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題名：企業破產期間機構投資人持股變化之探討
作者：王皓怡
作者(外文)：Hao-Yi Wang
校院名稱：元智大學
系所名稱：管理學院博士班
指導教授：蔡湘萍
學位類別：博士
出版日期：2017
主題關鍵詞：破產；機構投資人；持股比例；Bankruptcy；Institutional Investors；Ownership
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本研究分析企業在宣告破產期間機構投資人持股特質。實證發現機構投資人在企業宣告破產前會避免投資持有破產公司股票，機構投資人可透過出售持股的行為傳遞警告訊息給一般投資人。將機構投資人進一步分類，發現企業在宣告破產前兩年間，企業的營運現金流量越來越少，資產變現能力與償還債務的能力愈差時，該企業可能因無法償還短期債務而使企業陷入財務困境，同時各類機構投資人降低其持股，企業未來宣告破產的可能性會提高。企業破產前一年，各類機構投資人若大量拋售企業股份，使得企業進入破產程序的機會愈高，特別是小型的機構投資人，各類機構投資人若增加持股，特別是大型機構投資人與前五大機構投資人，企業在破產宣告後兩年內仍會存活的機率較高。破產前，具有較低獲利能力、較差流動性與較小市場價值的企業，未來更有可能會因管理不當而宣告破產。反之，企業有較高獲利能力、較好流動性以及較大的市場價值時，可預測在宣告破產後兩年，仍存活的機率高。
This paper studies holding and net trading of institutional investors for the firms that are filed for bankruptcy. We find that institutional investors tend to avoid holding shares on bankruptcy firms prior to bankruptcy. These results suggest institutional investors disclose warning information to the other investors by selling shares on bankrupt firms. In two years prior to bankruptcy, the firm with lower operating cash flow, less liquidity, low quick ratio and smaller market value of equity. If the firm could not repay short-term debts, it may lead to corporate fall into financial difficulty, and different type of institutional investors significantly reduced holdings that high likelihood of bankruptcy filing in future. The one year pre-filing, the large proportion change of shares is sold by different type of institutions, resulting in increased likelihood of bankruptcy, especially small institutions. The increase different ownership changes lead the firm more likely survive, especially block and top5 institutions. Pre-filing, the firms with lower profitability, less liquidity, and smaller market value of equity are more likely to file for bankruptcy. In contrast, the firms with higher profitability, less more liquidity, and large market value of equity are more likely to survive.
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