臺灣博碩士論文加值系統

機構投資者對公司會計資訊盈餘報導決策的影響有兩種不同的觀點：(1)為積極監督觀點，機構投資者為專業精明的投資者，當機構投資者持股比例增加時，股價應更能反映未來盈餘資訊；(2)為私有利益觀點，為達到有利的交易目的，過度專注當期盈餘，當機構投資者持股比例高時，股價反映未來盈餘資訊的程度較小。本文以會計資訊價值攸關性的角度，探討公司機構投資者在會計資訊價值攸關性所扮演的角色。實證結果發現機構投資者高持股率時，會顯著提高盈餘變數的相對價值攸關性；且在盈餘變數的相對價值攸關性提高時，權益帳面價值的相對價值攸關性降低，此實證結果支持機構投資者積極監督假說。進一步考慮機構投資者持股波動性後，發現高持股率機構投資者伴隨著低持股波動性，會顯著提高盈餘的相對價值攸關性；另一方面，高持股率機構投資者伴隨著高持股波動性，則顯著降低盈餘的相對價值攸關性。本研究進行若干敏感性測試，證實實證結果具高度穩定性。

From institutional investors’ viewpoints, there are two different concerns toward Accounting and Financial Profit Reporting. (1) A positive supervisor: Investors are clever and professional. When they have more shares of stock, the price can reflect more future surplus information. (2) For private benefits: To get more profits, investors pay more attention on the current surplus. While the shareholding ratios of investors are getting higher, the ability to reflect stock price surplus information is less. In this article we will present a viewpoint to the institutional investors’ actor from value-relevance of accounting information’s perspective.
The empirical results show if the institutional investors hold high shares, it will significantly increase the relative value relevance for the earning variables. Besides, if the relative value relevance for the earning variables increases, the relative value relevance for the book value of equity reduces. This empirical results support the hypothesis that the institutional investors shall actively monitor. Further consider the institutional investors’ holdings volatility, we found that the institutional investors holding high shares accompany low shares volatility, and it will significantly enhance the relative value relevance for the earnings. On the other hand, the institutional investors with a high holding rate accompany the high shares volatility, it significantly reduce the relative value relevance of earnings. Several sensitivity tests are carried out by this study and it confirms that the empirical results are with a high degree of stability.

目 錄
中文摘要.....................................i
ABSTRACT...................................ii
誌 謝.................................iii
目 錄..................................iv
表 目 錄...................................v
圖 目 錄...................................vi
第一章 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
第二章 文獻探討..............................6
第一節 會計資訊價值攸關性研究相關文獻............6
第二節 機構投資者研究相關文獻...................8
第三章 研究設計.............................10
第一節 研究假說.............................10
第二節 機構投資者投資變數及控制變數.............13
第三節 實證模型.............................16
第四節 資料來源、研究期間與樣本選取.............19
第四章 實證結果與分析........................21
第一節 敘述性統計與相關性分析..................21
第二節 迴歸實證結果..........................24
第五章 額外測試.............................27
第一節 以四月底股價為衡量基礎之檢測.............27
第二節 2008年金融海嘯前後之測試................30
第三節 未控制產業衡量基礎之測試.................35
第六章 研究結論與限制.........................38
第一節 研究結論..............................38
第二節 研究限制..............................39
參考文獻......................................40

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