政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/95153

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Title:	風險、資訊不對稱與機構投資人之持股之研究 Risk-taking, information asymmetry, and institutional investors` holdings
Authors:	徐曉君
Contributors:	屠美亞徐曉君
Keywords:	機構投資人風險承擔資訊不對稱
Date:	2009
Issue Date:	2016-05-09 15:16:37 (UTC+8)
Abstract:	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)。
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Description:	碩士國立政治大學財務管理研究所 96357014
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0963570141
Data Type:	thesis
Appears in Collections:	[Department of Finance] Theses

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