English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113648/144635 (79%)
Visitors : 51681082      Online Users : 483
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 金融學系 > 學位論文 >  Item 140.119/116014
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/116014


    Title: 各類型機構投資人持股對企業併購績效之影響
    Institutional Ownership and Acquiring Firms’ Performance: Evidence from Taiwan
    Authors: 林忠緯
    Lin, Chung Wei
    Contributors: 陳威光
    林靖庭

    Chen, Wei Kuang
    Lin, Ching Ting

    林忠緯
    Lin, Chung Wei
    Keywords: 代理問題
    公司治理
    機構投資人
    併購
    Agency problem
    Corporate governance
    Institutional investor
    Merger and acquisition
    Date: 2017
    Issue Date: 2018-03-02 11:40:07 (UTC+8)
    Abstract: 本研究分析各類型機構投資人持股份額及持股變動,與企業併購長短期績效的關聯性,藉以探討各類型投資人在公司治理中所扮演的角色。本研究結果發現,機構投資人持股對企業監督的功能在短期不明顯。然而就長期而言,外資持股對併購長期績效有正面影響。無論由法人、機構投資人及總持股等層面來看,外資持股皆與併購企業長期績效有顯著的正相關。

    進一步將各類型投資人持股拆解為細項,發現外資信託基金持股與併購長期績效的關係由負轉正;反觀本國方面,本國信託基金持股對長期績效則有非常顯著的負向影響;而包含職工福利會及基金會持股的本國其他法人持股及證券自營商持股則對長期績效有顯著的正向影響。
    由持股變動也能觀察到一致性的結果。機構投資人持股變動與對併購績效的影響,於短期多為不顯著且方向不一致;長期而言,雖然包含外資機構投資人在內的多數持股變動變數皆未有顯著結果,但本國信託基金的持股變動與併購績效仍然存在非常顯著的負相關。

    由公司治理及外部監督的角度而言,本研究結果顯示外資整體投資人在企業中扮演著重要的監督者角色。以細項來看,外資信託基金、本國其他法人及證券自營商較能有效地監督企業決策,為企業帶來長期的價值提升;反觀本國信託基金則非良好的企業監督者,且帶來顯著的負向影響。
    In this paper, we examine the relationship between different types of institutional ownership and acquiring firms’ performance on M&A activities.

    We found that the monitoring effect is weak in the short-term horizon; however, there is a significantly positive relationship between foreign institutional ownership and long-term performance on M&A activities. More specifically, the result shows that the ownership of foreign mutual funds, domestic foundations and securities dealers is positively related to M&A performance, while the ownership of domestic mutual funds has a significantly negative relation with M&A performance.

    At the same time, we have a consistent result from change in institutional ownership. While the relationship between change in most kinds of institutional ownership and long-term M&A performance is weak, the change in domestic mutual funds’ ownership has a strong negative relation with M&A performance.

