公司治理機制改善與外國機構投資之探討

Abstract

在台灣，上市、上櫃公司的公司簡介、經營狀況、與募資訊息⋯⋯等，均屬於公開資訊，其中更包含有如：外資買賣股份交易量之消息，揭露的資訊完整而全面且容易取得(Lin et al., 2003; Huang et al., 2009)，是以在選擇多角化國際投資組合時，外國機構投資人也會將台灣股票市場納入考量。然而，台灣也與其他開發中市場面臨一樣的窘境，被認為在股東權益保護與法律執行⋯⋯等方面較為薄弱，且市場容易受到幾家大型家族企業的影響(Gibson, 2003; Dennis and McConnell, 2003; Claessens et al., 2003)，因此公司治理改革在台灣市場是非進行不可的，而事實上，過去台灣也多次進行了公司治理改革且至今仍不斷再進行中，本論文之目的便是要檢視公司治理改革是否增進外國機構投資人對於台灣市場的投資量，在研究方法上，本文進行有橫斷面分析與縱貫面分析，分析結果顯示，公司改善股東權益與增進資訊揭露，有助於增加外國機構對其之投資。隨著公司治理評鑑在台灣的落實以及法規的精進，未來的研究可針對其而有更精密且全面的研究方式，且再與市場投資組合進行比較時，亦可納入其它投資部門與影響因素作為考量。

Since there are consistent and completed data for the level of foreign investor’s sales and purchases of the listed company are provided to the public and easy to obtain (Lin et al., 2003; Huang et al., 2009), Taiwan is the market that foreign institutional investor diversifies their international portfolios. However, Taiwan is considered to be like other emerging markets, with no shareholders protection and poor legal enforcement and that large-family-controlled companies significantly influences the economies (Gibson, 2003; Dennis and McConnell, 2003; Claessens et al., 2003). The corporate governance reform then becomes a must-to-do for Taiwan. Actually, corporate governance in Taiwan reformed several times and is reforming. The purpose of this paper is to investigate whether the corporate governance reform improves the foreign institutional investment on Taiwan market. Cross-sectional and longitudinal analyses are used as the research method. In conclusion, the refinement of the shareholder rights and the revamp of information disclosure are positively affect the foreign institutional investment. However, as the Corporate Governance Evaluation holding every year in Taiwan and the stricter regulations for firms, the indicators used in the future research of corporate may be extracted in more delicate way and contains more dimensions and may try to capture other sectors and factors when comparing the foreign institutional investments to the market portfolio.