旋轉門現象與外資持股之關係

本研究探討查核人員之旋轉門現象與外資持股之關係，並進一步檢視家族與非家族企業發生旋轉門現象時，對外資持股有何影響，以1998至2011年上市、櫃公司為研究對象。其結果顯示，六個旋轉門現象主要研究變數均與外資持股關係顯著為正相關，又，對於2003年外資持股限制鬆綁，本研究進一步檢視該年與2011年兩者間之關聯性，其結果與前述實證結果一致，即公司發生旋轉門現象使財務報表品質提升，故外資專業投資機構(QFII)投資意願進而增加。此外，本研究發現家族企業發生旋轉門現象之起始年度，及長時間存續旋轉門現象時，外資持股意願因而降低；然而當非家族企業發生旋轉門現象時，外資持股意願仍持正向反應。

關鍵字

外資持股；旋轉門；財務報表品質

並列摘要

In this study, the relationship between the effect of auditors' revolving door phenomenon and foreign ownership is explored. I further analyze the effect on foreign shareholding, while revolving doors are happened between family firms and non-family firms. The study samples used in this study are collected from Taiwan listed and over-the-counter(OTC) companies during the period 1998-2011. The results show that the main factors of six revolving door phenomena all have positive correlations with foreign shareholding. In addition to the relaxation of foreign ownership restrictions in Taiwan security market on July 9, 2003, this study confirms the positive correlation still remained by duration 2003-2011. Again, the positive results are revealed. It indicates that the quality of financial statements is improved when the revolving door phenomenon is occurred. Hence, the more shares are held in the portfolio of qualified foreign institutional investors (QFII). 　　The willingness holdings of QFII were declined when the revolving door phenomenon survived in a long time and the starting year of revolving door phenomenon happened on family firms. Otherwise, QFII held positive response on shareholders' willingness when the revolving door phenomenon produced on non-family firms.

並列關鍵字

Revolving Door ； Quality of Financial Statements ； Foreign Shareholding

參考文獻

呂麒麟與向少華，2005。台股機構投資人對經理人盈餘管理影響之研究，朝陽商管評論，第4卷，第1期，1-21。

曾彤暄，2011。外資持股偏好之探討，中原大學會計學研究所碩士論文。

何秀玉，2011。審計人員之旋轉門現象對審計品質之影響，中原大學會計學研究所碩士論文。

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旋轉門現象與外資持股之關係

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