- 學位論文
董監事股權質押與外資持股之關聯性研究
The relationship between shares collateralized by board of directors and foreign ownership.
並列摘要
In this study, T.S.E. and O.T.C. listed companies are used as the subject to empirically explore the relevance between directors’ and supervisors’ equity pledge and foreign investors’ holding, the results show that: (1) the equity pledge ratio of directors and supervisors and the ratio of foreign investors’ holding are significantly negatively correlated, which reveals that foreign investors are reluctant to hold the shares of companies with higher risk due to equity pledge; (2) foreign investors give positive reviews on enterprises with independent directors and supervisors, the ownership structure of those enterprises has a higher ratio of foreign investors; (3) the equity pledge ratio of the major shareholder directors and supervisors and the ratio of foreign investors’ holding are significantly negatively correlated, which reveals that foreign investors are reluctant to hold the shares of companies with higher risk due to equity pledge; (4) further splitting foreign investors’ holding into foreign juristic person’s and foreign investment institute’s as substitute variables, the results are still quite robust.