的相關情形，進以探尋真正能發揮監理機制的投資人類別。實證結果顯示：(1)管理當局短視行為與機構投資人持股比例高低有顯著之負向關係，而與個人投資者持股比例間則有顯著的正向關係。(2)在非電子產業中，機構投資人持股與管理當局短視行為呈顯著負向關係，而電子產業中兩者則無顯著關係。(3)管理當局短視行為與機構投資人持股比例變動的幅度有顯著之負向關係，而與個人投資者持股比例變動則有顯著的正向關係。(4)在非電子股產業方面，機構投資人持股比例變動幅度與管理短視行為間無顯著關係；但在電子產業中，則兩者間呈現顯著之負向關係。 | zh_TW |
| dc.description.abstract (摘要) | Nowadays, the economy situation is changing so fast and the development of new technology has altered with each passing day. To be ahead of their competitors, firms must sharpen their competitive edge. However, management myopia often damage their competitive advantages and would do harm to the firms in the future. The phenomenon of management myopia is derived from many reason, one of them is the effect of the investors in the capital market. Furthermore, participants in the capital market always pay attention to the behavior of institution investors. Thus, this research explores the relationships between the ownership of institution investors and management myopic. We hope it would be beneficial to the enactment of the system of corporate governance.This research focuses on the relationship between the myopic behavior of management and the ownership of institution investors of the listed companies in Taiwan Stock Exchange from 1995 to 2001. It also explores if the relationship is the same in both electronic industry and non-electronic industries. Besides, the study also compares the effect of the ownership of individual or institution investors on the management myopia in order to point out the type of investors that can provide monitory function clearly.The empirical study indicates that (1) there is a significant negative relationship between the myopic behavior of management and the ownership of institution investors. Conversely, there is a significant positive relationship between the myopic behavior of management and the ownership of individual investors. (2) In the electronic industry, the relationship between the ownership of institution investors and the myopic behavior of management is not significant. However, it is significant negative in other industries. (3) The change of percentage of ownership of institution investors has significant negative relationship with the management myopia. However, it is opposite to the individual investors. (4) No significant relationship between the institution investors and the management myopic in non-electronic industries. But in the electronic industry, it is significant negative. | en_US |
| dc.description.tableofcontents | 目 錄第一章 緒 論.............................................................1第一節 研究動機與目的.........................................1第二節 研究問題...............................................4第二章 文獻探討...............................................6第一節 管理當局短視行為.......................................6第二節 機構投資人之偏好與類別................................13第三節 管理決策與機構投資人持股關係..........................20第四節 影響公司研發支出決策之相關因素........................25第三章 研究方法..............................................32第一節 假說建立..............................................32第二節 研究變數..............................................35第三節 樣本資料來源與處理....................................41第四節 分析方法..............................................42第四章 實證結果與分析........................................45第一節 樣本概述...............................................45第二節 分群之敘述性統計.......................................57第三節 機構投資人持股比例實証研究.............................67第四節 機構投資人持股比例變動實証研究.........................73第五章 結論與建議........................................... 