外部大股東與投資效率之關聯性：企業社會責任之角色

The Impact of Outside Blockholder on Investment Efficiency: The Role of Corporate Social Responsibility

雷振宜(CHEN-YI LEI)

指導教授 ： 廖益興

中原大學/商學院/會計學系/碩士(2022年)

https://doi.org/10.6840/cycu202201647

摘要

公司投資效率的好壞長期以來都受各界重視，不論公司內部的董事、經理人、基層員工、大股東、小股東、銀行、政府、相關的合作廠商，甚至是一般民眾，都有機會因公司投資效率良好而受惠。台灣有許多文獻從家族企業、企業社會責任、財務彈性、財報品質、企業避稅等角度探討投資效率，卻鮮少有人討論外部大股東持股規模對投資效率的影響力。

本研究以2010年至2020年上市上櫃公司為樣本，從代理問題為出發點，並以外部大股東持股規模作為主要測試模型之自變數，探討外部大股東持股狀況與公司投資效率之間的關聯性。實證結果發現，外部大股東持股規模與投資效率之間並非單純的線性關係。在一定的持股規模以前，增加外部大股東的持股無法對投資效率產生正面影響力；但達到一定的持股規模後，愈高的外部大股東持股率，愈能有效抑制投資無效的發生。

　　本研究也進一步探討企業社會責任的投入，是否會對外部大股東持股規模與公司投資效率之間的關聯性產生影響。期盼本研究的論點可幫助台灣企業尋找最適當的外部大股東持股比例和搭配的企業社會責任活動投入程度，成為企業提升投資效率之參考。

關鍵字

企業社會責任 ； 外部大股東持股比率 ； 投資效率 ； 代理問題

並列摘要

The evaluation of company's investment efficiency has been paid attention by all sectors for a long time. Company's investment efficiency may benefit its internal directors, managers, employees, blockholders, minority shareholders, banks, governments, related cooperative manufacturers, and even the community. A growing body of literature discusses investment efficiency from the perspectives of family business, corporate social responsibility, financial flexibility, financial reporting quality, and corporate tax avoidance, but only few explore the influence of outside blockholders’ shareholding ratio on investment efficiency.

This study utilizes OTC listed companies from 2010 to 2020 as samples to explore the relationship between outside blockholder ownership and the company's investment efficiency. This research draws upon the agency problem and uses the shareholding ratio of outside blockholders as the main test variable. The empirical results show that the relationship between the shareholding ratio of blockholders and investment efficiency is not monotonically linear. That is, the increase in the shareholding of outside blockholders won't improve the investment efficiency below a threshold point; but, beyond that threshold, the relationship turns out to be reversed.

This study also further explores whether the investment of corporate social responsibility (CSR) will have an impact on the relationship between the shareholding rate of blockholders and the company's investment efficiency. It is hoped that the findings of this study can help practitioners to find the optimal level of outside blockholder ownership and the level of investment in CSR activities as a reference for policy discussions and decisions.

並列關鍵字

Corporate Social Responsibility ； Outside Blockholder ； Investment Efficiency ； Agency Problem

參考文獻

中文文獻

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