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    政大機構典藏 > 商學院 > 金融學系 > 學位論文 >  Item 140.119/116014
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/116014

    Title: 各類型機構投資人持股對企業併購績效之影響
    Institutional Ownership and Acquiring Firms’ Performance: Evidence from Taiwan
    Authors: 林忠緯
    Lin, Chung Wei
    Contributors: 陳威光

    Chen, Wei Kuang
    Lin, Ching Ting

    Lin, Chung Wei
    Keywords: 代理問題
    Agency problem
    Corporate governance
    Institutional investor
    Merger and acquisition
    Date: 2017
    Issue Date: 2018-03-02 11:40:07 (UTC+8)
    Abstract: 本研究分析各類型機構投資人持股份額及持股變動,與企業併購長短期績效的關聯性,藉以探討各類型投資人在公司治理中所扮演的角色。本研究結果發現,機構投資人持股對企業監督的功能在短期不明顯。然而就長期而言,外資持股對併購長期績效有正面影響。無論由法人、機構投資人及總持股等層面來看,外資持股皆與併購企業長期績效有顯著的正相關。


    In this paper, we examine the relationship between different types of institutional ownership and acquiring firms’ performance on M&A activities.

    We found that the monitoring effect is weak in the short-term horizon; however, there is a significantly positive relationship between foreign institutional ownership and long-term performance on M&A activities. More specifically, the result shows that the ownership of foreign mutual funds, domestic foundations and securities dealers is positively related to M&A performance, while the ownership of domestic mutual funds has a significantly negative relation with M&A performance.

    At the same time, we have a consistent result from change in institutional ownership. While the relationship between change in most kinds of institutional ownership and long-term M&A performance is weak, the change in domestic mutual funds’ ownership has a strong negative relation with M&A performance.

    This paper shows that foreign investors’ monitoring has a positive influence on firm’s M&A decision. On the contrary, domestic mutual funds is not a good monitor that their holdings lead to poor M&A performance.
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    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0104352026
    Data Type: thesis
    Appears in Collections:[金融學系] 學位論文

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