政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/59306
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 113656/144643 (79%)
造訪人次 : 51744806      線上人數 : 587
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋
    政大機構典藏 > 商學院 > 金融學系 > 學位論文 >  Item 140.119/59306


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/59306


    題名: 外資持股與公司營運效率：台灣案例
    Foreign ownership and corporate operational efficiency: the case of Taiwan market
    作者: 黃俊凱
    Huang, Jiun Kai
    貢獻者: 李桐豪
    Lee, Tung Hao
    黃俊凱
    Huang, Jiun Kai
    關鍵詞: 金融自由化
    外國投資者持股比率
    公司營運效率
    獨立董事
    公司治理
    代理問題
    資料包絡法
    外國專業投資機構
    financial liberalization
    foreign investment shareholding ratios
    corporate operational efficiency
    independent directors
    corporate governance
    agency problem
    DEA
    QFII
    日期: 2012
    上傳時間: 2013-09-02 16:04:06 (UTC+8)
    摘要: 外國投資機構對新興證券市場的影響一直是個重要議題。本文利用無母數的資料包絡法 (DEA)，估計個別公司的營運效率。並探討外資持股比率、公司營運效率與績效表現之相互關聯性。本論文分三個主要的議題。
    在第二章中，首先確認外資持股比率與公司營運效率有顯著性的關聯。高外資持股有較佳的營運效率。在外資與公司績效表現的連結上，營運效率扮演部份中介效果。當外資持股進入穩定成熟期時：長期外資持股存量有助公司營運效率提升；短期持股變動量則對營運造成督導效果。整體而言，台灣對外資全面開放證券市場後，產生部分外溢效果，改善上市公司的營運效率與績效表現。
    第三章則進一步從外資的投資組合決策，來分析異質性與產業別效應。並研究台灣證券市場更自由化後，外資持股比率與公司營運效率所扮演的角色。本研究提出新的路徑來解釋外資與公司績效表現的關係：外資持股高的公司，有較好的營運效率；而較佳的公司經營效率，進一步驅動高的績效表現。伴隨金融市場的自由化，外資不僅僅是純粹的買賣交易者，也扮演部分的督導與監管功能，進而提高公司營運效率與績效表現，同時也增加其投資報酬率，特別是在，外銷產業與電子股。此兩角色並不互斥。希望台灣案例能成為其他新興市場的典範。
    使用三個不同的公司績效表現:營運效率、市場價值與會計帳面價值，第四章試圖找出外資持股、自願性任命獨立董事與公司績效表現的關連性。利用Berger et al. (2005)的模型，本文研究台灣非金融產業之上市公司的分類、選擇與動態效果。發現(1)外資偏愛有穩定性獨立董事的公司。且公司有較高的外資持股與穩定的獨立董事，有較佳的績效表現。(2)當公司市值惡化時，任命暫時性的獨立董事，以彰顯該公司有“好的績效”或安撫不滿投資者(或股東)的情緒。(3)在公司營運效率指標上，外資與穩定性獨立董事的關係:短期有替代效果；而長期則有互補效果。結合外部監管機制與內部稽核系統，本文提出在新興市場中，需要穩定的獨立董事與高比率的外資持股，來提升上市公司的績效表現。
    The influence of foreign investment institutions in emerging securities markets has long been an important issue. This thesis uses a nonparametric output-orientated Malmquist data envelopment analysis (DEA) method to estimate the relative operational efficiency of individual corporations, and endeavors to elucidate the correlation between the foreign ownership, corporate operational efficiency and corporate performance. This thesis consists of three essays.
    The first essay is presented in Chapter 2 and identifies a significant correlation between corporate operational efficiency and foreign investment shareholding ratios. Empirical results show that there is a nontrivial impact of foreign investors on corporate operational efficiency. The higher foreign ownership is the better corporate operational efficiency is. Interestingly, corporate operational efficiency plays a mediating role between foreign investors and corporate performance. When foreign investors achieve a stable and mature stage, the long-term foreign investment shareholding stock facilitates the enhancement of corporate operational efficiency, whereas short-term shareholding variation levels create pressure or monitoring and disciplinary effects for corporate operations. Overall, in Taiwan market, foreign investors could have spillover effects on listed companies and raise their efficiency and performance.
    The second essay, in Chapter 3, is elaborated on heterogeneity and industries effects. This study investigates the investment allocation choices of foreign investors and how the foreign ownership and corporate operational efficiency play roles in Taiwan market with more financial liberalization. Empirical results suggest a possible channel. Through this channel, a high level of foreign ownership significantly positively affects corporate operational efficiency, and then higher operational efficiency triggers better corporate performance. Specifically, with more liberalization, some foreign investors are not only speculators, but also they play the role of monitoring or disciplinary. They improve corporate operational efficiency and performance, and thus in turn their investment profits, especially high-tech and exporting companies. These two roles are not mutually exclusive. The case of Taiwan market may have established a paradigm for developing countries to follow.
    The third essay is based on Chapter 4. Using three different corporate performance measures as proxy for operation, achieved market and profit value, this research traces the effects of foreign ownership, voluntary appointment of independent directors and corporate performance. Following the methodology proposed by Berger et al. (2005), this study extends to nonfinancial industries and conducts a joint analysis of category, selection and dynamic effects of the listed companies in Taiwan. Empirical results show that foreign ownership is likely companies with voluntary appointment of stable independent directors. Listed companies with stable independent directors and high level of foreign ownership perform better than the others. In contrast, during the deterioration of corporate value, listed companies with appointment of interim independent directors could be used to signal “their ability” or aimed at appeasing unhappy investors. Interestingly, the findings also point to a substitution effect between foreign ownership and stable independent directors in the short-term, but a complementary effect between them in the long-run, especially corporate operational efficiency. Consequently, listed companies in emerging markets may need for stable independent directors and a high level of foreign investment shareholdings to improve their corporate performance.
    參考文獻: Adams, R.B., B.E. Hermalin and M.S. Weisbach, (2010), “The role of boards of directors in corporate governance: A conceptual framework and survey,” Journal of Economic Literature 48(1): 58-107.
    Aggarwal, R., I. Erel, M. Ferreira, and P. Matos, (2011), “Does governance travel around the world? Evidence from institutional investors,” Journal of Financial Economics 100(1): 154-181.
    Aggarwal, R., L. Klapper and P.D. Wysocki, (2005), “Portfolio preferences of foreign institutional investors,” Journal of Banking and Finance 29(12): 2919-2946.
    Almazan, A., J.C. Hartzell and L.T. Starks, (2005), “Active institutional shareholders and costs of monitoring: Evidence from executive compensation,” Financial Management 34(4): 5-34.
    Armstrong, C.S., W.R. Guay and J.P. Weber, (2010), “The role of information and financial reporting in corporate governance and debt contracting,” Journal of Accounting and Economics 50: 179-234.
    Bae, K.H. and V.K. Goyal, (2010), “Equity market liberalization and corporate governance”, Journal of Corporate Finance 16(5): 609-621.
    Bae, K.H., A. Ozoguz, H. Tan, and T.S. Wirjanto, (2012), “Do foreigners facilitate information transmission in emerging markets?” Journal of Financial Economics 105(1): 209-227.
    Bae, S.C., J.H. Min and S. Jung, (2011), “Trading behavior, performance, and stock preference of foreigners, local institutions, and individual investors: Evidence from the Korean stock market,” Asia-Pacific Journal of Financial Studies 40(2): 199-239.
    Banker, R.D. and R. Natarajan, (2008), “Evaluating contextual variables affecting productivity using data envelopment analysis,” Operations Research 56(1): 48-58.
    Barber, B.M., Y.T. Lee, Y.J. Liu and T. Odean, (2009), “Just how much do individual investors lose by trading?” Review of Financial Studies 22(2): 609-632.
    Baron, R.M. and D.A. Kenny, (1986), “The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations,” Journal of Personality and Social Psychology 51(6): 1173-1182.
    Bekaert, G., C.R. Harvey and C. Lundblad, (2005), “Does financial liberalization spur growth?” Journal of Financial Economics 77(1): 3-55.
    Bekaert, G., C.R. Harvey and C. Lundblad, (2011), “Financial openness and productivity,” World Development 39(1): 1-19.
    Berg, S., (2010), “Water utility benchmarking: Measurement, methodology, and performance incentives,” International Water Association.
    Berger, A.N., George R.G. Clarke, R. Cull, L. Klapper and G.F. Udell, (2005), “Corporate governance and bank performance: A joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership,” Journal of Banking and Finance 29: 2179-2221.
    Blair, M.M., (1995), “Ownership and control: Rethinking corporate governance for the twenty-first century,” Washington, D.C.: Brookings Institution.
    Bozec R., and M. Dia, (2007), “Board structure and firm technical efficiency: Evidence from Canadian state-owned enterprises,” European Journal of Operational Research 177(3): 1734-1750.
    Brick, I.E. and N.K. Chidambaran, (2010), “Board meetings, committee structure, and firm value,” Journal of Corporate Finance 16(4): 533-553.
    Burns, N., S. Kedia and M. Lipson, (2010), “Institutional ownership and monitoring: Evidence from financial misreporting,” Journal of Corporate Finance 16(4): 443-455.
    Chang, C. (2010), “Herding and the role of foreign institutions in emerging equity markets,” Pacific-Basin Finance Journal 18: 175-185.
    Chang, H., H.L. Choy, W.W. Cooper and T.W. Ruefli, (2009), “Using Malmquist indexes to measure changes in the productivity and efficiency of US accounting companies before and after the Sarbanes-Oxley Act,” Omega 37: 951-960.
    Chen, X., J. Harford and K. Li, (2007), “Monitoring: Which institutions matter?” Journal of Financial Economics 86(2): 279-305.
    Chen, Y.F., S.Y. Yang and F.L. Lin, (2012), “Foreign institutional industrial herding in Taiwan stock market,” Managerial Finance 38(3): 325-340.
    Chizema, A. and J. Kim, (2010), “Outside directors on Korean boards: Governance and institutions,” Journal of Management Studies 47(1):109-129.
    Choi, H.M., W. Sul and S.K. Min, (2012), “Foreign board membership and firm value in Korea,” Management Decision 50(2): 207-233.
    Choi, N. and R.W. Sias, (2009), “Institutional industry herding,” Journal of Financial Economics 94: 469-491.
    Chung, K.H. and H. Zhang, (2011), “Corporate governance and institutional ownership,” Journal of Financial and Quantitative Analysis 46(1): 247-273.
    Cook, D.O. and H.B. Wang, (2011), “The informativeness and ability of independent multi-firm directors.” Journal of Corporate Finance 17(1): 108-121.
    Cronqvist, H. and R. Fahlenbrach, (2009), “Large shareholders and corporate policies,” Review of Financial Studies 22(10): 3941-3976.
    Dahya, J. and J.J. McConnell, (2005), “Outside directors and corporate board decisions,” Journal of Corporate Finance 11: 37-60.
    Dahya, J. and J.J. McConnell, (2007), “Board composition, corporate performance, and the Cadbury committee recommendation,” Journal of Financial and Quantitative Analysis 42(3): 535-564.
    Dimitropoulos, P.E. and D. Asteriou, (2010), “The effect of board composition on the informativeness and quality of annual earnings: Empirical evidence from Greece,” Research in International Business and Finance 24(2): 190-205.
    Douma, S., R. George and R. Kabir, (2006), “Foreign and domestic ownership, business groups, and corporate performance: Evidence from a large emerging market,” Strategic Management Journal 27(7): 637-657.
    Duchin, R., J.G. Matsusaka and O. Ozbas, (2010), “When are outside directors effective?” Journal of Financial Economics 96: 195-214.
    Edwards, J.S.S. and A.J. Weichenrieder, (2009), “Control rights, pyramids, and the measurement of ownership concentration,” Journal of Economic Behavior & Organization 72: 489-508.
    Elyasiani, E. and J. Jia, (2010), “Distribution of institutional ownership and corporate firm performance,” Journal of Banking and Finance 34: 606-620.
    Elyasiani, E., J.J. Jia, and C.X. Mao, (2010), “Institutional ownership stability and the cost of debt,” Journal of Financial Markets 13(4): 475-500.
    Erickson, J., Y.W. Park, J. Reising and H.H. Shin, (2005), “Board composition and firm value under concentrated ownership: The Canadian evidence,” Pacific-Basin Finance Journal 13: 387-410.
    Fama, E.F. and M.C. Jensen, (1983), “Separation of ownership and control,” Journal of Law and Economics 26(2): 301-325.
    Ferreira, M.A. and P. Matos, (2008), “The colors of investors’ money: The role of institutional investors around the world,” Journal of Financial Economics 88(3): 499-533.
