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系統識別號 U0026-3004202013352200
論文名稱(中文) 企業社會責任、公司治理對機構投資人持股之影響
論文名稱(英文) The Impact of Corporate Social Responsibility and Corporate Governance on Institutional Ownership
校院名稱 成功大學
系所名稱(中) 經營管理碩士學位學程(AMBA)
系所名稱(英) Advanced Master of Business Administration (AMBA)
學年度 108
學期 2
出版年 109
研究生(中文) 楊智維
研究生(英文) Chih-Wei Yang
學號 RD6071010
學位類別 碩士
語文別 中文
論文頁數 53頁
口試委員 指導教授-張紹基
口試委員-顏盟峯
口試委員-林軒竹
口試委員-蔡東峻
中文關鍵字 企業社會責任  公司治理  機構投資人持股 
英文關鍵字 Corporate Social Responsibility  Corporate Governance  Institutional Ownership 
學科別分類
中文摘要 本研究主要探討近年興起的企業社會責任、公司治理的倫理投資,是否能對國內三大法人持股有影響力。研究樣本來自2014年到2018年獲選天下公民獎之大型企業名單,並以1:2之比例選取企業,總共645筆資料,其餘持股資料、公司治理相關變數取自於台灣經濟新報(TEJ)資料庫。利用迴歸分析加以進行探討研究,依變數分為外資、投信、自營商持股比率,而自變數則為天下公民獎四項指標、得獎次數以及公司治理指標中的董事會規模、獨立董事比率、董監事持股比率、董監事持股質押比率,並加入公司成立時間、資產規模以及每股盈餘為控制變數。
實證結果顯示外資對於企業社會責任以及公司治理表現較佳之企業,其持股有明顯成長,而在國內的投信與自營商多呈現反向顯著關係,尤其以自營商更為明顯,顯示三大法人持股策略不同,企業社會責任和公司治理對其影響亦有所不同。
英文摘要 The purpose of this research is to explore the impact of corporate social responsibility and corporate governance on institutional ownership. This research collects large enterprises that are listed in CommonWealth Magazine CSR Awards from 2014 to 2018 as the study samples and use 1:2 ratio to pick out our final total of 645 samples. The rest of information, like shareholding and related variable of corporate governance, will collect from Taiwan Economic Journal (TEJ) database. Under the regression analysis, the dependent variables are Foreign Investor holding, Investment Trust holding and Dealer holding; the independent variables are four dimensions of CommonWealth Magazine CSR Awards, frequency of awarded and corporate governance variables, including board size, ratio of independent directors, ratio of stocks and Equity Pledge hold by directors and supervisors, and will set year in business, asset size and earnings per share as control variables.
The empirical results show that the foreign institutional ownership has positive effect on corporate social responsibility and corporate governance. However, investment trust and dealers have negative effect. Therefore, Institutional Investors will have different strategies due to a firm’s corporate social responsibility and corporate governance.
論文目次 目錄
摘要 I
Extended Abstract II
致謝 V
目錄 VI
表目錄 VII
圖目錄 VIII
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 5
第三節 研究架構與流程 6
第二章 文獻探討與假說設立 8
第一節 企業社會責任 8
第二節 公司治理 14
第三節 機構投資人投資策略 16
第四節 企業社會責任和機構投資人之關係 18
第五節 公司治理和機構投資人關係 21
第三章 研究方法 23
第一節 樣本選取與資料來源 23
第二節 變數定義與衡量 26
第四章 實證結果與分析 31
第一節 敘述統計 31
第二節 迴歸結果分析 34
第三節 研究結果整理 45
第五章 研究結論與建議 46
第一節 研究結論 46
第二節 研究貢獻與建議 48
參考文獻 49
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