首次上市公司法人持股、內部人持股與公司經營績效之關聯性

Institutional Investors , Internal Shareholder and Managing Performance – research on Stock Companies Of IPOs Issued in Taiwan

莊英鈞(Ying-Chun Chuang)

指導教授 ： 胡為善 ； 丁緯

中原大學/商學院/會計研究所/碩士(2010年)

https://doi.org/10.6840/cycu201000925

摘要

隨著一般企業申請上市的過程，企業所有權由集中趨向分散，管理當局是否真的遵守內、外部的法令規範，並真實表達公司的經營成果，實為投資人所關心的議題。因此本研究基於代理人監督代理人之觀點，探討內部人持股與機構法人持股對公司經營績效影響之關聯性，並探討未來盈餘資訊對經營績效之影響，以利投資人更能掌握企業經營資訊。
本研究以台灣證券交易所股票首次上市公司(IPOs)為研究對象，選取2003年至2008年之初次上市公司，共計67家為樣本，將公司經營績效區分為會計績效與市場績效，以內部投資者和機構投資者，並選取研究費用率、負債比率(%)、公司規模、產業等變數，探討其彼此間關係。此外，為更進一步將法人機構身份分為五大類，進行複迴歸檢定分析，以瞭解不同機構法人對經營績效之影響。
在內部人士持股比例實證結果方面，內部人持股比率對首次上市公司會計績效皆呈顯著正相關，而於市場績效方面並無顯著影響，推測可能由於上市後內部人基於自身利益，持股比例陸續減少有關。
在機構法人持股比例實證結果方面，機構法人持股對市場績效均不顯著，而研發費用率對市場績效均呈現顯著相關，可見市場績效主要是受未來盈餘資訊影響；另機構法人持股對資產報酬率與每股盈餘皆呈現顯著負相關，研判可能與台灣初次上市公司機構投資人可能為大股東轉投資的公司或基於其他目的所設立或較重視短期利益，往往基於自身利益，而有損公司價值。
進一步將法人機構身份分為五大類之實證結果，在市場績效方面，本國政府機構持股對90天市場報酬均呈現顯著正相關，但於會計績效方面，假說各類機構法人對公司經營績效呈正相關，實證結果均未獲支持，顯示本國政府機構持股對投資人信心提升是有所助益，但實際執行監督功能效益有限。

關鍵字

會計績效 ； 內部人 ； 研發費用率 ； 市場績效 ； 機構法人

並列摘要

In the process of initial public offering (IPO), the ownership of the corporations will be diversified under the legal requirement of shareholdings diversification. Consequently, the investors do concern whether the corporation observes the regulations of authorities and fully discloses the performance of operation or not. This study examines the correlations of internal shareholders and institutional investors to investigate the performance of those companies based on the perspective of the relationship between the manager of institutional investors and the manager of IPO Company in order to assist investors to evaluate the operational performance of those companies.
This work also examines the impact of internal shareholders and institutional investors on the accounting and market performance of 67 companies which are listed on the Taiwan Securities Stock Exchange (TWSE) between 2003 and 2008 based on R&D percentage, debt ratio, size and industry characteristics. Moreover, this investigation classifies the institutional investors into five categories and utilizes the multiple regression analysis to examine the impact of various institutional investors on the performance of those companies.
Empirical results indicate that the shareholdings of insiders possess significantly positive correlation with the accounting performance. However, the shareholdings of insiders and institutional investors are not significantly correlated with market performance. Hence, the shareholdings of insiders may have greater impact on the financial performance than on the stock return.
The findings also show that the R&D expenditure percentage possesses significantly positive correlation with the market performance. Hence, the stock return may be the expectations of future earnings. Moreover, the shareholdings of institutional investors have negative correlation with the return on assets and earnings per share. The possible explanation is that the institutional investors of the IPO companies may incorporate shareholders of the listed companies or may be organized based on other reasons such as the realization of short-term profit. These facts will damage the long-term value of those companies.
This investigation further examines the impact of shareholdings of each category of institutional investors on the performance of the company, and finds that the shareholdings of domestic government are positively correlated with the 90-day cumulative market returns. However, the empirical results do not support the hypothesis that the shareholdings of institutional investors are positively related with the operational performance, suggesting that the government’s shareholdings may increase the confidence of investors. However, the monitoring effect of government will decrease.

並列關鍵字

Institutional Investors ； Market Performance ； Accounting Performance ； Internal Shareholder ； R&D Expenditure Percentage

參考文獻

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