國際機構投資人與提升國內上市櫃公司企業價值之研究

How International Institutional Investors Raise Corporate Value for Publicly Listed Companies in Taiwan

梁厚誼(Houyi Liang)

指導教授 ： 王全三

國立臺灣大學/管理學院/會計與管理決策組/碩士(2010年)

https://doi.org/10.6342/NTU.2010.10194

摘要

本論文主要著重在探討國際機構投資人的對台灣資本市場的影響，以及其對國內企業經營者的脣齒相依程度，並透過理解其投資決策分析邏輯，以及其投資價值觀，探討國際機構投資人除了在影響股價之外，其投資專業亦啟發經營者提升國內企業的價值。而當國際機構投資人與公司治理及提升企業價值攸關重大，企業經營者又如何將其策略性引進。

論文之第二章從歸類國際機構投資人族群，剖析其習性與投資模式作為爾後研究之前導。第三章追溯國際機構投資人在臺灣股市的竄起壯大，如何推進台灣的資本市場，以及其對企業的公司治理和經營權的影響。第四章則探究國際機構投資人點石成金的魔法，以及其對企業的評價模式，如何影響企業經營思維。第五章是企業經營者如何策略佈局與執行，引進國際機構投資人成為其成其經營夥伴。

本論文先引述國際機構投資市場組成與資本市場關聯性介紹，再佐以這些投資人切入公司治理與企業經營權影響等議題之研究探討。最後，學生希望能藉由這些研究分析，揭露外資的操作模式，也盼能藉此協助企業邁向更好的公司治理，以及更豐富、更健全的資本市場。由於定位始於廣角的視野，受限於論文篇幅各個主題無法盡興深入討論，資料不夠周詳或觀察有所偏頗之處，祺各位先進大度包容與不吝指教。

關鍵字

國際機構投資人 ； 公司治理 ； 企業價值 ； 投資評價 ； 資本市場

並列摘要

This research mainly focuses on exploring the influence of global institutional investors to Taiwan capital market and the reliance of Taiwanese corporate on these investors. Meanwhile, the research also investigates how these investors may inspire companies’ management to raise their corporate value besides moving their stock prices through analyzing analytical logics behind the investment decisions of global institutional investors.

Chapter two of the research starts from categorizing global institutional investors and listing out their investment models as prelude. Chapter three traces the boom of global institutional investors in Taiwan stock market and how they move the market. Meanwhile, the chapter also investigates how these investors affect corporate governance and corporate management team. Chapter four describes how global institutions make profit out of investment principle and their evaluation model which may turn to affect decision making of corporate management. Chapter five elaborate how corporate regularly deploy resources and execute to bring in these investors as strategically long term business partners.

This research first dips in the different mix of global institutional investors market as well as how they are associated with capital market. Meanwhile, associated subjects such as corporate governance and business operations are also covered. At the end, I hope that this research may help corporate to refine corporate governance and establish more disciple capital market via in-depth analysis on investment model of global institutional investors. Given that the research positions from a macro view, limited space of each chapter may not elaborate all necessary in-sights. For insufficient information coverage or unfair objective observation and judgement, your kind tolerance and advices would be very much appreciated.

並列關鍵字

International institutional investors ； Corporate Governance ； Enterprise Value ； Investment Evaluation ； Capital Market

參考文獻

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