臺灣博碩士論文加值系統

公司治理已成為近年各界最為重視的課題。公司的內部控制是否可以真正的發揮功能，管理當局是否真的遵守內、外部的法令規範，並真實表達公司的經營成果，實為投資人所關心的議題。就投資人的角色而言，依其身分可分為自然人（散戶）及法人（券商、金融機構、保險公司、基金…等）兩大類。以台灣集中市場而言，散戶仍佔多數，但法人因具備專業投資知識與分析工具，其投資決策更常為一般投資人參考的對象。
本研究以台灣股票上市電子公司為研究對象，實證探討公司治理與機構投資人持股間的關係。實證結果發現：（1）在公司治理指數與公司經營績效的關聯性中，發現財務比率好的公司其公司治理的成效較好；（2）機構投資人持股會受公司治理指數及財務資訊的影響，但分成三大法人分別觀察時，外資的持股則是不受公司治理指數的影響；（3）機構投資人持股的股票，其報酬率較佳；但是，當股價報酬率與機構投資人持股比率均為同期時，是不成立的。本研究的結果意味著機構投資人的持股會受公司治理好壞及公司經營成果的影響，惟三大法人間所重視的資訊實有差異存在。

Corporate governance already becomes the subject that all parties pay attention to most in recent years. The internal controlling of a company can functioning well, administrative authority observe decree norm inside or outside really, and express the management performance of the company trully, is cared about really by investor. As for investors, can be divided into two kinds of private investors and institutional investors in accordance with its identity. Israel Taiwan''s security market on but speech, the private investor is still a majority, the institutional investors because possesses professional investment knowledge and analyses tools, target that its investment decision more often consults for private investors.
This research regards listing electronics corporation of the security market of Taiwan as the research object, probe into the company and manage the relation while holding share with institutional investors in real example. The real example result is found: ( 1) In the company in the ones that corporate governance index and company to manage the performance are related, the effect that its company of company finding the financial rate good manages is better; ( 2) institutional investors will be managed the influence of the index and financial information to hold share by the company, but divide it into the three kinds institutional investors while observing separately, it is the influence not managed the index by the company that the foreign institutional investors hold share; ( 3) The stock that organization''s investors held share, its rate of returns is relatively good; But when the rate is the same period that the rate of returns of the stock price and organization''s investor hold share, not established .
The result of this research means that the holding share of institutional investors will be managed quality and influence of company''s corporate governance performance by the company, but the information paid attention to have a difference to exist in fact among the three kinds corporate governance.

中文摘要……………………………………………………………i
英文摘要……………………………………………………………ii
誌謝…………………………………………………………………iii
目錄…………………………………………………………………iv
表目錄………………………………………………………………vi
圖目錄………………………………………………………………vii
第壹章 緒 論……………………………………………………1
第一節 研究動機與目的 ……………………………………1
第二節 研究目的 ……………………………………………6
第三節 研究流程與論文架構 ………………………………9
第貳章 文獻探討 ………………………………………………11
第一節 公司治理……………………………………………11
第二節 公司治理與公司經營績效…………………………22
第三節 機構投資人…………………………………………25
第參章 研究設計 ………………………………………………31
第一節 本研究之觀念性架構………………………………31
第二節 研究假說……………………………………………32
第三節 變數定義……………………………………………39
第四節 實證模式……………………………………………42
第五節 資料來源與樣本 …………………………………46
第肆章 實證結果 ………………………………………………48
第一節 敘述統計……………………………………………48
第二節 檢定公司治理與獲利能力之關係…………………57
第三節 檢定機構投資人持股與公司治理之關係…………60
第四節 檢定投資報酬與機構投資人持股之關係…………68
第伍章 結論 ……………………………………………………74
第一節 研究結論……………………………………………74
第二節 研究限制……………………………………………77
第三節 研究建議……………………………………………78
參考文獻……………………………………………………………79
附錄A 樣本公司明細……………………………………………85

1.林炎會，1995，外資對台灣證券市場股價之影響，國立台北大學企業管理研究所碩士論文。
