機構投資人由於擁有專業的經理人及較充份的資訊故其在挑選投資標的公司的能力上應較散戶為佳(高蘭芬[9]),同時亦有較大的動機去監控經理人的行為與督促公司的表現(Maug[35])。唯在實證上,有關機構投資人持股與公司經營績效間關係的研究,實證結果並不一致(Morck, Shleifer & Vishny[39]、McConnell & Servaes[37]、蔡佩真[16])。相關的研究,在衡量公司績效時,多以Tobin’s Q作為指標。本研究則重新利用生產力做為公司經營績效指標,探討機構投資人持股比例與公司經營績效之間的關係,並同時說明生產力是在衡量公司績效上優於Tobin’s Q。本研究的實證結果發現,機構投資人持股比例與公司經營績效呈現顯著的正向關係,且此正向關係並非線性。同時,在公司績效衡量方法上,本文的實證結果亦發現,生產力指標優於傳統的Tobin’s Q指標。
The institutional investors have professional manager and better information, so have better capability in selecting invest targets.(Lan-Feng Kao[9]) On the same time, they have great incentives to monitor the managers’ activities and firm’s performance (Maug[35]). However, the empirical studies on the relationship between the ownership of institution investors and firm performance were inconsistent.(Morck, Shleifer & Vishny[39]、McConnell & Servaes[37]、Pei-Chen Tsai [16]). Most of the former studies use Tobin’s Q as firm performance measurement. In this paper, we use productivity as firm performance measurement to re-examine the relationship between the ownership of institutional investors and firm performance. The empirical results show that there exists a significant positive nonlinear relationship between the ownership of institutional investors and firm performance. Besides, the productivity is a better measurement than Tobin’s Q when evaluate firm performance.