機構投資人持股穩定性與企業績效分析

Abstract

過去公司治理相關研究在探討機構投資人對其之影響時，多以持股比例作為衡量變數，然而持股比例的大小並不能完全反應機構投資人的監督效果，因此本研究改以機構投資人持股穩定性來進行衡量，以台灣上市櫃公司作為研究對象，探討機構投資人持股穩定性與企業績效關聯性，是否機構投資人會發揮其監督功能，使公司價值及績效提升。而本研究實證結果顯示，在台灣資本市場下以全體機構投資人監督效果確實存在，其持股穩定性與企業績效呈顯著正相關聯。 除此之外，本研究進一步探討機構投資人之異質性，將機構投資人區分為主動監控與被動監控型機構投資人，其實證結果發現，在主動監控型機構投資人組合下，其持股穩定性與企業績效間關聯性更強，其產生之監督效果更為明顯，其原因可能為該組合之機構投資人因無與其公司存在潛在業務關係，故具較高誘因監督公司管理層，進而降低代理成本提高企業績效。

The purpose of the study is to assess the association between stability of institutional ownership and corporate firm performance within a simultaneous equation model. The results are consistent with the view with the view that stable institutional investors play an effective role in monitoring. We find that there is a positive relationship between institutional ownership stability and firm performance. In addition, we also investigate the heteroscedasticity of the institutional investors. When we divide institutional investors into two groups: active monitor and passive monitor categories, we find that stable shareholding of each group has a larger positive impact on performance in pressure-insensitive group and the reason is that the active-monitoring institutional investors that are free of conflicts of interests would have greater incentives and abilities to monitor the management.