81第一節 研究結論...............................................81第二節 研究限制...............................................83第三節 研究建議...............................................85參考文獻......................................................86中文部分......................................................86英文部分......................................................87圖表目錄圖3.5-1 本研究分析架構圖......................................44表2.1-1 管理當局短視行為文獻彙總表-屬理論探討者...............11表2.1-2 管理當局短視行為文獻彙總表-屬實證分析者...............11表2.2-1 投資人偏好與類別之文獻彙總表-屬書籍論述者.............18表2.2-2 投資人偏好與類別之文獻彙總表-屬實證分析者.............18表2.3-1 國外管理決策與機構投資人持股關係之文獻彙總表..........23表2.3-2 國內管理決策與機構投資人持股關係之文獻彙總表..........24表2.4-1 國外影響公司研發支出決策相關因素之文獻彙總表..........29表2.4-2 國內影響公司研發支出決策相關因素之文獻彙總表..........30表3.2-1 各項變數衡量方式及預期與CUTRD關係.....................40表3.4-1 各樣本之定義及衡量方式................................42表4.1-1 持股比例議題下各樣本的EBTRD變動情形比較表.............45表4.1-2 持股比例議題下各樣本間不同投資人持股比例情形比較表....46表4.1-3 持股比例議題下各樣本的公司規模比較表..................46表4.1-4 持股比例議題下各樣本間每股研發支出之比較表............47表4.1-5 持股比例議題下各樣本產業分佈..........................48表4.1-6 持股比例議題下SD樣本Logistic模式分析結果..............50表4.1-7 持股比例議題下SD樣本中之CHOW TEST結果.................50表4.1-8 持股比例議題下機構投資人持股比例小於3.94%之迴歸結果...51表4.1-9 持股比例議題下機構投資人持股比例大於3.94%之迴歸結果...51表4.1-10 持股比例議題下樣本依CHOW TEST處理後之產業分佈表......51表4.1-11 持股比例變動議題下變動下各樣本的EBTRD差異情形比較表..53表4.1-12 持股比例變動議題下各樣本間不同投資人持股比例情形比較 表...................................................54表4.1-13 持股比例變動議題下各樣本的公司規模比較表.............54表4.1-14 持股比例變動議題下各樣本的每股研發支出之比較表.......55表4.1-15 持股比例變動下各群樣本產業分佈表.....................56表4.2-1 持股比例議題下各樣本之特性............................58表4.2-2 Cut樣本和Increase樣本的敘述性統計....................59表4.2-3 SD樣本中各自變數之相關係數...........................61表4.2-4 SD樣本之共線性檢定...................................62表4.2-5 持股比例議題下電子類與非電子類樣本中機構投資人持股比例 情形..................................................63表4.2-6 持股比例議題下電子類與非電子類樣本中每股研發支出情形..63表4.2-7 持股比例變動議題下SD、IN和LD樣本的敘述性統計..........64表4.2-8 持股比例變動議題下電子與非電子類樣本機構投資人持股比例 變動情形..............................................65表4.2-9 持股比例變動議題下電子類與非電子類樣本中每股研發支 出情形................................................65表4.2-10 持股比例變動議題下電子類股中不同樣本之每股研發支出情 形...................................................66表4.3-1 持股比例議題下SD、IN與LD樣本的Logistic模式分析結果....69表4.3-2 持股比例議題下機構、僑外、個人持股樣本之Logistic模式 分析結果表............................................70表4.3-3 持股比例議題下SD樣本中電子、非電子公司之Logistic模式 分析結果..............................................72表4.4-1 持股比例變動議題下各群樣本的Logistic模式分析結果 表....................................................74表4.4-2 持股比例變動議題下機構、僑外、個人持股樣本之Logistic 模式分析結果表........................................75表4.4-3 持股比例變動議題下Positive與Negative樣本之Logistic模式 分析結果..............................................77表4.4-4 持股比例變動議題下電子、非電子類股樣本之Logistic迴歸 模式比較表............................................78表4.4-5 持股比例變動議題下電子類股機構投資人持股比例增減變動 簡單迴歸結果..........................................79表4.4-6 持股比例變動議題下非電子類股機構投資人持股比例增減變動 簡單迴歸結果..........................................80 | zh_TW |
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| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0090353040 | en_US |
| dc.subject (關鍵詞) | 管理當局短視 | zh_TW |
| dc.subject (關鍵詞) | 機構投資人持股比例 | zh_TW |
| dc.subject (關鍵詞) | 盈餘管理 | zh_TW |
| dc.subject (關鍵詞) | 公司治理 | zh_TW |
| dc.subject (關鍵詞) | management myopic | en_US |
| dc.subject (關鍵詞) | ownership of institutional investor | en_US |
| dc.subject (關鍵詞) | earning management | en_US |
| dc.subject (關鍵詞) | corporation governance | en_US |
| dc.title (題名) | 管理當局短視行為與機構投資人持股比例關係：企業研發支出之實證研究 | zh_TW |
| dc.type (資料類型) | thesis | en |
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