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題名:機構投資人持股與公司治理、公司績效關係之研究--以臺灣集團公司與非集團公司為例
書刊名:中小企業發展季刊
作者:陳曉蓉洪佩君
作者(外文):Chen, Hsiao-JungHong, Pei-Chun
出版日期:2007
卷期:4
頁次:頁69-113
主題關鍵詞:公司治理公司績效機構投資人持股集團公司Corporate governanceCorporate performanceInstitutional ownershipGroup-affiliated firms
原始連結:連回原系統網址new window
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  • 被引用次數被引用次數:期刊(1) 博士論文(0) 專書(0) 專書論文(0)
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  • 共同引用共同引用:249
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  本文有鑑於現有文獻在公司治理的考量多侷限於股東或債權人層面,故參考Mohanty(2003)所提出之公司治理指標與給分定義,從19個構面來改良與發展─涵蓋所有利害關係人之台灣公司治理指標,並利用最小平方法與似無相關迴歸法來進一步釐清與比較台灣集團公司與非集團公司機構投資人持股、公司治理與公司績效間之關聯。實證結果發現:無論是集團公司或是非集團公司,機構投資人持股皆會對公司績效產生顯著正面影響,其中又以外資、公司法人及本國金融機構與證券投信基金持股最值得留意。在集團公司群組中,機構投資人持股增加或公司績效上升皆可顯著提高其公司治理程度,且機構投資人持股對於公司治理分數之正面影響尤勝過公司績效所帶來之貢獻,並以外資及公司法人持股 為最;不過公司治理程度的改善僅能提昇會計績效指標ROA和ROE,對市場績效指標Tobin's q沒有任何作用。此外,公司治理或公司績效越好,亦可顯著提高機構投資人持股比率。至於在非集團公司群組中,機構投資人持股對於公司治理反而沒有顯著影響,僅有公司績效與公司治理間互存正向交互關係,且公司績效對機構投資人持股也產生顯著正向影響。整體而言,機構投資人持股、公司治理與公司績效三者間之正向關聯的確存在,且三者之內生性關係尤以集團公司最為明顯。公司經營者若欲達到公司價值極大化,則集團公司應首要重視機構投資人之持股比率,非集團公司需強化其考量全體利害關係人之公司治理模式。 
  Making reference to Mohanty's methods(2003)and using nineteen measures of corporate governance, we develop a new corporate governance index which includes all the stakeholders and not just the shareholders or the bondholders for 473 Taiwan companies in this paper. We also use OLS and seeming unrelated regression to analysis and compare the relationship between institutional ownership, corporate governance and corporate performance in group­affiliated firms and non group-affiliated firms in Taiwan. The empirical results show that regardless of group-affiliated firms or non group-affiliated firms, institutional ownership is positively associated with corporate performance, especially the foreign institutional ownership. In group-affiliated firms, more institutional ownership or better corporate performance both could significantly improve the corporate governance record. But better corporate governance fails to enhance Tobin's q of group-affiliated firms. In addition, there is a positive relationship between institutional ownership and corporate governance (or corporate performance). On the other side, the relationship between corporate performance and corporate governance is positive in non group-affiliated firms. Better corporate performance could raise the institutional ownership. However, institutional ownership could not influence the corporate governance measure of non group-affiliated firms. In conclusion, the relationship between institutional ownership, corporate governance and corporate performance is positive. To maximize the shareholders ' wealth, we should increase institutional ownership in group-affiliated firms, and construct sound corporate governance system in non group-affiliated firms.
期刊論文
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2.Potter, G.(1992)。Accounting Earnings Announcements, Institutional Investor Concentration, and Common Stock Returns。Journal of Accounting Research,30(1),146-155。  new window
3.Chaganti, R.、Damanpour, F.(1991)。Institutional ownership, capital structure, and firm performance。Strategic Management Journal,12(7),479-491。  new window
4.Bhojraj, S.、Sengupta, P.(2003)。Effect of corporate governance on bond ratings and yields: The role of institutional investors and the outside directors。The Journal of Business,76(3),455-475。  new window
5.葉銀華、馬君梅(19990300)。股權結構、公司價值與內部監督機制--上海證券市場實證研究。亞太管理評論,4(1),37-50。new window  延伸查詢new window
6.Black, B. S.(2001)。The Corporate Governance Behavior and Market Value of Russian Firms。Emerging Markets Review,2(2),89-108。  new window
7.McConnell, John J.、Servaes, Henri(1990)。Additional Evidenceon Equity Ownership and Corporate Value。Journal of Financial Economics,27(2),595-612。  new window
8.Qi, Daqing、Wu, Woody、Zhang, Hua(2000)。Shareholding structure and corporate performance of partially privatized firms: evidence from listed Chinese companies。Pacific-Basin Finance Journal,8(5),587-610。  new window
