機構投資人是短視交易者亦或是精明投資者－從無形資產的觀點出發

Are Institutional Investors Myopic or Sophisticated - from the Viewpoint of Intangible Assets?

洪榮耀(Jung-Yao Hung)

《商業現代化學刊》 8卷1期 (2015/06) Pp. 91-114

https://doi.org/10.6132/JCM.2015.8.1.06

摘要

機構投資人是否為股市穩定力量，至今仍眾說紛紜。本文擬利用1999 年台灣證券交易所上市公司委託檔及財務報表資料，以White (1980)修正變異迴歸探究機構投資人投資決策與公司具未來經濟效益之無形資產及當期盈餘之關連性，來確認機構投資人為形成穩定市場力量的精明長期投資人，亦或是造成市場波動的短視交易者。研究發現1)機構投資人對研發投資密度較高產業與同產業中研發投資密度、行銷費用較高、折舊金額較低及當期盈餘較佳公司會較有投資意願。2)同產業中較高帳列無形資產及當期盈餘較高、規模較大與流動性較佳公司能吸引較多的機構投資人投資數量。上述結果顯示機構投資人較偏向是短視交易者，但因其投資意願仍考量具未來經濟效益之無形資產，故行為亦為精明的長期投資者，應仍具有穩定市場能力。

關鍵字

機構投資人 ； 短視交易者 ； 精明投資人 ； 無形資產 ； 當期盈餘

並列摘要

This study investigate that the relevance institutional investors’ investment decision-making and intangible assets to identify institutional investors are myopic or sophisticated? This study used the order data of the Taiwan Stock Exchange listed company and financial data in 1999, for institutional investors’ investment decision-making and intangible assets associated with research, the following major findings, 1) Institutional investors will interested in High-density RD investment of companies. 2) In the same industry, institutional investors will interested in High-density RD investment, higher AD costs and lower depreciation costs of companies. 3) Institutional investors will interested in earnings per share better, more capital and a higher turnover rate of companies. 4) In the same industry, higher recorded as intangible assets of the company that can attract more institutional investors’ in the number of invest. 5) Earnings per share, company size and market liquidity on the number of institutional investors has positive effects on investment. This study show institutional investors are not only myopic traders but also sophisticated, more like a myopic traders.

並列關鍵字

Institutional Investors ； Myopic Trader ； Sophisticated Investor ； Intangible Assets ； Current Earnings