台灣上市(櫃)企業財務績效與外資持股比例之關聯性研究

The Relationship between Financial Performance of Publicly Listed Companies and Foreign Investment in Taiwan

黃金蓮(Shin-lien Huang)

指導教授 ： 胡為善

中原大學/商學院/會計研究所/碩士(2001年)

https://doi.org/10.6840/cycu200100273

摘要

摘 要
近來外資頻頻在台股低檔時買進績優股，成為推升台股上漲的最大動力來源，同時，外資法人重視財務數字的特性及高報酬率的投資表現，使得外資的選股方式備受矚目。另外，過去曾有諸多研究中驗證以財務比率形成的績效指標可獲得超額報酬。
本研究以紡織業及電子業共90家上市(櫃)公司為研究對象，藉由財務比率形成的財務績效指標，探討財務績效與外資持股比率的關聯性及財務績效波動性的優劣。研究結果如下:
1.本研究結果顯示財務績效與外資持股比率呈顯著正相關的關係。
2.當本研究加入公司規模之變數時，實證結果仍呈顯著水準，亦即財務績效與外資持股比率仍呈正相關，但是發現公司規模與外資持股比率呈顯著負相關之關係。
3.本研究發現外資持股增加的公司其財務績效保持平穩良好狀態，外資持股減少的企業其財務績效卻呈現下滑的情形。驗證了外資持股的增減確能預先反應出公司財務績效的變化及外資為知情的投資者的推論。
4.研究結果顯示紡織業與電子業的財務績效波動性達顯著差異。經本研究進一步檢定，發現紡織業的財務績效波動性小於電子業，證實電子業經營績效波度程度較大的推論。
5.本研究區分高低績效之兩群組，發現其財務績效之波動性亦呈顯著差異，其中高績效群的財務績效波動性小於低績效群。
6.本研究發現紡織業的高低績效之兩群組間的財務績效波動性並未達顯著差異。
7.本研究結果顯示電子業高低績效兩群組之財務績效的波動性呈顯著差異，其中高績效群的財務績效波動性小於低績效群。

關鍵字

外資 ； 財務績效波動性 ； 財務績效

並列摘要

Abstract
Recently, Qualified Foreign Institutional Investors (QFII’s) investment in Taiwan blue chip companies has been the most important driving force in pushing up TAIEX. QFII’s distinguished emphasis on financial numbers and its outstanding return have made its investment strategy well perceived in the market. A lot of researches have proved that a better than average return can be obtained if financial-ratio-based performance indicate is used as an investment criteria.
This study is uses 5-year financial statements of 90 listed companies, among which are either in textile or in electronic industries. This study will attempts to address the correlation between QFII holdings and financial-ratio-based investment strategy. The results are as follows:
1.The correlation between QFII holdings and financial performance is significantly positive.
2.If the size of the company is added as an additional variable, the empirical result is still significant. The correlation between QFII holdings and financial performance is also positive, but a negative relationship between the size of the company and QFII holdings has been observed.
3.For those companies which QFII increase in their shareholdings, their financial performance were good; However for those companies which QFII decrease their shareholdings, their financial performance deteriorates. This result supports the argument that the increase/decrease of QFII shareholding on a particular company is a good proxy to the positive/negative change of the company’s financial performance. Hence, QFII are will informed investors.
4.The result indicate that the volatile difference between the financial performance of textile companies and that of electronic companies is significant. Further testing shows that the volatility of financial performance of textile companies is smaller than that of electronic companies. This result supports the argument that electronic industry is more volatile and risky than the textile industry.
5.There are ninety companies splitting into two groups, i.e. high and low performers in this study. The difference of volatility between these two groups is statistically significant. The volatility of high performers is much smaller than that of low performers.
6.The difference of volatility between high and low achievers in textile industry is not significant, while the difference of volatility between high and low achievers in electronic industry reaches significant level. The volatility of high performers is smaller than that of low performers.

並列關鍵字

QFII's ； financial performance ； volatile

參考文獻

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