機構投資者持股比率與反映公司績效變數之關係研究

The Relationship between Institutional Ownership and Measures of Firm Performance

陳思婷(Szu-Ting Chen)

指導教授 ： 夏侯欣榮

元智大學/管理學院/財務金融學系/碩士(2007年)

摘要

本篇探討機構投資人持股比例與反映公司績效變數之關係研究。我們發現當公司的機構投資人持股比率越高，盈餘反映公司績效的能力相對於營運現金流量越好。機構投資人持股比率越高，公司有越多財務報表揭露與財務預測，公司治理的程度越好，故財務報表的透明度越高，公司能夠提供的財務報表越正確，降低了盈餘所包含的調整應計項目被操弄的機率，加上現金流量沒有應計項目的調整，所以使得盈餘反映公司績效的能力相對於現金流量越佳。

關鍵字

機構投資人持股 ； 公司治理 ； 應計項目

並列摘要

This paper investigates the relationship between institutional ownership and measures of firm performance. The empirical results support the hypothesis that earnings better reflect firm performance than realized cash flow as the institutional ownership is increased. Firms with greater institutional ownership could provide more accurate financial report so as to reduce the probability of manipulation of accruals. Earnings hence better reflect firm performance than realized cash flows because of including accruals adjustment in those firms. Empirical results infer the explanatory power of earnings is higher than realized cash flow as institutional ownership is increased.

並列關鍵字

institutional ownership ； corporate governance ； accruals

參考文獻

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