機構投資人與企業避險決策：風險移轉實證

Institutional Ownership and Corporate Hedging: An Evidence of Risk-shifting

黃于嘉(Yu-Chia Huang)

指導教授 ： 戴維芯

國立暨南國際大學/管理學院/財務金融學系/碩士(2013年)

https://doi.org/10.6837/NCNU.2013.00177

摘要

本文以2005年到2009年臺灣上市上櫃公司為樣本，延續Tai, Lai and Lin(2012)的研究，進一步將機構法人持股分為國內法人和國外法人，從公司治理角度探討監督距離是否會影響機構投資人對於財務危機公司風險移轉行為的決策。結果發現在財務危機公司的樣本中，國內法人相較於國外法人比較能有效的監督公司，減緩風險移轉的情形發生。在控制財務危機風險指標和避險比率的內生性問題、考量產業特性所建構的財務危機風險指標，以及樣本資料可能存在的選擇性偏誤問題之後，本文的結果依然維持穩健。

關鍵字

機構法人持股 ； 風險移轉 ； 國內法人 ； 國外法人 ； 避險

並列摘要

Extending the research of Tai, Lai and Lin(2012), this paper adopts listed company in Taiwan from 2005 to 2009 to examine whether the distance of institutional supervision affects risk-shifting policy of financial distressed firms by separating institutional ownership into domestic institutional ownership and foreign institutional ownership. The result shows that domestic institutional investors provide more effective monitoring in corporate hedging than foreign institutional investors. These results are robust to the consideration of endogeneity problem, selection bias, and industrial difference.

並列關鍵字

Institutional ownership ； Risk-shifting ； Domestic institutional investor ； Foreign institutional investor ； hedging

參考文獻

Badrinath, S.G., G. Gay, and J. Kale, 1989, “Patterns of Institutional Investment Prudence and the Managerial ‘Safety-net’ Hypothesis,” Journal of Risk and Insurance 56, 605-629.

Baik, B., J.K. Kang, and J.M. Kim, 2010, “Local Institutional Investors, Information Asymmetries, and Equity Returns,” Journal of Financial Economics 97(1), 81-106.

Barton, J., 2001, “Does the Use of Financial Derivatives Affect Earnings Management Decisions?” Accounting Review 76(1), 1-26.

Bushee, B., 2001,“Do Institutional Investors Prefer Near-Term Earnings over Long-Run Value?” Contemporary Accounting Research 18, 207–246.

Bulan, L. T. 2003, “Real Options, Irreversible Investment and Firm Uncertainty: New Evidence from U.S. Firms,” Working paper.