- 學位論文
我國機構投資人與公司創新關係之研究 --以ADR、GDR公司為例
Institutional Investors and Innovation – Empirical Study of Taiwanese Dual-listed Firms of ADR and GDR
摘要
本研究主要探討我國機構投資人與公司創新之關係，並說明創新對於企業的重要性以及機構投資人持股對企業帶來的優勢，並藉由國內赴海外發行ADR、GDR的公司與國內上市的公司在股權結構、公司特性及創新程度間的差異來做比較。樣本選取期間自1996年至2010年，共15年，全體上市公司樣本有739家，10347個觀察值，赴發行海外存託憑證有58家公司，819個樣觀察值。並以單變量檢定、最小平方法及Panel Data Model之分析方法實證赴海外發行ADR、GDR的公司，在不同的機構頭資人的股權結構與公司特性對於創新是否有更顯著的差異。 本研究結果發現，在赴海外發行ADR、GDR的公司裡，雖然外資持股的高低對於公司創新有顯著負向的影響，但顯示外資具有短視的行為；在全體上市的公司裡，投信持股的高低對於公司創新也有顯著正向的影響，但呈現投信較重視長期獲利，並重視公司的研發創新；且不論在國內上市公司或赴海外發行ADR、GDR的公司裡，在前十大股東及董監事的持股高低對於公司創新都有顯著的負向影響，而經理人的持股高低對於公司創新都有顯著的正向影響。
並列摘要
The purpose of the study analyze the relationship between institutional investors and innovation on production. By means of comparison on ownership structure, firm characteristics and degree of innovation among companies funding byDual-listed firms(ADR or GDR) and domestic firms, the article will classify some facts about how important of innovation to companies and what advantages a company will get holding by institutional investors. The data cover fifteen-year period from 1996-2010, the amount of listed and GDR firms are 739 and 58 totally, and observations are 10,347 and 819, respectively. The methodologies we applied are univariate test, OLS, and Panel Data Model analysis. We’ll like to know do ownership structure of different institutional investors and the innovation of company characteristics are significant different. The result indicate that the ADR (or GDR) firms have negative effect on innovation, in other words, the foreign ownership have myopic behavior in. Nevertheless, in the entire listed firms, both manager and trusts have positive effect on innovation instead Top_Ten and directors have negative effect on innovation, especially the trusts tending to long-term profit.