機構法人持股與公司盈餘管理

The Impact of Institutional Ownership on Corporate Earnings Management

本文使用2001年至2014年間台灣上市上櫃公司，檢驗公司盈餘管理活動是否因機構法人持股和持股波動性高低有不同影響。實證結果顯示，機構法人持股高及其波動性低之公司有較低的盈餘管理程度，高持股和穩定投資的機構法人較能扮演積極監督管理者行為的角色。本文亦探討機構法人異質性在增進公司治理上可能有不同監督任務與限制，結果顯示持股波動性低／積極型之外資法人和國內法人也有較高的監督功效，且國內法人穩定持股較外資法人能顯著降低公司盈餘管理程度，所以國內外法人在抑制公司盈餘管理的監督效率會因其股權及持股波動性有差異。本文主要貢獻是發現機構法人具有外部監督效果外，也存在其他影響公司決策和管理者誘因的途徑，經由實證證明機構法人的投資目的和異質性為影響新興市場公司盈餘管理行為的重要因素。

This study investigates the relationship among institutional ownership, ownership volatility and earnings management. It uses the listed companies in Taiwan from 2001 to 2014 and finds the following results. The findings indicate that there is a negative relationship between higher institutional ownership and its volatility and earnings management. It implies that long-run stable institutional investors can play an effective monitor to reduce earnings management in emerging market. Further examination shows that lower ownership volatility/ aggressive institutional investors have more positive impact on earnings management. Domestic institutional investors also have a positive impact on earnings management than foreign institutional investors. The main contribution of this study is to confirm that in addition to the external supervision effect of institutional investors, empirical evidence verifies that the investment purpose and heterogeneity of institutional investors are important factors affecting earnings management behavior of firms in emerging market.