- 學位論文
機構投資人，現金持有以及投資機會之影響
Institutional Investors, Cash Holdings, and Investment Opportunities
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摘要
公司的現金持有已經變成維持公司營運很重要的工具之ㄧ，但公司的現金保留也易被管理階層作為私有利益之用。而機構投資人參與公司治理不僅能加強公司治理的效能也能減輕公司現金持有所造成的代理問題。本篇研究目的為調查機構投資人對公司現金持有的影響以及投資機會對機構投資公司其現金持有之影響。實證結果顯示，公司的機構所有權會增加公司的現金持有，而公司的投資機會也與公司的現金保留呈現正向關係。此外，本研究也進一步探討機構所有權對現金持有之價值所造成的影響，實證結果指出當公司的機構所有權增加時，投資人給予公司現金持有的評價也會比較高，表示出機構投資人參與公司治理能執行其監督功能對公司的現金資源給予較大的保護。
並列摘要
Cash holdings in firms have become one of important tools in maintaining the operating of corporate, but are possibly abused by entrenched managers. Institutional investors improve the corporate governance and also mitigate the agency problems of cash holdings in firms. The purpose of the study is to investigate the impacts of institutional investors on firms’ cash holdings and further the effect of investment opportunities on the relationship between institutional investors and cash holdings. The results show that the ownership of institutions increases firms’ cash holdings and further find that the relationship is enhanced in firms with more investment opportunities. In addition, this study examines whether the value of cash holdings is higher in the firms with more institutional investors and the empirical evidences indicate that the value of cash holdings is significantly increased through institutional ownership. Therefore, it shows that institutional investors can play the role of monitoring in firms to provide more protection of firms’ cash resources for investors.
參考文獻
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