臺灣博碩士論文加值系統

本文依照「公司治理評鑑」為基礎來探討我國的上市公司在實施公司治理評鑑中所推行的新制度之後，是否能增加機構投資人的持股比例。本研究分別從「是否有提供英文議事手冊」、「是否有採取候選人提名制」、「是否有逐案票決」以及「是否有實施電子投票」四個面向來了解，若公司有執行這些新制度的改革，是否能有效增加機構投資人對企業的持股比例，以及分析公司採行各項制度會受什麼因素影響。實證結果顯示，這幾項與公司治理有關的制度對於機構投資人的持股影響效果不一，有些制度甚至可能造成機構投資人的持股比例減少；另一方面，影響公司採行各項新制度的因素，也會隨著制度的不同而有所差異。

This paper mainly discusses how to attract institution investors and increase the proportion of institution ownership. From the following points, whether the company provide the English handbook, there is a voting by poll, perform e-voting, or there is a candidate nomination system . Will the government implement these policies can increase the proportion of institution ownership? The empirical results show that these systems related to corporate governance have different effects on the holdings of institutional investors. Some systems may even result in a decrease in the proportion of institutional investors.

摘要 I
Abstract II
謝誌 III
目錄 IV
圖目錄 V
表目錄 VI
第壹章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 4
第貳章 文獻探討與制度介紹 6
第一節 過去文獻回顧 6
第二節 新制度介紹 8
第參章 研究方法 11
第一節 研究期間與樣本選取 11
第二節 研究方法與變數定義 11
第肆章 實證結果 17
第一節 樣本描述 17
第二節 實證分析 21
第伍章 結論 59
參考文獻 61

丁秀儀(2009)。公司治理是否受到機構投資人的青睞。管理學報，26(3)，233-253。
林美鳳、梁嘉紋、金成隆(2010)。公司股權結構與外資持股關係之研究。中山管理評論。18(1)，101-142。
Aggarwal, R., Klapper, L., & Wysocki, P. D. (2005). Portfolio preferences of foreign institutional investors. Journal of Banking & Finance, 29(12), 2919-2946.
Aggarwal, R., Erel, I., Ferreira, M., & Matos, P. (2011). Does governance travel around the world? Evidence from institutional investors, 100(1), 154-181.
Bushee, B. (2001). Do institutional investors prefer near-term earnings over long-run value? Contemporary Accounting Research, 18(2), 207-246.
Bushee, B., Carter, M. E., & Gerakos, J. (2014). Institutional investor preferences for corporate governance mechanisms. Journal of Management Accounting Research, 26(2), 123-149.
Chung, K. & Zhang, H. (2009). Corporate Governance and Institutional Ownership. Journal of Financial and Quantitative Analysis (JFQA), Forthcoming.
Claessens, S., Djankov, S. D., & Lang, L. H. P.(2000). The separation of ownership and control in East Asian corporations. Journal of Finance Economics, 58(1-2), 81-112.
Cronqvist, H. & Nilsson, M.(2003). Agency costs of controlling minority shareholders. Journal of Financial and Quantitative Analysis, 38(4), 695-719.
Dahlquist, M. & Robertsson, G. (2001). Direct foreign ownership, institutional investors, and firm characteristics. Journal of Financial Economics, 59(3), 413-440.
Drabek, Z. & Payne, W. (2002). The impact of transparency on foreign direct investment. Journal of Economic Integration, 17(4), 777-810.
Falkenstein, E. G. (1996). Preferences for stock characteristics as revealed by mutual fund portfolio holdings. Journal of Finance, 51(1), 111-135.
Gompers, P. & Metrick, J. (2001). Institutional investors and equity prices. Journal of Economics, 116(1), 229-259.
Grinblatt, M. & Keloharju, M. (2001). How Distance, Language, and Culture Influence Stockholdings and Trades. Journal of Finance, 56(3), 1053-1073.
Huang, R. D. & Shiu, C. Y. (2005).Overseas monitors in emerging financial markets: Evidence from foreign investment flows and equity ownership in Taiwan. Working paper, University of Notre Dame.
Khanna, T. & Palepu, K. (2000). Emerging market business groups, foreign investors, and corporate governance. In Concentrated Corporate Ownership. National Bureau of Economic Research Conference Report. 265-294.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1153.
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471-517.
Leuz, C., Lins, K. V., & Warnock, F. E. (2008). Do Foreigners Invest Less in Poorly Governed Firms? The Review of Financial Studies, 22(8), 3245-3285.
Lin, C. H., & Shiu, C. Y. (2003). Foreign Ownership in the Taiwan Stock Market—An Empirical Analysis. Journal of Multinational Financial Management, 13, 19-41.
Merton, R. C. (1987). A Simple Model of Capital Market Equilibrium with Incomplete Information. Journal of Finance, 42(3), 483-510.
Ng, L., & Wang, Q. (2004). Institutional Trading and the Turn-of-the-Year Effect. Journal of Financial Economics, 74, 343-366.
Zhou, C. (1998). Dynamic Portfolio Choice and Asset Pricing with Differential Information. Journal of Economic Dynamics and Control, 22(7), 1027-1051.