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    题名: 比較外資與本土機構投資人的選股能力-以選舉事件為例
    作者: 許閔婷;HSU,MING-TING
    贡献者: 財務金融學系
    关键词: 外資;本土機構投資人;選舉事件;資訊取得優勢;QFII;domestic institutional investor;election;advantages in getting information
    日期: 2015-06-22
    上传时间: 2015-07-30 20:48:01 (UTC+8)
    出版者: 國立中央大學
    摘要: 本研究以總統(副總統)選舉及立法委員選舉事件為主。對於外資及本土機構投資人在選舉後對於股票市場的反應進行分析,並檢測三個月及六個月的股票報酬。本研究預期看好公司發展的持股增加公司,在未來股價上面表現較佳。前景令人堪憂的持股減少公司,在未來股價表現方面較差。本研究預期本土機構投資人相較於外資為資訊取得優勢者,因此,在政治選舉事件後,對於各公司未來的發展能有專業且較深入的剖析,進而對於公司有較正確的持股調整。因此,就持股增加公司而言,本土機構投資人於選後一段期間的股票報酬會顯著高於外資。就持股減少公司而言,本土機構投資人於選後一段期間的股票報酬會顯著低於外資。實證結果發現,本土機構投資人因具有資訊取得優勢,對於台灣的政黨政策及理念、整體經濟環境,甚至是台灣激烈的選戰後所帶來的影響能有精闢的分析與見解,進而做出正確的投資判斷。;This paper is based on presidential (vice- presidential) election and legislative election. After election, we analyze the reaction difference between QFII and domestic institutional investor in stock market and test 3 month and 6 month stock return. If a company has a promising future, investors will increase the proportion of shareholding and stock price go up in the future. If a company doesn’t have a hopeful future, investors will decrease the proportion of shareholding and stock price go down in the future. We hypothesize domestic institutional investor can make a better investment and have a better adjustment for the proportion of shareholding in stock market. The main reason is that domestic institutional investor have superior information and they can make a deep analysis of company. Therefore, stock return for domestic institutional investor will be higher than QFII in a company which increases the proportion of shareholding. Stock return for domestic institutional investor will be lower than QFII in a company which decreases the proportion of shareholding. We find that domestic institutional investor make a better investment because they have advantage in getting more information and they can make an incisive analysis in party’s policy and future prospect in a company.
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