    This paper shows that foreign investors’ monitoring has a positive influence on firm’s M&A decision. On the contrary, domestic mutual funds is not a good monitor that their holdings lead to poor M&A performance.
    Reference: 1.宋致皓(2005)。董監酬勞與公司治理關聯性之研究。未出版之博(碩)士論文,國立政治大學,會計學研究所,臺北市。
    2.施亞坦(2013)。機構法人持股比率與併購方股票報酬之關係。未出版之博(碩)士論文,國立臺灣師範大學,全球經營與策略研究所,臺北市。
    3.楊仲群(2007)。金融專業機構持股變動對公司併購後績效之探討。未出版之博(碩)士論文,國立暨南國際大學,財務金融學系研究所,南投縣。
    4.薛羽玲(2012)。臺灣股市三大法人從眾行為之探究。未出版之博(碩)士論文,國立高雄應用科技大學,金融資訊研究所,高雄市。
    5.蘇倬漢(2010)。台灣地區上市公司購併宣告對股東財富影響之研究。未出版之博(碩)士論文,國立中山大學,企業管理學系研究所,高雄市。
    6.Aggarwal, R., Erel, I., Ferreira, M., Matos, P., (2011), Does governance travel around the world? Evidence from institutional investors. Journal of Financial Economics, 100 (1), 154-181.
    7.Agrawal, A., and Knoeber, C. R., (1996), Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis, 3, 377-397
    8.Almazan, A., Hartzell, J.C., Starks, L.T., (2005), Active institutional shareholders and costs of monitoring: Evidence from executive compensation. Financial Management, 34 (4), 5-34.
    9.Barber, B. M. and J.D. Lyon, (1997), Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics, 43, 341-372.
    10.Bekaert, G., Erb, C.B., Harvey, C.R., Viskanta, T.E., (1997), What matters for emerging market investments? Emerging Markets Quarterly, 1 (2), 17-46.
    11.Bris, A., Cabolis, C., (2008), The value of investor protection: Firm evidence from cross-border mergers. Review of Financial Studies, 21, 605-648.
    12.Brickley, J.A., Lease, R.C., Smith Jr, C.W., (1988), Ownership structure and voting on antitakeover amendments. Journal of Financial Economics, 20 (1-2), 267-291.
    13.Bushee, B.J., (1998), The influence of institutional investors on myopic R&D investment behavior. The Accounting Review, 73 (3), 305-333.
    14.Chen, X., Harford, J., Li, K., (2007), Monitoring: Which institutions matter? Journal of Financial Economics, 86 (2), 279-305.
    15.Chung, R., Firth, M. and Kim, J. (2002), Institutional monitoring and opportunistic earnings management. Journal of Corporate Finance, 8 (1), 29-48.
    16.Chung, R., Fung, S., and Hung, K. (2012), Institutional investors and firm efficiency of real estate investment trust, Journal of Real Estate and Economics, 45 (1), 171-211.
    17.Cornett, M.M., Marcus, A.J., Saunders, A., Tehranian, H., (2007), The impact of institutional ownership on corporate operating performance. Journal of Banking and Finance, 31 (6), 1771-1794.
    18.Davis, G., Kim, E.H., (2007), Business ties and proxy voting by mutual funds. Journal of Financial Economics, 85, 552-570.
    19.Del Guercio, D., Hawkins, J., (1999), The motivation and impact of pension fund activism. Journal of Financial Economics, 52 (3), 293-340.
    20.Dennis, D., McConnell, J., (2003), International corporate governance. Journal of Financial and Quantitative Analysis, 38, 1-36.
    21.Dunn, D.J., (1987), Directors aren’t doing their jobs. Fortune, (March), 117-119.
    22.Dvorák, T., (2005), Do domestic investors have an information advantage: Evidence from Indonesia. Journal of Finances, 60, 817-839.
    23.Fama, E.F., Jensen, M.C., (1983), Separation of ownership and control. Journal of Law and Economics, 26 (2), 301-325.
    24.Ferreira, M.A., Matos, P., (2008), The colors of investors’ money: The role of institutional investors around the world. Journal of Financial Economics, 88 (3), 499-533.
    25.Ferreira, M.A., Massa, M., Matos, P., (2010), Shareholders at the gate? Institutional investors and cross-border mergers and acquisitions. Review of Financial Studies, 23 (2), 601-644.
    26.Fung, S., and Tsai, S.C. (2012), Institutional ownership and corporate investment performance, Canadian Journal of Administrative Sciences, 29, 348-365.
    27.Gaspar, J., Massa, M., Matos, P., (2005), Shareholder investment horizons and the market for corporate control. Journal of Financial Economics, 76 (1), 135-165.
    28.Gillan, S.L., Starks, L.T., (1998), A survey of shareholder activism: Motivation and empirical evidence. Corporate Finance Digest, 2(No.3 Autumn), 10-34.
