機構投資人持股變化與主併公司績效之研究

Abstract

本文旨在研究機構投資人的持股變化對主併公司股價及經營績效的影響。本研究認為機構投資人之持股變化可表達其對主併公司的信心，因此透過主併公司之短期、長期股價表現以及長期經營績效作為衡量指標，以便研究機構投資人持股之變化是否影響主併公司之併購活動。實證結果發現機構投資人持股變化與長期股價表現有顯著之正向關係，而短期股價表現及長期經營績效結果則相對不顯著。由實證結果得出，當主併公司之機構投資人持股增加時，該公司將會更加有效地監控其收購。同時，實證結果也顯示，機構投資人較重視公司之股價表現，而非公司之經營績效。

This study investigates the relationship between change of institutional shareholding and the post-merger performance. We examine acquirers’ short-run and long-run stock performance as well as the operating performance. We find that institutional shareholding is significantly positive related to the long-run stock performance, while there is insignificant evidence on the short-run stock performance and the operating performance. Our findings conclude that acquirers with the increase in institutional shareholding prior to the acquisitions will be more effectively in monitoring the acquisitions.