外資持股比例與公司治理之關聯性

徐宇聲(Yu-sheng Hsu)

指導教授 ： 徐政義

國立中央大學/管理學院/財務金融學系/碩士(2015年)

摘要

本研究欲探討良好的公司治理程度是否能夠有效的吸引外資的投入，以及外資在投資後是否會積極設法改善企業的公司治理，並以 1999 年至2013 年間所有的台灣上市櫃公司為研究對象。研究結果顯示在控制了公司
規模、帳市值比、產品出口比率後，公司治理較良好的公司的確會吸引較
多的外資投入，此結果與過去的文獻一致；另外在外資改善公司治理的驗
證方面，所有結果皆顯示無顯著影響。

關鍵字

外資 ； 公司治理

並列摘要

In this paper, we explore whether companies with good level of corporate governance can effectively attract more foreign investments; on the other side, whether foreign investors will affect corporate governance of the firm is also an important issue what we want to consider about. This study investigates foreign ownership of all the listed and on-the-counter companies in the Taiwan stock market from 1999 to 2013.The empirical result reveals that foreign investors show a preference for companies with good corporate governance, after controlling variables such as size, book-to-market ratio and export ratio. However, evidence for corporate governance affected by foreign investors is not significant.

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