    29.Gillan, S.L., Starks, L.T., (2000), Corporate governance proposals and shareholder activism: The role of institutional investors. Journal of Financial Economics, 57 (2), 275-305.
    30.Gillan, S.L., Starks, L.T., (2003), Corporate governance, corporate ownership, and the role of institutional investors: A global perspective. Journal of Applied Finance, 13 (2), 4-22.
    31.Grinblatt, M., Keloharju, M., (2000), The investment behavior and performance of various investor types: A study of Finland’s unique data set. Journal of Financial Economics, 55, 43-67.
    32.Grossman, S.J., Hart, O. (1980), Takeover bids, the free-rider problem, and the theory of the corporation. Bell Journal of Economics, 11, 42-64.
    33.Hartzell, J., Starks, L., (2003), Institutional investors and executive compensation. Journal of Finance, 58, 2351-2374.
    34.Hoskisson, R., Hitt, M., Johnson, R., and Grossman, W., (2002), Conflicting voices: How markets for corporate control emerge. European Management Review, 3(3), 142-155.
    35.Huang, R.D., Shiu, C.Y., (2009), Local effects of foreign ownership in an emerging financial market: Evidence from qualified foreign institutional investors in Taiwan. Financial Management, 38 (3), 567-602.
    36.Jensen, M. C. and Meckling, W. H., (1976), Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Financial Economics, 3, 305-360.
    37.Kahn, C., Winton, A., (1998), Ownership structure, speculation and shareholder intervention. Journal of Finance, 53, 99-129.
    38.Khorana, A., Servaes, H., Tufano, P., (2005), Explaining the size of the mutual fund industry around the world. Journal of Financial Economics, 78, 145-185.
    39.La Porta, R., Lopez-de-Silanes, F., Shleifer, A., Vishny, R., (1998), Law and finance. Journal of Political Economy, 106, 1113-1147.
    40.Makhija, A.K. and Spiro, M., (2000), Ownership structure as a determinant of share value: Evidence form newly privatized Czech firms. Financial Reivew, 35, 1-32.
    41.Merton, R., (1987), A simple model of capital market equilibrium with incomplete information. Journal of Finance, 43, 483-510.
    42.Morck, R., Shleifer, A., Vishny, R. W. (1988), Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293-315.
    43.Mueller, D. C., (1969), A theory of conglomerate mergers, Quant. J. Economics, 83, 643-659.
    44.Parrino, R., Sias, R., Starks, L., (2003), Voting with their feet: Institutional ownership changes around forced CEO turnover. Journal of Financial Economics, 68, 3-46.
    45.Pfeffer, J., (1972), Interorganizational influence and managerial attitudes. Academy of Management Journal, 15, 317-330.
    46.Pozen, R. C., (1994), Institutional investors: The reluctant activists. Harvard Business Review, January-February, 140-49.
    47.Qiu, L., (2004) Which institutional investors monitor? Evidence from acquisition activity. Unpublished working paper. Brown University.
    48.Roll, R., (1986), The hubris hypothesis of corporate takeovers, Journal of Business, 59, 197-216.
    49.Rossi, S., Volpin, P., (2004), Cross-country determinants of mergers and acquisitions. Journal of Financial Economics, 74, 277-304.
    50.Seasholes, M. S., (2004), Smart foreign traders in emerging markets. Unpublished working Paper, University of California at Berkeley.
    51.Shleifer, A., Vishny, R. W., (1997), A survey of corporate governance. Journal of Finance, 52(2), 737-755.
    52.Shleifer, A., Vishny, R. W., (1986), Large shareholders and corporate control. Journal of Political Economy, 94 (3), 461-488.
    53.Smith, M., (1996), Shareholder activism by institutional investors: Evidence from CalPERS. Journal of Finance, 51, 227-252.
    54.Stulz, R., (2005), The limits of financial globalization. Journal of Finance, 60, 1595-1638.
    Description: 碩士
    國立政治大學
    金融學系
    104352026
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0104352026
    Data Type: thesis
    Appears in Collections:[金融學系] 學位論文

    Files in This Item:

    File Description SizeFormat
    202601.pdf1229KbAdobe PDF257View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback