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    题名: 以股東會前持股變化探討三大法人對公司之監督效果
    The impact of institutional investor`s shareholding behavior on firm`s performance.
    作者: 李軒慶
    贡献者: 盧敬植
    李軒慶
    关键词: 三大法人
    代理問題
    股東會
    Institutional investors
    Agency problem
    Shareholders` meeting
    日期: 2016
    上传时间: 2016-07-11 16:59:13 (UTC+8)
    摘要: 本研究主要探討的是三大法人是否對公司能夠發揮監督的效果，並加入股東會的因子觀察三大法人是否為了在股東會行使表決權、發揮監督公司效果以達到改善其經營績效的目的而增加其持股比率。研究樣本來自2006年到2014年所有上市上櫃(但不含F股)公司的市場資料及財務資料，並使用普通最小平方法則和固定效果模型對三大法人持股的影響進行分析。
    實證結果顯示，三大法人持股比率越高的公司確實會有較好的經營績效，與許多國內外認為機構投資人可以有效監督公司營運的研究結果符合，但在加入股東會因素後，本研究發現只有外資可能藉由其持股在股東會時發揮影響力，以達監督公司之目的；為了更進一步檢驗外資是否真能藉由股東會加強標的公司之公司治理，本研究使用資訊透明度及財報重編次數作為代理變數，模型結果也顯示外資在股東會最後過戶日前有增加持股的公司會有較好的公司治理表現，因此認為外資可能透過股東會以發揮其影響力，但投信及自營商則沒有此行為。
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    描述: 碩士
    國立政治大學
    財務管理研究所
    103357038
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0103357038
    数据类型: thesis
    显示于类别:[財務管理學系] 學位論文

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