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研究生:林鈺婷
研究生(外文):Yu-Ting Lin
論文名稱:機構投資人持股比率對企業多角化與資訊不對稱關聯性之影響-以台灣傳統產業為例
論文名稱(外文):The Effect of Institutional Ownership on the Relationship between Corporate Diversification and Asymmetric Information-A Case of Traditional Industries in Taiwan
指導教授:林坤輝林坤輝引用關係
指導教授(外文):Kun-Hui Lin
學位類別:碩士
校院名稱:國立屏東科技大學
系所名稱:財務金融研究所
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:2013
畢業學年度:101
語文別:中文
論文頁數:50
中文關鍵詞:機構投資人持股比率企業多角化資訊不對稱
外文關鍵詞:InstitutionalOwnershipCorporateDiversificationAsymmetric Information
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資訊不對稱一直是金融市場所關注的焦點,企業進行多角化擴展公司規模,此外,機構投資人是臺灣股票市場上重要的角色。因此,除了探討企業多角化與資訊不對稱之關連性外,並深入探討機構投資人持股比率是否會強化多角化與資訊不對稱之間的關聯性。本研究使用迴歸分析,以台灣傳統產業之公司為研究對象,共計132家公司,期間為2005年至2012年,其實證研究結果如下:(1)企業多角化與資訊不對稱顯著呈現負相關。(2)在同時考慮機構投資人持股比率下,企業多角化與資訊不對稱顯著負相關幅度更大,因此,機構投資人持股比率顯著強化企業多角化與資訊不對稱之關聯性。
Asymmetric Information has become a controversial topic of financial markets. The corporation is expanding scale by diversification. Additionally, Institutional investor is an important role. This research adopt regression analysis to examine: (1) The relationship between corporate diversification and asymmetric information. (2) The effect of institutional ownership on the relationship between corporate diversification and asymmetric information. This paper collected the effective sample of 132 traditional industry firms as our empirical data from 2005 to 2012. The empirical results can be summarized as following: The corporate diversification is negative related to asymmetric information. When Institutional Ownership Ratio is high, the corporate diversification is in inverse proportion to asymmetric information.
目 錄

第壹章 緒論.............................. 1
第一節、 研究背景與動機....................1
第二節、 研究目的.........................3
第三節、 研究架構.........................4
第貳章 文獻回顧............................6
第一節、資訊不對稱相關文獻..................6
第二節、多角化的相關文獻....................7
第三節、機構投資人持股相關文獻...............9
第四節、多角化與資訊不對稱相關文獻...........10
第五節、機構投資人持股與資訊不對稱相關文獻.....12
第參章 研究方法........................... 13
第ㄧ節、研究假說與架構.....................13
第二節、研究變數與操作型定義................15
第三節、樣本選擇與資料來源..................19
第四節、模型設定..........................20
第肆章 實證結果........................... 22
第一節、敘述性統計分析..................... 22
第二節、相關係數分析.......................25
第三節、實證分析..........................27
第伍章 結論與建議......................... 39
第一節、研究結論..........................39
第二節、研究建議..........................41
參考文獻................................. 42

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