自1980年代以來，開發中經濟體系致力於成為更成熟的經濟體，加快腳步地跟隨著自由化及全球化的趨勢，有許多自由化的措施用以吸引外資。為了減緩外資直接投資國內資本市場的衝擊，許多開發中國家乃採取合格境外機構投資人制度來吸引外資，台灣便是一個著名的例子，此一制度允許專業外資機構投資人在一個允許的投資額度下直接投資證券市場，本文在於探討台灣的合格境外機構投資人制度是否減少投資對現金流量的敏感度。 本文的研究樣本為在台灣證券交易所的上市公司，財務資料取自於台灣經濟新報資料庫，研究期間為1988年1月1日到2003年12月31日，含括了台灣實施合格境外機構投資人制度前的年度(1988-1990)與整個合格境外機構投資人制度的實施期間(1991-2003)，有75家的樣本公司符合選樣標準，本文除採用迴歸分析進行實證研究外，亦採用縱橫迴歸技術以控制個別公司效果。 實證結果指出，合格境外機構投資人制度減少投資對現金流量的敏感度，特別是對低外資持股率、小規模、及非摩根史坦利台灣指數成份股的群組而言，更為顯著，而這些群組也正是開放外資前，面臨較多投資限制的公司。 對欲吸引外資的開發中國家而言，合格境外機構投資人制度是一種有吸引力的過渡性機構化策略，其能彌補市場的不完美進而使投資對現金流量的敏感度下降。 Starting in the 1980s, developing economies have striven to mature at an ever-quickening pace to keep step with trends of liberalization and globalization. Several kinds of financial liberalization measures have been employed to attract foreign capital. To soften the impact of direct foreign investment on domestic capital market, several developing countries have opted for a QFII (Qualified Foreign Institutional Investor) scheme to attract foreign capital. Taiwan is a notable example. This scheme allowed foreign institutional investors to directly invest in securities markets within authorized investment quotas. This paper examines Taiwan’s QFII experience so as to determine whether the implementation of such a policy has helped reduce corporate investment-cash flow sensitivity. Our samples are taken from companies listed on the Taiwan Stock Exchange, and our data retrieved from the Taiwan Economic Journal (TEJ) data bank. The research period begins January 1, 1988 and ends December 31, 2003, covering Taiwan’s pre-QFII period (1988-1990) and the entire period of the QFII experience (1991-2003). A total of 75 listed firms satisfy the sample criteria. We use regression analysis as our research method. Additionally, we also conduct a standard panel regression technique to control individual effects. Empirical results suggest that the foreign funds from QFIIs do help relax investment-cash flow sensitivity, especially for the low foreign investment ratio, small firm size and non-MSCI Taiwan Index component groups which are more financially constrained before openness. For developing countries that plan to attract foreign capital, the QFII scheme is an attractive interim institutionalization strategy, capable of compensating for capital market imperfections and relaxing firms’ investment-cash flow sensitivity.
