被動基金持股對企業投資、籌資及現金部位之關聯

Abstract

本研究探討近期被動型基金持股比例上升對企業投資、籌資及現金部位決策的影響。指數型基金與ETF等被動基金已成為資本市場中重要的參與者，其對企業經營決策的潛在影響逐漸受到重視。然而，既有文獻對於被動基金的影響效果尚無一致結論：有學者認為其缺乏監督誘因，可能削弱治理成效；也有研究指出其長期持股特性反而能穩定治理結構並抑制過度投資。為進一步釐清此議題，本研究以2013至2023年間美國上市公司為樣本，並聚焦於依賴外部融資之企業，檢驗被動投資持股對企業資本支出、投資偏誤（包括過度投資與投資不足）、資本結構與現金持有水準的影響。實證結果顯示，對於仰賴外部資金的企業而言，較高的被動基金持股比例與（1）較低的資本支出、（2）較低的超額投資、（3）較高的投資不足、（4）較低的負債比率有顯著關聯；而被動基金持股比例上升與現金持有增加和負債比率降低有顯著關聯。顯示管理階層在被動投資人進入後，傾向採取保守穩健與低風險暴露的投資、籌資及現金持有策略。

This study examines the impact of the increase of decrease in ownership of passive funds on corporate investment, financing, and cash holdings. With the rapid growth of index funds and ETFs, passive institutional investors have become major participants in capital markets, and their potential influence on corporate decision-making has increasingly drawn scholarly attention. However, the existing literature offers mixed evidence regarding their effects: some scholars argue that passive funds lack monitoring incentives, which may weaken governance effectiveness, while others suggest that their characteristic of long-investment-horizon helps stabilize governance structures and restrain managerial overinvestment. To further clarify this issue, this study analyzes a sample of U.S. listed firms from 2013 to 2023, with a particular focus on firms dependent on external financing. It investigates how passive ownership affects capital expenditures, investment deviations (including both overinvestment and underinvestment), capital structure, and cash holdings of these firms. The empirical results indicate that for firms reliant on external funds, higher levels of passive fund ownership are significantly associated with (1) lower capital expenditures, (2) reduced overinvestment, (3) increased underinvestment, and (4) lower leverage ratios. While the increase in passive fund holdings are significantly associated with increased cash holdings and decreased leverage ratios. These findings suggest that under the influence of passive investors, corporate managers tend to adopt more conservative and prudent financial strategies.