外資持股比例與董監事質押比例對於公司實施現金增資後投資績效探討

投資最重要的目標就是獲利，本人在眾多投資中最常用的就是股票投資。希望透過本研究探討依據增資日當下外資持股比例與董監事質押比例來決定是否參加該公司現金增資。其中企業績效係以事件日隔年該公司EPS與ROE的資料，並透過迴歸分析討論現金增資是否成功提高企業績效。實驗結果顯示隔年ROE 1(稅後息前)、ROE3(稅後息前折舊前)與現金增資公司該年的外資持股比例有其因果關係，且關聯性為負向，代表外資持股比例越高該公司隔年ROE越低。此現象與一般認知有所差異。第五章將探討可能原因可能為隔年度公司每股盈餘未增加，且取決於觀察時間的長短。另外隔年EPS與外資持股比例與董監事質押比例關係不明顯，日後可討論其他變數來決定是否參與現金增資。

關鍵字

現金增資；經營績效；外資持股比例；董監事質押比例

並列摘要

The most important goal of investing is to make a profit, the most common use among many of my investments is stock investment. I hope that through this study,we will decide whether to participate in the company’s cash increase based on the proportion of foreign shareholdings on the capital increase date and the proportion of directors and supervisors. Among them, the company's performance is based on the company's EPS and ROE data on the event day, through regression analysis to discuss whether the cash increase is successful to improve corporate performance. The experimental results show that the ROE 1 (before tax after interest), ROE3 (before tax after interest depreciation) and the cash-funded company's foreign shareholding ratio in that year have a causal relationship, and the correlation is negative,the higher the proportion of foreign shareholdings, the lower the ROE of the company in the next year. This phenomenon is different from general cognition. The fifth chapter will explore the possible reasons for the company's earnings per share not increased every other year, and depends on the length of observation time. In addition, the relationship between EPS and foreign shareholding ratio and the pledge of directors and supervisors is not obvious in the next year. Other variables can be discussed in the future to decide whether to participate in cash increase.