2.沈仰斌、黃志仁，2001，子公司操作母公司股票：資料特性與操作行為，財務金融學刊，第9卷第3期，53-70。
3.邱碧珠，1999，資訊揭露程度與權益資金成本間之關係：我國資訊電子業之研究，國立台灣大學會計研究所碩士論文。
4.拾巳寰，1991，臺灣股票市場機構投資人與小額投資人股票購買行為差異性之研究，私立逢甲大學經濟研究所未出版碩士論文。
5.周淑卿、吳欽杉、陳安琳，2004，電子資訊產業與非電子資訊產業之研究發展支出、股權結構公司績效之關聯性研究，臺北科技大學學報第三十七之二期。
6.陳彥豪，2002，外資與投信法人持股比例變化對股價報酬率影響之研究-以上市電子股為例，國立中山大學財務管理研究所碩士論文。
7.陳櫻建，2002，外資持股比例、公司特性與公司價值，國立中正大學財務金融研究所碩士論文。
8.張勝和，1991，「概論利益輸送」，稅務旬刊第一四三六期，7-10頁。
9.許文彥，2003，機構投資人持有上市櫃股票特徵與善良管理人責任之研究，私立逢甲大學保險學系碩士班碩士論文。
10.郭素芝，2002，機構投資人與財務報表攸關性之研究，國立成功大學會計研究所碩士論文。
11.彭政錦，2002，董事會特性、股權結構及機構投資人持股與盈餘管理關聯性之研究，國立嘉義大學管理研究所碩士論文。
12.葉銀華、李存修、柯承恩，2002，公司治理與評等系統，商智文化。
13.楊子江，1986，策略性組織關聯與事業風險及財務報酬之研究:大型企業董監事連結類型的比較分析，國立政治大學企業管理研究所博士論文。
14.楊文慶，1994，「集團企業間非常規交易之類型」，律師通訊第174期，48-54頁。
15.劉立詩，1999，新上市公司股權結構與股票長期績效之研究，國立中山大學企業管理學系研究所碩士班論文。
16.劉若蘭，1995，財務比率資訊內涵之實證研究，私立東吳大學會計研究所未出版碩士論文。
17.劉士棋，1997，財務比率分析資訊內涵之實證研究，國立中興大學會計研究所未出版碩士論文。
18.蘇鵲翎，1999，散戶與法人投資行為對股價報酬率與週轉率影響之探討- 以台灣上市電子股為例，國立台灣大學財務金融研究所碩士論文。
19. Admati, A. R., P. Pfleiderer, and J. Zechner (1994), Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium, Journal of Political Economy, 1097-1130.
20. Ayres, I., and P. Cramton (1993),An Agency Perspective on Relational Investing, Working Paper, Stanford Law School.
21. Berle, Adolf, and Gardiner Means (1932),The Modern Corporation and Private Property (Macmillan, New York).
22. Bhagat, S., and B.Black (1999),The Uncertain Relationship between Board Composition and Firm Performance, Business lawyer , Vol. 54, 921-963.
23. Bhagat, S. and B. Black (2002), The non-correlation between board independence and long-termfirm performance, Journal of Corporation Law, Vol.27 (2), 231-273.
24. Black, B. (1990), Shareholders Passivity Reexamined, Michigan Law Review, December, 520-608.
25. Brancato, C. K. (1997), Institutional Investors and Corporate Governance: Best Practices for Increasing Corporate Value, Chicago, IL: Irwin Professional Publishing.
26. Brickley, J., R. Lease, and C. Smith (1988), Ownership Structure and Voting on Anti-takeover Amendments, Journal of financial Economics (Jan/Mar), 267-291.
27. Business Week, 2002 January 24, The Best and Worst Corporate Boards, Cover Story.
28. Charkham, J P., A larger role for institutional investors, in N Dimsdale and M Prevezer (eds.), Capital Markets and Corporate Governance, Oxford 1994. Clarendon Press.
29. Claessens, S., S.Djankov, and L. Klapper (1999), Resolution of Corporate Distress: Evidence form East Asia’s Financial Crisis, The First Annual World Bank Group-Brookings Institution Conference, Palisades, New York.
30. Claessens, S., S.Djankov, J. Fan, and H. P. Lang (1999), Expropriation oh minority shareholders: Evidence form East Asia, Police research working paper 2088, The World Bank.
31. Claessens, S., S.Djankov, and L. H. P. Lang (2000), The Separation of Ownership and Control in East Asia Corporation, Journal of financial Economics, Vol.58, 81-112.
32. Claessens, S., S.Djankov, J. Fan, and H. P. Lang (2002), Disentangling the Incentive and Entrenchment Effect of Large Shareholdings, Journal of financial, Vol.57 (6), 2741-2771.
33. Coffee, J. C., Jr. (1991), Liquidity Versus Control : The Institutional Investor as Corporate Monitor, Columbia Law Review, 1277-1368.
34. Fama, E., and M. Jensen (1983), Separation of Ownership and Control, Journal of Law and Economics, Vol. 26, 301-325.
35. Falkenstein, E. G. (1996), Preferences for Stock Characteristics as Revealed by Mutual Fund Portfolio Holdings, Journal of finance, Vol. 51(1), 111-136.
