公司治理評鑑與機構投資人投資意願及公司股票流通之關係

Abstract

過去文獻在探討公司治理多以董事長是否兼任總經理、現金權、董事會規模等指標作衡量，惟此類指標多屬單一性質，本文旨在利用一項涵蓋多元公司治理衡量標準之指標，即公司治理評鑑，以評價公司治理好壞，並探究該公司治理評鑑與機構投資人投資意願及公司股票流通之關係。 本研究實證結果發現，公司治理評鑑對於機構投資人之投資意願有顯著正相關性，代表公司治理評鑑能適度反映公司治理狀況，且公司治理越好的企業機構投資人投資意願越高；然公司治理評鑑與公司股票流通並無顯著正相關性，無法推論公司治理越好則該公司股票流通性越高。

In past studies, most of which measure corporate governance by observing whether the chairman and CEO are the same person, cash flow rights and the scale of the board and to name but a few. However, these standards are monotonous that could not completely react the true corporate governance situation. This article aims to examine corporate governance by corporate governance index, which involves multiple corporate governance standards in one criteria. Moreover, this article is also going to clarify the relationship between corporate governance index and institutional investors’ investing willing and the liquidity of corporate stock. The result shows that there is obviously positive correlation between corporate governance index and institutional investors’ investing willing, but no significant positive correlation between corporate governance index and the liquidity of corporate stock.