    Gaspar, J.M., M. Massa and P. Matos, (2005), “Shareholder investment horizons and the market for corporate control,” Journal of Financial Economics 76: 135-165.
    Hadani, M., M. Goranova and R. Khan, (2011), “Institutional investors, shareholder activism, and earnings management,” Journal of Business Research 64(12): 1352-1360.
    Hartzell, J.C. and L.T. Starks, (2003), “Institutional investors and executive compensation,” Journal of Finance 58(6): 2351-2374.
    Himmelberg, C.P., R.G. Hubbard and D. Palia, (1999), “Understanding the determinants of managerial ownership and the link between ownership and performance,” Journal of Financial Economics 53: 353-384.
    Holmbeck, G.N., (2002), “Post-hoc probing of significant moderational and mediational effects in studies of pediatric populations,” Journal of Pediatric Psychology 27(1): 87-96.
    Huang, H.H., P. Hsu, H.A. Khan and Y.L. Yu, (2008), “Does the appointment of an outside director increase firm value? Evidence from Taiwan,” Emerging Markets Finance & Trade 44(3): 66-80.
    Huang, J.W. and Y.H. Li, (2009), “The mediating effect of knowledge management on social interaction and innovation performance,” International Journal of Manpower 30(3): 285-301.
    Huang, R.D. and C.Y. Shiu, (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.
    Hung, J.H. and T.Y. Tseng, (2009), “Impact of the QFII scheme on investment-cash flow sensitivity,” Asia-Pacific Journal of Financial Studies 38(3): 311-335.
    Hutchinson, M. and F.A. Gul, (2004), “Investment opportunity set, corporate governance practices and firm performance,” Journal of Corporate Finance 10(4): 595-614.
    Jensen, M.C. and W.H. Meckling, (1976), “Theory of the firm: Managerial behavior, agency costs and ownership structure,” Journal of Financial Economics 3(4): 305-360.
    Jeon, J.Q. and C.M. Moffett, (2010), “Herding by foreign investors and emerging market equity returns: Evidence from Korea,” International Review of Economics and Finance 19: 698-710.
    Jeon, J.Q. and J. Ryoo, (2013), “How do foreign investors affect corporate policy? Evidence from Korea,” International Review of Economics and Finance 25(1): 52-65.
    Jeon, J.Q., C. Lee and C.M. Moffett, (2011), “Effects of foreign ownership on payout policy: Evidence from the Korean market,” Journal of Financial Markets 14(2): 344-375.
    Kane, G.D. and U. Velury, (2004), “The role of institutional ownership in the market for auditing services: An empirical investigation,” Journal of Business Research 57(9): 976-983.
    Kay, J. and A. Silberston, (1995), “Corporate governance,” National Institute Economic Review 153: 84-107.
    Kim, E.H. and V. Singal, (2000), “Stock market openings: Experience of emerging economies”, Journal of Business 73(1): 25-66.
    Kim, I.J., J. Eppler-Kim, W.S. Kim and S.J. Byun, (2010), “Foreign investors and corporate governance in Korea,” Pacific-Basin Finance Journal 18(4): 390-402.
    King, M.R., and E. Santor, (2008), “Family values: Ownership structure, performance and capital structure of Canadian companies,” Journal of Banking and Finance 32(11): 2423-2432.
    Ko, K., K. Kim, and S.H. Cho, (2007), “Characteristics and performance of institutional and foreign investors in Japanese and Korean stock markets,” Journal of the Japanese and International Economies 21(2): 195-213.
    Kumar, N. and J.P. Singh, (2012), “Outside directors, corporate governance and firm performance: Empirical evidence from India,” Asian Journal of Finance & Accounting 4(2): 39-55.
    Lee, D.W. and K.S. Park, (2009), “Does institutional activism increase shareholder wealth? Evidence from spillovers on non-target companies,” Journal of Corporate Finance 15(4): 488-504.
    Letza, S., X. Sun and J. Kirkbride, (2004), “Shareholding versus stakeholding: A critical review of corporate governance,” Corporate Governance-an International Review 12(3): 242-262.
    Leuz, C., K.V. Lins, and F.E. Warnock, (2009), “Do foreigners invest less in poorly governed companies?” Review of Financial Studies 22(8): 3245-3285.
    Li, D., Q.N. Nguyen, P.K. Pham and S.X. Wei, (2011), “Large foreign ownership and firm-level stock return volatility in emerging markets,” Journal of Financial and Quantitative Analysis 46(4): 1127-1155.
