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題 名 | The Impact of Institutional Ownership on Corporate Hedging=機構投資人對企業避險決策的影響 |
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作 者 | 賴怡洵; 戴維芯; 林霖; | 書刊名 | 證券市場發展季刊 |
卷 期 | 26:4=104 2014.12[民103.12] |
頁 次 | 頁155-212 |
分類號 | 563.5 |
關鍵詞 | 避險; 風險移轉假說; 審慎投資人假說; 大股東假說; 機構投資人; Hedge; Risk-shifting hypothesis; Prudent man law; Large stockholder hypothesis; Institutional ownership; |
語 文 | 英文(English) |
中文摘要 | 本研究以2005年至2009年所有台灣上市櫃公司為樣本,以二階段迴歸分析來檢定機構投資人與企業避險之關係,探究機構投資人對於企業風險移轉行為主要是基於審慎投資人(prudent-man law)的監督角色,還是以大股東(large stockholder)的利益為重。研究發現機構投資者持股比例越高對高財務危機公司在面對高權益波動時會降低避險程度之行為具有顯著抑止效果,表示機構投資者扮演積極監督角色,能有效減緩財務危機公司之風險轉移行為,故支持審慎投資人假說。此外,相對於非金融機構投資人,金融機構投資人對於企業風險移轉行為的更能發揮監督與抑制效果。 |
英文摘要 | We adopt two-stage regression analysis to examine the relationship between institutional ownership and corporate risk management for the listed companies in Taiwan from 2005-2009. Our empirical results show that institutional ownership provides a significantly positive influence on the relationship between return volatility and hedge ratio in distressed firms, which supports the prudent-man law hypothesis, indicating that institutional investors are active monitors in distressed firms' risk management. They can mitigate the risk-shifting incentives of distressed firms and protect the claim value of debt holders. Further, in contrast to non-financial institutional investors, financial institutional investors are more effective at monitoring to alleviate the agency problem between equity holders and debt holders. |
本系統中英文摘要資訊取自各篇刊載內容。