9.Brickley, James A.、Lease, Ronald C.、Smith, Clifford W. Jr.(1988)。Ownership Structure and Voting on Antitakeover Amendments。Journal of Financial Economics,20,267-291。  new window
10.Berger, Philip G.、Ofek, Eli(1995)。Diversification's effect on firm value。Journal of Financial Economics,37(1),39-65。  new window
11.Duggal, Rakesh、Millar, James A.(1999)。Institutional Ownership and Firm Performance: The Case of Bidder Returns。Journal of Corporate Finance,5(2),103-117。  new window
12.Dahlquist, Magnus、Robertsson, Göran(2001)。Direct foreign ownership, institutional investors, and firm characteristics。Journal of Financial Economics,59(3),413-440。  new window
13.Pound, John(1988)。Proxy contests and the efficiency of shareholder oversight。Journal of Financial Economics,20(1/2),237-265。  new window
14.Lang, Larry H. P.、Stulz, René M.(1994)。Tobin's Q, Corporate Diversification, and Firm Performance。Journal of Political Economy,102(6),1248-1280。  new window
15.Opler, Tim、Pinkowitz, Lee、Stulz, René M.、Williamson, Rohan(1999)。The determinants and implications of corporate cash holdings。Journal of Financial Economics,52(1),3-46。  new window
16.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics,3(4),305-360。  new window
17.Gillies, J.、Leblanc, R.(2003)。The Coming Revolution in Corporate Governance。Ivey Business Journal,68,1-11。  new window
18.Klapper, L. F.、Love, I.(2004)。Corporate Governance, Investor Protection, and Performance in Emerging Market。Journal of Corporate Finance,10(5),703-728。  new window
19.Black, B. S.、Jang, H.、Kim, W.(2006)。Does Corporate Governance Predict Finn's Market Values?Evidence from Korea。Journal of Lcm, Economics and Organization,22,366-413。  new window
20.Crutchley, C. E.、Jensen, M. R. H.、Jahera, Jr., J. S.、Raymond, J. E.(1999)。Agency Problems and the Simultaneity of Decision Marling: The Role of Institutional Ownership。International Review of Financial Analysis,8(2),177-197。  new window
21.Doyle, P.、Wong, Y.(1998)。Marketing and Competitive Performance: An Empirical Study。European Journal of Marketing,32(5-6),514-535。  new window
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研究報告
1.Gompers, P.、Ishii, J. L.、Metrick, A.(2001)。Corporate Governance and Equity Prices。  new window
2.Mohanty, P.(2003)。Institutional Investors and Corporate Governance in India。  new window
學位論文
1.湯慧玲(2001)。外國專業投資機構持股策略與投資標的財務屬性之研究(碩士論文)。國立政治大學,台北市。  延伸查詢new window
2.詹慶儀(2003)。台灣紡織業經營績效的研究(碩士論文)。國立中央大學。  延伸查詢new window
3.邱厚銘(2004)。公司治理對經營績效與購併行為影響之研究--以金融控股公司為例(碩士論文)。國立中山大學。  延伸查詢new window
4.高蘭芬(2002)。董監事股權質押之代理問題對會計資訊與公司績效之影響(博士論文)。國立成功大學。new window  延伸查詢new window
5.張峻萍(1999)。公司監理與經營績效之關係(碩士論文)。國立臺灣大學。  延伸查詢new window
6.林尚志(2004)。我國公司治理評等指標建立之研究(碩士論文)。國立政治大學。  延伸查詢new window
7.吳孟潔(2005)。集團企業公司治理機制與外資持股關聯性之研究(碩士論文)。國立臺灣大學。  延伸查詢new window
8.許雅芬(2004)。以權益代理問題觀點論經理人幹練程度、公司短視投資與公司監理機制(碩士論文)。國立嘉義大學。  延伸查詢new window
9.陳坤宏(1995)。家族企業,聯屬持股與經營績效之研究(碩士論文)。國立中央大學。  延伸查詢new window
10.何麗梅(2003)。推行公司治理創造企業價值-臺灣積體電路製造股份有限公司實例探討(碩士論文)。國立臺灣大學。  延伸查詢new window
11.方國光(2002)。公司治理與經營績效之實證研究--以上海證券交易所上市公司為例(碩士論文)。國立臺北大學。  延伸查詢new window
12.吳佩琪(1996)。台灣地區集團企業多角化真實效果:公司價值與會計績效研究(碩士論文)。國立中正大學。  延伸查詢new window
13.黃儀芳(2002)。多角化對公司價值之影響(碩士論文)。國立中正大學。  延伸查詢new window
14.高妮瑋(2000)。機構投資人持股偏好與績效之研究(碩士論文)。國立中正大學。  延伸查詢new window
15.彭獻慶(2004)。公司治理機制、公司特徵對公司價值衡量、財務績效與高階管理更迭率之影響:以臺灣電子電機高科技公司為例(碩士論文)。國立成功大學。  延伸查詢new window
16.林淑棻(2003)。公司股權結構、董事會組成結構以及財務政策與公司經營績效關係之研究。政治大學。  延伸查詢new window
17.施宜礽(2001)。研究發展支出費用化及資本化舆公司經營績效關聯性之研究。雲林科技大學。  延伸查詢new window
18.紀虹琪(2000)。從企業財務限制問題延伸探討集團企業內部資本市場的運作。輔仁大學。  延伸查詢new window
19.馮君弘(2002)。企業多角化與企業價値關係之研究:公司治理機制與高階管理圑隊觀點。雲林科技大學。  延伸查詢new window
20.黃彥儒(2003)。上市公司監理機制與財務預測可靠性之研究。中國文化大學。  延伸查詢new window
圖書
1.Salmon, W. J.、Lorsch, J, W.、Donaldson, G.、Pound, J,、Conger, J. A.、Finegold, D.、Lawler, E. E.(2000)。Harvard Business Review on Corporate Governance。Boston:Harvard Business School Publishing。  new window
2.葉銀華、李存修、柯承恩(2013)。公司治理與評等系統。台北:智商文化。new window  延伸查詢new window
3.Copeland, T.、Koller, T.、Murrin, J.(2000)。Valuation - Measuring and Managing the Values of Companies。McKinsey & Company, Inc。  new window
 
 
 
 
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