    Margaritis, D. and M. Psillaki, (2010), “Capital structure, equity ownership and firm performance,” Journal of Banking and Finance 34(3): 621-632.
    McNulty, T., C. Florackis, and P. Ormrod, (2013), “Boards of directors and financial risk during the credit crisis,” Corporate Governance: An International Review 21(1): 58-78.
    Mitton, T., (2006), “Stock market liberalization and operating performance at the firm level,” Journal of Financial Economics 81(3): 625-647.
    Musteen, M., D.K. Datta and B. Kemmerer, (2010), “Corporate reputation: Do board characteristics matter?” British Journal of Management 21(2): 498-510.
    Nguyen, B.D. and K.M. Nielsen, (2010), “The value of independent directors: Evidence from sudden deaths,” Journal of Financial Economics 98(3): 550-567.
    O’Connor, T., (2012), “Investability, corporate governance and firm value,” Research in International Business and Finance 26(1): 120-136.
    Parrino, R., R.W. Sias, and L.T. Starks, (2003), “Voting with their feet: institutional ownership changes around forced CEO turnover,” Journal of Financial Economics 68(1): 3-46.
    Patelli, L. and A. Prencipe, (2007), “The relationship between voluntary disclosure and independent directors in the presence of a dominant shareholder,” European Accounting Review 16(1): 5-33.
    Poshakwale, S.S. and C. Thapa, (2010), “Foreign investors and global integration of emerging Indian equity market,” Journal of Emerging Market Finance 9(1): 1-24.
    Prabowo, M. and J. Simpson, (2011), “Independent directors and firm performance in family controlled companies: Evidence from Indonesia,” Asian-Pacific Economic Literature 25: 121-132.
    Psillaki, M., I.E. Tsolas and D. Margaritis, (2010), “Evaluation of credit risk based on firm performance,” European Journal of Operational Research 201(3): 873-881.
    Puckett, A. and X. Yan, (2011), “The interim trading skills of institutional investors,” Journal of Finance 66(2): 601-633.
    Ramalingegowda, S. and Y. Yu, (2012), “Institutional ownership and conservatism,” Journal of Accounting and Economics 53(1-2): 98-114.
    Ravina, E. and P. Sapienza, (2010), “What do independent directors know? Evidence from their trading,” Review of Financial Studies 23(3): 962-1003.
    Rose, M.J., (2009), “Heterogeneous impacts of staggered boards by ownership concentration.” Journal of Corporate Finance 15: 113-128.
    Ruiz-Mallorqui, M.V. and D.J. Santana-Martin, (2011), “Dominant institutional owners and firm value,” Journal of Banking and Finance 35: 118-129.
    Sias, R.W., (2004), “Institutional herding,” Review of financial studies 17(1): 165-206.
    Sias, R.W., L.T. Starks and S. Titman, (2006), “Changes in institutional ownership and stock returns: Assessment and methodology,” Journal of Business 79(6): 2869-2910.
    Sueyoshi T., M. Goto and Y. Omi, (2010), “Corporate governance and firm performance: Evidence from Japanese manufacturing industries after the lost decade,” European Journal of Operational Research 203(3): 724-736.
    Sykes, A., (1994), “Proposals for internationally competitive corporate governance in Britain and America,” Corporate Governance 2(4): 187-195.
    Tian, G.Y. and G. Twite, (2011), “Corporate governance, external market discipline and firm productivity,” Journal of Corporate Finance 17: 403-417.
    Wang, M.C. and Y.C. Lee, (2012), “The signaling effect of independent director appointments,” Emerging Markets Finance & Trade 48(5): 25-47.
    Yan, X. and Z. Zhang, (2009), “Institutional investors and equity returns: Are short-term institutions better informed?” Review of Financial Studies 22(2): 893-924.
    Zattoni, A. and F. Cuomo, (2010), “How independent, competent and incentivized should non-executive directors be? An empirical investigation of good governance codes,” British Journal of Management 21(1): 63-79.
    描述: 博士
    國立政治大學
    金融研究所
    97352501
    101
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0097352501
    資料類型: thesis
    顯示於類別:[金融學系] 學位論文

    文件中的檔案:

    檔案 大小格式瀏覽次數
    index.html0KbHTML2327檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    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 ©   - 回饋