本研究主旨在探討機構投資人投資決策與企業股價、企業價值關聯性影響，並以資訊揭露評鑑系統為例。本文以2009至2013年的三大法人、臺灣上市(櫃)公司為研究對象，分別採用事件研究法、Tobin’s Q Ratio作為資訊揭露評鑑系統影響之衡量進行實證研究。實證結果指出評鑑結果對於機構投資人的持股週轉率具有正向影響，且評鑑結果較佳的企業具有顯著正向的外資持股週轉率；此研究結果顯示資訊揭露評鑑系統之實施，對於機構投資人來說具有參考價值。另外，實證結果亦顯示資訊揭露評鑑系統之評鑑結果確實影響企業股價與企業價值，並造成企業本身股價擁有異常報酬。
This study was designed to investigate the relevance affects among the investment decisions of institutional investors, corporate stock, and the enterprise value. Secondly, this paper employed event study method and Tobin's Q Ratio as measurements of the Information Disclosure and Transparency Ranking System. In a Meanwhile, the paper took Information Disclosure and Transparency Ranking System as an example to conduct empirical research for the three major Institutional investors, and Taiwan listed or OTC ( over the counter) companies on the TWSE in the period 2009 to 2013.
Empirical results indicate that the evaluation results has a positive effect with stock holding turnover rate of institutional investors. In addition, the evaluation results with the preferred scores of the companies have a significant positive effect with stock holding turnover to the QFII (Qualified foreign institutional investors). The results showed that the implementation of Information Disclosure and Transparency Ranking System has presented with a reference value for institutional investors.Lastly, the empirical results also reveal that the evaluation results of Information Disclosure and Transparency Ranking System really affect the stock price, enterprise value itself and caused the share price has abnormal returns.
