公司股權結構與外資持股關係之研究

Corporate Ownership Structure and Foreign Ownership

林美鳳(Mei-Feng Lin) ； 梁嘉紋(Jia-Wen Liang) ； 金成隆(Chen-Lung Chin)

《中山管理評論》 18卷1期 (2010/03) Pp. 101-142

https://doi.org/10.6160/2010.03.04

摘要

相對於國內機構投資者與散戶而言，外資在我國資本市場扮演了相當重要的角色。然而國內控制股東的代理問題嚴重，本研究的主要目的，即由控制股東的投票權與現金流量權的偏離程度、控制股東成員掌控的董監席次、與董監股票質押比率三個方面，探討公司股權結構與外資持股比例的關聯性。研究結果顯示，當控制股東的投票權與現金流量權的偏離愈大、或控制股東成員掌控愈多的董監席次，或董監事股票質押比率愈高時，將使得控制股東的代理問題愈為嚴重，因此，外資的投資意願較低，其持股比率也較低。然而，外資持股可能存在選樣偏誤的現象，同時，公司股權結構有可能是一個內生變數。因此，本文分別使用Heckman的方法，以及兩階段迴歸，克服可能的潛在計量問題；實證結果發現，本文的推論並未受到影響。同時本文也使用不同的外資持股替代變數，結果也相當穩健。

關鍵字

控制股東 ； 外資持股 ； 股票質押

並列摘要

In contrast to the domestic institutional and individual investors, foreign investors play a rather important role in Taiwan's capital market. As the concentration of corporate ownership has created agency conflicts between controlling owners and minority shareholders in Taiwan, the primary purpose of this paper is to explore the association between foreign investment ownership and ownership structure, as measured by the divergence between the ultimate controlling owner's voting rights and cash flow rights, the percentage of board members affiliated with the controlling owners, and the extent of shares collateralized by the board of directors. Our empirical results show that foreign investors hold fewer shares for firm with higher control divergence. Second, foreign investment ownership is negatively related to the percentage of controlling owner's seats on the board, as predicted. Third, we find that foreign institutional investors hold fewer shares on firms with a greater extent of shares collateralized by the board of directors. The results are robust to the alternative model specifications, including Heckman selection and simultaneous models. Our results remain qualitatively unchanged using alternative proxy for foreign investment ownership.

並列關鍵字

Ultimate controlling owners ； foreign investment ownership ； collateralized shares

參考文獻

李建然｜劉正田｜葉家榮(2006)。以市場評價觀點檢測員工分紅入股是否增進人力資本。會計與公司治理。3(1)，47-74。

林群(2003)。打敗外資賺大錢。台北:電腦家庭文化。

邱正仁｜熊大中｜高蘭芬(2002)。股權質押與財務危機關聯性之研究。中華會計學刊。3(1)，79-111。

高蘭芬(2002)。董監事股權質押之代理問題對會計資訊與公司績效之影響(博士論文)。國立成功大學會計系。

高蘭芬｜邱正仁(2002)。董監事股權質押對會計盈餘與股票報酬相關性之影響。台大管理論叢。13(1)，127-162。