| 摘要: | 本研究主旨在探討機構投資人持股比率對於股價報酬之影響。本研究使用股價年報酬率(應變數)，機構投資人持股比率、外資持股比率、投信持股比率、自營商持股比率做為主要變數，並加入其他7個可能影響股價報酬之控制變數(包含董監持股比率、經理人持股比率、公司規模、現金股利率、每股淨值、股東報酬率、同產業股價平均報酬)，進行迴歸分析。本研究樣本為513家上市櫃公司，採用2008年至2014年共計五年度之財務報表資訊。研究結果顯示：在控制其它可能影響股價報酬的相關因素後，機構投資人持股比率對於股價報酬呈現不顯著，機構投資人中的投信持股比率對於股價報酬呈正向顯著關係，而在第一來台上市櫃公司中，投信持股比率與股價報酬也呈現正向顯著關係，代表投信持股比高會有較好的股價報酬。本研究結果可提供投資第一上市櫃公司的投資者參考。
This study explored the spirit investment institution Shareholding ratio remuneration for the shares affected. In this study, rates of return on the stock (strain number), shareholding ratio of institutional investors, foreign shareholding ratio, the ratio of investment trust shares, dealers shareholding ratio as the main variable, and add the stock returns of the other seven could affect control variables (including the shareholding ratio of directors and supervisors, managers shareholding ratio, company size, cash dividend rate, NAV, shareholder return rate, with industrial stock average remuneration), regression analysis. In this study, 513 samples all listed companies, the use of 2008 to 2014 a total of five-year financial statements of the information. The results show: after controlling for other relevant factors affecting the stock price returns, institutional investors holding shares reward ratio presented for not significant, the ratio of investment trust shares among institutional investors pay for the shares was significant positive relationship, whereas in the first Cabinet to return to Taiwan listed companies, investment trust shares and stock compensation ratio also showed significant positive relationship on behalf of investment trust shares will be better than the high share price paid. This study provides the first all listed investment company investors. |
