公司治理、資訊透明度與機構投人持股之關聯性

Institutional Ownership, Corporate Governance and Information Transparency

2012年勞保基金和勞退基金受盈正炒股案波及，造成鉅額虧損，金管會曾發出新聞稿建議立法四大基金投資決策需納入公司治理因素，並落實資訊透明度。故本研究以2009年至2013年間台灣上市櫃電子產業為研究對象，運用財務比率指標並建立迴歸模式，以探討公司治理、資訊揭露及機構投資人持股比例的關聯性。實證結果顯示，公司治理指標變數和公司資訊揭露水準對機構投資人有正面的影響。另控制變數如公司規模、股東質押等機制對機構投資人持股比例也呈正向顯著關係。因此管理當局應能借力使力，落實機構投資人將公司治理及資訊揭露納入選股必要考量政策，制定推動方向及指引，防止脫法行為並健全資本市場。

A stock trading scandal exposed in 2012 again cast doubt on the handling of Taiwan's labor insurance and pension funds, the Labor Pension Fund got hugelost on its investment in Ablerex. The Financial Supervisory Commission announces new rules to guard itself against rogue traders to strengthen supervision of investment trust companies that work with government authorities. Based on a sample of firms listed on Taiwan Securities Exchange over the period of 2009 to 2012, this study examines the relationship between the information transparency, corporate governance and shareholdings of institutional investors. The real example result is found that corporate governance index variable and information transparency standards expose a positive impact on institutional investors. The other control variables such as size of the company, shareholders and other mechanisms pledged stake to institutional investors alsoshowed a significant positive relationship. It is expected that the research results of the study are able to provide the government and enterprises with significant reference when major strategic decisions and policies are made. Hence, improving the capital market and strengthening corporate governance so that the investors and related parties'rights are protected.