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研究生:徐曉君
論文名稱:風險、資訊不對稱與機構投資人之持股之研究
論文名稱(外文):Risk-taking, information asymmetry, and institutional investors' holdings
指導教授:屠美亞屠美亞引用關係
學位類別:碩士
校院名稱:國立政治大學
系所名稱:財務管理研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2009
畢業學年度:98
語文別:中文
論文頁數:52
中文關鍵詞:機構投資人風險承擔資訊不對稱
相關次數:
  • 被引用被引用:5
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  • 收藏至我的研究室書目清單書目收藏:2
在我國,隨著資本市場型態的改變,機構投資人持股比例有越來越高的趨勢,影響性亦日趨重大。由於機構投資人的投資策略往往是其他投資者關注的焦點,因此面對機構投資人持股與日俱增的情況,瞭解機構投資人的持股偏好與其對被投資公司的影響,對瞭解資本市場與公司治理皆有很大的助益。基於上述原因,本研究以國內上市上櫃公司作為研究對象,探討機構投資人是否會利用自身資訊優勢與風險承擔能力進行擇股,並進一步探討機構投資人在公司治理中的角色,分析其是否能顯著提昇公司價值。

研究發現,盈餘品質與機構投資人之持股呈顯著負相關,即盈餘品質越差,
機構投資人持股比例越高。本研究認為,此乃機構投資人身為精明的投資者,利用自身資訊優勢的利基,能洞悉公司盈餘品質不佳背後的真正原因,並挑選具成長潛力的公司進行投資之結果。此外,風險承擔與機構投資人之持股呈顯著負相關,即公司風險承擔能力越高,機構投資人持股比例越高。具有成長導向的風險承擔能使公司價值提升,而機構投資人在進行投資選股時,會選擇具有較高風險承擔能力的公司。於公司價值部分,本研究實證指出,若三大法人上一期持股越高,則下一期公司價值會有顯著改善。然若個別檢視三大法人之影響,則發現僅投信對公司價值有顯著提升,外資法人與自營商對公司價值雖有正向影響,但其結果並不顯著。總體而言,本研究認同機構投資人為積極投資者的持股角色,會積極介入公司營運管理,並改善公司價值,為股權的擁有者(owner)而非短視近利的短暫持有者(transient holder)。
第壹章 緒論................................................ 1
第一節 研究背景與動機....................................... 1
第二節 研究範圍 ............................................ 3
第三節 研究架構 ............................................ 4
第貳章 文獻探討 ............................................ 5
第一節 機構投資人與公司風險承擔態度 .......................... 5
第二節 機構投資人與資訊不對稱 ............................... 6
第三節 機構投資人的監督管理角色 .............................. 7
第參章 研究方法 ........................................... 13
第一節 研究流程 ........................................... 13
第二節 研究假說 ........................................... 14
第三節 研究樣本及資料來源 .................................. 16
第四節 研究變數之操作性定義 ................................ 17
第五節 實證模型之建立 ..................................... 23
第肆章 實證結果 ........................................... 26
第一節 盈餘品質的殘差估計 .................................. 26
第二節 風險承擔、盈餘品質與機構投資人持股 .................. 28
第三節 機構投資人持股與公司價值 ............................ 35
第伍章 結論與建議 ......................................... 39
第一節 研究結論 .......................................... 39
第二節 研究貢獻 ........................................... 41
第三節 研究限制 ........................................... 42
參考文獻 ................................................. 43
中文文獻
陳良銘(2004),「公司治理特性與盈餘管理程度關聯性之研究」,國立高雄第一科
技大學財務管理所碩士論文
彭政錦(2003),董事會特性、股權結構及機構投資人持股與盈餘關聯性之研究,
國立嘉義大學管理研究所碩士論文
張瑞棻(2003),股權結構與盈餘管理之相關性研究,輔仁大學管理研究所碩士論

吳佳儀(2007),財務危機公司之公司治理對盈餘管理之影響,中國文化大學會計
研究所碩士論文
林芳瑜(2007),機構投資主持股比率與盈餘管理之關係研究,元至大學財務金融
學系碩士論文
湯慧玲,2001,外國專業投資機構持股策略與投資標的財務屬性關聯性之研究,
國立政治大學會計學系碩士論文。


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