36. Jensen, M. C., and R. S. Ruback (1983), The market for corporate control: The scientific evidence, Journal of financial Economics, Vol.11, 5-50.
37. Jensen, M. C., and W. H. Meckling (1976), Theory of the firm: Managerial behavior, agency cost and ownership structure, Journal of financial Economics, Vol.3, 305-360.
38. Johnson, S., P. Boone, A. Breach, and E. Friedman (2000), Corporate Governance in the Asian Financial Crisis, Journal of financial Economics, Vol.58, 141-186.
39. Joh, S. W. (2003), Corporate Governance and Frm Profitability：Evidence from Korea Before the Economic Crisis, Journal of Financial Economics, Vol.68, 287-322.
40. Klein, A. (2002), Audit Committee, Board of Director Characteristics, and Earnings Management. Journal of Accounting and Economics, Vol. 33, 375-400.
41. La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny (1998), Law and Finance, Journal of Political Economy, Vol.106, 1113-1155.
42. La Porta, R., F. Lopez-de-Silanes, and A. Shleifer (1999), Corporate Ownership around the World, Journal of finance, Vol.54, 471-517.
43. La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. W. Vishny (2002), Investor Protection and Corporate Valuation, Journal of finance, Vol.57, 1147-1170.
44. Lakonishok, J., A. Shleifer, and R. W. Vishny (1992), The Impact of Institutional Trading on Stock Prices, Journal of financial Economics, Vol.32, 23-43.
45. Lorsch, J. L., and E. M. MacIver (1989), Pawns or Potentates? The Reality of American’s Corporate Board (Harvard Business School Press, Boston).
46. Mangel, R. and H. Singh (1993), Ownership Structure, Board Relationships and CEO Compensation in Large U.S. Corporations, Accounting and Business Research, Vol. 23/91A, 339-362. 1993.
47. McConnell, J., and H. Servaes (1990), Additional Evidence on Equity Ownership and Corporate Value, Journal of financial Economics, October, 595-613.
48. McKinsey & Company, June 2002, Investor Opinion Survey.
49. Mohanty, P.,2003, Institutional Investors and Corporate Governance in India, National Stock Exchange of India Research Initiative Paper No. 15
50. Morck, R., A. Shleifer, and R. W. Vishny (1988), Management ownership and market valuation: an empirical analysis, Journal of financial Economics, Vol. 20, 293-315.
51. OECD, 2004 OECD Principles of Corporate Governance, Paris: OECD.
52. Patton, A., and J. C. Baker (1987), Why Won’t DirectorsRock the Boat, Harvard Business Review, Vol.65(6),10-18.
53. Paul, A., Joy, L. and Metrick, A.,2001, Corporate Governance and Equity Prices, NBER WORKING PAPER NO.8449.
54. Pound, J.,(1988), Proxy Contests and the Efficiency of Shareholder Oversight, Journal of financial Economics, Vol. 20 (1-2), 237-265.
55. Prowse, S. (1998), Corporate Governance: Emerging Issues and Lessons from East Asia, Responding to the Global Financial Crisis-World Bank mimeo.
56. Rajan, R., and L. Zingales (1998), Which Capitalism ?Lessons from the East Asia Crisis, Journal of Applied Corporate Finance, Vol.11(3), 1078-1196.
57. Shleifer, A. and R. Vishny (1986), Large Shareholders and Corporate Control, Journal of Political Economy, Vol. 94, 461-488.
58. Shleifer, A. and R. Vishny (1997), A Survey of Corporate Governance, Journal of Finance, Vol. 52, 737-783.
59. Standard & Poor’s Company, January 2002, Standard & Poor’s Corporate Governance Scores: Criteria, Methodology and Definitions.
60. Watts, R. L. (1988), Discussion of Financial Reporting Standards, Agency Costs, and Shareholder Intervention, Journal of Accounting Literature, 125-132.
61. World Bank (1999), Corporate Governance: A Framework for Implementation- Overview, 5.
62. Xie, B., W. N. Davidson III, and P. J. DaDalt. (2003), Earnings Management and Corporate Governance: The Role of The Board and The Audit Committee. Journal of Corporate Finance , Vol.9, 295-316.
63. Yeh, Y. H., T. S. Lee and T. Woidtke (2001), Family Control and Corporate Governance: Evidence for Taiwan, International Review of Finance, Vol. 2, 21-48.
64. Yeh, Y. H., and T. S. Lee (2002), Corporate Governance and Corporate Equity Investments: Evidence from Taiwan, The 9th Global Finance Conference, Beijing, China.