本研究係以台灣上市上櫃公司為研究對象,主要目的是欲分析影響外資持股偏好之因素,研究結果顯示:(1)外資投資台灣股市會將安全性列為重要考量,外資為確保可以順利取回投資資金,偏好持有獲利較佳、負債比例較低、高現金股利收益率及會計師查核報告為無保留意見之企業;(2)資訊不對稱是外國投資者從事跨國投資所面臨的最大問題,外資偏好持有規模較大、上市時間較久、跨市場掛牌上市、納入MSCI新興市場自由指數成分股的公司,及國際性會計師事務所查核的公司;(3)由於新興市場法律制度對於投資者權益保障並不完善,代理問題並未使得外資偏好持有高系統風險的股票。
The purpose of this study is to examine portfolio preferences of foreign investors in Taiwan Stock Exchange and GreTai Securities Market. The results of this study are summarized as follows. First, foreign investors consider safety attributes as essential to investing in Taiwan Stock Markets. We find that foreign investors prefer firms with higher profitability, lower liability, higher cash dividend yields, and unqualified audit reports. Second, information asymmetries are taken into consideration by foreign investors when they invest in Taiwan Stock Markets. We find that foreign investors tend to prefer to hold more shares of firms with certain attributes, such as larger sizes, longer history, cross-listing, MSCI membership, and the financial statements being audited by international auditing firms. Third, since the legal systems and regulatory environments are imperfect in emerging markets, agency problems are the major reason for foreign investors to avoid stocks with high systematic risk.