企業大陸投資盈餘匯回與公司價值：公司治理評鑑及機構投資人之影響

The Repatriation of Foreign Earnings and Firm Value: The Influence of Corporate Governance Ranking Mechanisms and Institutional Investors

本文主要從市場面探討企業大陸投資盈餘匯回對公司價值之影響，並進一步考量公司治理評鑑結果與不同類型機構投資人（即主動機構投資人與被動機構投資人）是否影響前述關聯性。採用2014 至2018 年的臺灣上市櫃公司為樣本，並以大陸投資盈餘匯回的資料進行檢測，本研究的實證結果發現：平均而言，當企業大陸投資盈餘匯回金額越高時，公司價值越高。本文並發現，若公司治理評鑑結果越佳及主動機構投資人持股越高的公司，則企業大陸投資盈餘匯回對公司價值的提升效果更明顯。

This study investigates the effects of the repatriation of foreign earnings on firm valuation, and further explores whether corporate governance ranking mechanisms and institutional investors (active/passive institutional investors) affect the relationship between the repatriation of foreign earnings and firm values. Using a sample of listed companies of the Taiwan Stock Exchange and Taipei Exchange from 2014 to 2018, this study obtains an empirical result that shows a positive relationship between the repatriation of foreign earnings and firm values. Moreover, the effect of foreign earnings repatriated on firm values appears to be more pronounced in firms with high corporate governance ranking results and in firms with high levels of active institutional ownership.