董監事股權質押與外資持股之關聯性研究

The relationship between shares collateralized by board of directors and foreign ownership.

胡雅榛(Ya-Chen Hu)

指導教授 ： 廖益興

中原大學/商學院/會計研究所/碩士(2016年)

https://doi.org/10.6840/cycu201600505

摘要

本研究係以台灣之上市櫃公司為研究對象，實證探討董監事股權質押與外資持股之關聯性研究，研究結果顯示：(1)董監事股權質押比率與外資持股比率呈顯著負相關，反應外資不願持有因股權質押導致風險較高的公司;(2)有設立獨立董監事的企業，外資給予正面評價，其股權結構中有較高的外資持股比率;(3)大股東董監事股權質押比率與外資持股比率呈顯著負相關，反應外資不願持有因股權質押導致風險較高的公司(4)進一步將外資持股拆分為外國法人與外國投資機構為替代變數，結果也相當穩健。

關鍵字

董監事股權質押、外資持股

並列摘要

In this study, T.S.E. and O.T.C. listed companies are used as the subject to empirically explore the relevance between directors’ and supervisors’ equity pledge and foreign investors’ holding, the results show that: (1) the equity pledge ratio of directors and supervisors and the ratio of foreign investors’ holding are significantly negatively correlated, which reveals that foreign investors are reluctant to hold the shares of companies with higher risk due to equity pledge; (2) foreign investors give positive reviews on enterprises with independent directors and supervisors, the ownership structure of those enterprises has a higher ratio of foreign investors; (3) the equity pledge ratio of the major shareholder directors and supervisors and the ratio of foreign investors’ holding are significantly negatively correlated, which reveals that foreign investors are reluctant to hold the shares of companies with higher risk due to equity pledge; (4) further splitting foreign investors’ holding into foreign juristic person’s and foreign investment institute’s as substitute variables, the results are still quite robust.

並列關鍵字

Shares pledged by directors and supervisors , Foreign Investors.

參考文獻

11. 楊美娥，2012「外資持股及董事持股質押比率與金控公司經營績效關聯性探討」，

6. 李坤璋、陳勝源、王海華，2014「公司治理評量有效性之研究」，第十七屆科際整

13. 蕭朝興、黃聖棠、黃聖志，2008「臺灣股市外資之投資行為」，商管科技季刊，第

18. 闕廷諭、洪嘉仁，2014「股權結構、公司治理對企業經營績效影響之研究-以台灣

16. 鄭舜仁，2004「探討影響股票流動性的因素-以時間數列橫斷面探討公司規模、股權