臺灣博碩士論文加值系統

本文探討機構投資人投資期限與公司資本支出的關係，從機構投資人致力於監督公司的角度，檢視機構投資人長期持股對公司資本支出及股票報酬的影響。實證結果得知，遇過度投資之公司，若機構投資人增長持股期間，公司下一期的資本支出將降低；反之，投資不足的公司，若機構投資人增長持股期間，將使公司下一期的資本支出增加，皆代表資本支出情況轉趨良好。且因機構投資人長期持股，公司較能判斷其合適的資本支出，遇投資問題的公司改變其投資策略，將使下一期公司股票報酬提高。總結而言，透過機構投資人長期持股可增進其對公司之監理動機，使經理人對公司的資本支出判斷較為正確，有效減緩公司之代理問題。

This paper investigates how institutional investors influence on firms’ investment policies and stock performance. Using institutional turnover level to capture investor’s trading horizons, we find that an increase in the holding period of institutional investors is associated with a subsequent decrease (increase) in real investment of firm’s that over- (under-) investment. Both of the situations represent that the firms’ capital expenditure becomes better. More importantly, firms with long-term institutional investors are associated with higher stock performance. Overall, the evidence indicates that long-term institutional investors can influence managers’ capital expenditure decisions and lower agency problems effectively.

摘要 i
Abstract ii
目錄 iii
圖目錄 iv
表目錄 v
第一章　緒論 1
第一節 研究背景與動機 1
第二節 研究貢獻 5
第三節 研究架構 5
第二章　文獻回顧 6
第一節 機構投資人相關文獻 6
一、 機構投資人持有期間長短對公司之影響 6
二、 機構投資人與公司治理 8
三、 機構投資人交易對股價的影響 10
第二節 公司資本支出相關文獻 13
一、 現金流量與資本支出 13
二、 機構投資人與研發支出的關係 14
第三章　研究方法 18
第一節 資料來源與研究期間 18
第二節 研究假說 19
第三節 研究設計 21
一、 衡量投資期間 21
二、 衡量最適投資 23
三、 複迴歸分析 28
四、 投資和公司表現 29
第四章　實證研究與分析 31
第一節 樣本說明與特性 31
第二節 實證分析結果 36
一、 衡量最適投資 36
二、 投資和公司表現 40
第五章　結論與建議 43
第一節 結論 43
第二節 建議 43
參考文獻 44

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