機構投資者、董事會與公司績效之關係研究：S&P 500之驗證

Institutional Investors, Board of Directors and Firm Performance：Evidence from the S&P 500

紀佳吟(Chia-Yin Chi)

指導教授 ： 夏侯欣榮

元智大學/管理學院/財務金融學系/碩士(2008年)

摘要

機構投資者與董事會是最常被用來衡量公司治理成效的兩項工具，本篇論文主要探討當機構投資者與董事會所提供的公司治理績效愈高，是否可以藉由降低盈餘操弄的可能性而使企業資訊透明度提高。以S&P500驗證的結果顯示，機構投資者所提供的公司治理績效無法幫助提升企業的資訊透明度，因為S&P500組成之企業本身具有較好的資訊透明度，所以機構投資者監督管理當局的公司治理績效效果有限；至於董事會部分，研究結果則支持董事會兼具監督以及建議之功能以促進其監督管理當局之效率，進而提升企業資訊透明化程度。

關鍵字

機構投資者持股比例 ； 董事會 ； 公司治理

並列摘要

Institutional investors and board of directors are common instruments to represent corporate governance mechanism. This paper investigates that whether firms’ information transparency would enhance while the governance function provided by institutional investors and board of directors increases due to reduction of earnings manipulation. Empirical results show that corporate governance function provided by institutional investors does not help promote firms’ information transparency from evidence on S&P 500. The better information transparency identity in S&P 500 diminishes the governance effect provided by institutional investors. With respect to board of directors, results support that both monitoring and advisory role of directors can improve effectiveness of monitoring authority to enhance information transparency of firms.

並列關鍵字

Institutional ownership ； Board of directors ； Corporate governance

參考文獻

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