外國機構投資者持股比例對ESG資訊揭露之影響與其經濟效果

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簡翊庭(Yi-Ting Chien) 查詢紙本館藏

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企業管理學系

論文名稱

外國機構投資者持股比例對ESG資訊揭露之影響與其經濟效果
(The Impact of Foreign Institutional Investors′ Shareholding Ratio on ESG Information Disclosure and Its Economic Effects)

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至系統瀏覽論文 (2029-6-30以後開放)

摘要(中)

隨著全球經濟環境的日益複雜和企業對社會影響力的關注不斷增加，企業社會責任(Corporate Social Responsibility，CSR)已經成為企業經營中不可或缺的一環。CSR不僅僅是企業履行對社會和環境的義務，更是一種經營策略，有助於提升企業的聲譽、吸引投資者、提高員工滿意度，以及創造長期價值。本研究旨在探討外國機構投資人持股比例是否會影響公司資訊揭露和其所帶來之經濟效果。
本研究蒐集台灣上市、櫃公司發布2014年到2023年永續報告書進行分析，藉由迴歸分析法來衡量它們與市場流動性和股權資金成本之間的關聯，並進一步分為距離遠近、自願或強制揭露、是否具有第三方機構確信，並探討外資總持股率是否會影響公司出具之永續報告書品質。而實證結果顯示，外資持股率越高，企業更傾向在永續報告書中詳細揭露，外資的監督作用能夠提升永續報告書揭露質量，降低企業的股權資金成本，以及提高價格影響及股票週轉率之影響，對於買賣價差無顯著影響。更進一步討論出外國機構投資人持股率越多對公司所發佈永續報告書品質之重複性及正負面詞語揭露具有正面影響，但對永續報告品質之可讀性具有負面影響，而對可驗證性則是有正面影響但不顯著。最後討論無論外資距離遠近，外資總持股率對永續報告書揭露分數均具有顯著正向影響，且這種影響在距離遠地區的外資持股更為顯著;在自願揭露情況下，企業的外資持股對揭露分數影響更為顯著;外資總持股率對永續報告書揭露分數無論在是否具有第三方機構確信下皆為正向影響。

摘要(英)

As the global economic environment becomes increasingly complex and companies focus more on their social impact, Corporate Social Responsibility (CSR) has become an indispensable part of business operations. CSR not only fulfills obligations to society and the environment but also serves as a business strategy to enhance corporate reputation, attract investors, increase employee satisfaction, and create long-term value. This study explores whether the proportion of foreign institutional investors′ shareholding affects corporate information disclosure and its economic effects.
The study analyzes sustainability reports published by listed and over-the-counter companies in Taiwan from 2014 to 2023, using regression analysis to measure their relationship with market liquidity and equity capital cost. It further examines the impact of distance, voluntary or mandatory disclosure, and third-party assurance on these relationships. Empirical results show that a higher foreign shareholding ratio encourages companies to disclose more detailed information in their sustainability reports. The supervisory role of foreign investors enhances the quality of these reports, reduces equity capital costs, and positively affects price influence and stock turnover rate, with no significant impact on bid-ask spreads. Further analysis reveals that a higher foreign shareholding ratio positively impacts the redundancy and positive/negative word disclosure in sustainability reports, negatively affects readability, and has no impact on verifiability. Finally, the discussion reveals that regardless of the distance, the overall foreign ownership has a significant positive impact on the disclosure scores of sustainability reports. This impact is more pronounced in foreign holdings from distant regions. Under voluntary disclosure conditions, the influence of foreign ownership on disclosure scores is even more significant. The overall foreign ownership positively affects the disclosure scores of sustainability reports, regardless of third-party assurance.

關鍵字(中)

★ 外國機構投資人
★ 企業社會責任
★ 市場流動性
★ 股權資金成本

關鍵字(英)

★ Qualified Foreign Institutional Investor
★ Corporate Social Responsibility
★ Market liquidity
★ Cost of Equity

論文目次

中文摘要 I
英文摘要 II
致謝詞 III
目錄 IV
表目錄 V
一、緒論 1
1-1 研究背景 1
1-2 研究目的 2
二、文獻探討 3
2-1 外國機構投資者對於企業揭露行為之影響 3
2-2 外國機構投資者對企業社會責任之影響 3
2-3 永續報告書與傳達重要價值資訊之關聯 4
三、研究設計 6
3-1 研究假說 6
3-2 研究資料來源 7
3-3 變數定義 9
3-4 實證模型 15
四、實證結果分析 16
4-1 敘述性統計分析 16
4-2 相關性分析 19
4-3 迴歸結果分析 22
外資持股比例與永續報告書揭露分數之關聯 22
外資持股比例和報告書分數與股權資金成本之關聯 24
外資持股比例和報告書分數與市場流動性之關聯 26
4-4 進一步分析 28
五、結論與建議 38
參考文獻 40

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指導教授

曹壽民張東生(Shou-Min Tsao Dong-Shang Chang)

審核日期

2024-7-13

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