機構投資人持股與經理人持股 對公司資本結構的影響

The Influence of Institutional Ownership and CEO Ownership on The Firm’s Capital Structure.

李文心(Wun-Sin Li)

指導教授 ： 賴靖宜

國立中正大學/管理學院/財務金融學系/碩士(2015年)

摘要

本研究利用機構投資人持股比率和經理人持股比率，探討其對公司資本結構的影響。本研究援引1994年到2013年止，國內所有上市、上櫃公司資料，以二階段最小平方法進行迴歸分析。研究結果發現，在上櫃公司的樣本中，機構投資人持股比率與公司負債比率為顯著負相關，即機構投資人持股越高，公司負債比率程度降低，這隱含機構投資人持股越高，越有提升公司價值從中獲利的誘因，對公司資本結構有監督的效果，而舉債因為需定期支付利息，能夠限制經理人操作自有現金流量而降低代理成本，也具有監督的效力，因此機構投資人持股舉債，在公司監督的角色上有替代關係。
而經理人持股比率會影響自身風險態度，進而影響其對公司風險偏好、造成舉債決策偏誤的狀況，本研究的結果不顯著，因此沒有足夠證據支持經理人持股對公司資本結構的影響。
此外，探討機構投資人監督的角色上，本研究結果支持機構投資人扮演積極角色，即公司偏離負債越多，機構投資人持股越高。

關鍵字

經理人持股 ； 機構投資人持股 ； 負債比率

並列摘要

We examine the dynamic relations about institutional ownership and CEO ownership to a firm’s capital structure. The data period is from 1994 to 2013, and we use Two-Stage Least Squares (2SLS) as our economics method. We find that the leverage of firms listed at over-the-counter market (OTC) decreases when institutional ownership increases. The result implies that a firm reduces its debt as institutional investors substitute for the monitoring role of debt. But in our regression, CEO ownership is not an important factor. Moreover, we find that institutional ownership increases when a firm’s suboptimal leverage increases. This finding shows that institutions actively monitor a firm’s capital structure.

並列關鍵字

CEO ownership ； Institutional ownership ； Leverage

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