公司治理評鑑制度與機構投資人之關聯性研究

本研究以2016年至2021年間有實施公司治理評鑑制度之上市上櫃企業為研究對象，探討公司治理評鑑結果是否能傳遞有利訊息，吸引機構投資人的興趣。實證結果顯示，公司治理評鑑結果對機構投資人持股之影響，無論是以全部樣本、或外國機構投資人樣本、或本國機構投資人樣本檢驗，均呈顯著正相關，表示公司治理評鑑結果可傳遞有利於投資之訊息，能吸引機構投資人持股；此結果支持假說1。再者，股權結構對機構投資人持股之影響，呈顯著正相關，表示董監事持股越高及大股東持股越高，機構投資人持股也越高；此結果支持假說2。另外，經理人持股及CEO雙重性對機構投資人持股之影響，呈顯著負相關，表示經理人持股越高及CEO雙重性愈高，機構投資人持股愈低；此結果支持假說3。

關鍵字

盡職治理守則；公司治理評鑑制度；機構投資人；股東行動主義

並列摘要

This study takes Taiwan listed TWSE and OTC companies that have implemented the corporate governance assessment system from 2016 to 2021 as the research object, and explores whether the results of the corporate governance assessment can convey favorable information and affect the investment intention of institutional investors. The empirical results of testing with all samples, or samples of foreign institutional investors, or samples of domestic institutional investors show that the impact of corporate governance evaluation results on institutional investors' shareholding is significantly positively correlated, indicating that the results of corporate governance assessment can convey information that is favorable to investment and can attract institutional investors to hold shares; this result supports Hypothesis 1. Furthermore, the impact of ownership structure on institutional investors' shareholding is significantly positively correlated, indicating that the higher the directors and supervisors' shareholding and the higher the major shareholders' shareholding, the higher the institutional investors' shareholding; this result supports Hypothesis 2. In addition, the impact of managerial ownership and CEO duality on institutional investors' shareholding is significantly negatively correlated, indicating that the higher the manager's shareholding and the higher the CEO duality, the lower the institutional investor's shareholding; this result supports the hypothesis 3.