機構投資人持股比例對現金增資公司長短期績效之影響

Abstract

本研究主要探討機構投資人持股比例與公司短期及長期績效表現之關聯。我們以2000年到2010年國內進行現金增資的公司為樣本，試圖以現金增資後的長短期表現作為機構投資人監督效果之佐證。實證結果顯示，短期的監督效果並不顯著，但大致上呈現機構投資人持股比例愈高，短期異常報酬愈佳的趨勢。而長期股價表現與機構投資人持股比例及機構投資人持股變動比例呈現正相關，長期營運表現亦然。研究中發現台灣市場之長期績效表現與機構投資人持股比例關係較符合監督效果假說。此外我們加入了公司治理變數，實證結果顯示，機構投資人持股比例及機構投資人持股變動比例仍與長期績效呈現高度正相關，支持監督效果假說。

We examine the monitoring hypothesis by examining the relation between institutional ownership and short-term and long-term performance following seasoned equity offerings .We collect the firms which have engaged in seasoned equity offering during the period January 2000 to December 2010 in Taiwan. We find that announcement cumulated abnormal return is positively related to institutional ownership but is not significant. Long-term stock performance is positively related to the level of institutional ownership and change in institutional ownership. Long-term operating performance is also positively related to the level of institutional ownership and change in institutional ownership. The long-term empirical results are consistent to the monitoring hypothesis. We also take corporate governance into consideration, and we find that the institutional ownership and change in institutional ownership are still positively related to the long-term stock performance and operating performance