中大機構典藏-NCU Institutional Repository-提供博碩士論文、考古題、期刊論文、研究計畫等下載:Item 987654321/98090
English  |  正體中文  |  简体中文  |  Items with full text/Total items : 83696/83696 (100%)
Visitors : 56141743      Online Users : 632
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version


    Please use this identifier to cite or link to this item: https://ir.lib.ncu.edu.tw/handle/987654321/98090


    Title: ETF持股對高科技企業投資效率與績效影響之實證研究_以台灣市場為例;The Impact of ETF Holdings on Investment Efficiency and Firm Performance:Evidence from Taiwan′s High-Tech Industry
    Authors: 陳永亦;Chen, Yung-Yi
    Contributors: 會計研究所
    Keywords: ETF持有;ETF類型;投資效率;過度投資;企業績效;電子業;ETF ownership;ETF types;Investment efficiency;Overinvestment;Firm performance;Electronics industry
    Date: 2025-08-11
    Issue Date: 2025-10-17 12:20:13 (UTC+8)
    Publisher: 國立中央大學
    Abstract: 本研究以2014至2024年間臺灣上市電子業公司為樣本,探討ETF持股是否影響企業投資效率,並進一步評估對績效的影響。採用Richardson (2006)模型衡量投資效率,並以ETF持有家數與類型為主要自變數,控制公司特徵與年度效果,使用Tobin’s Q作為績效指標,研究結果顯示:(1)ETF持股與投資效率偏離程度呈正相關,顯示其對企業投資行為具影響力;(2)ETF持股顯著提高過度投資行為,對投資不足無顯著影響;(3)成長型ETF對過度投資有更顯著正向關聯;(4)過度投資與Tobin’s Q呈正相關,市場可能視其為成長性訊號;(5)過度投資在ETF持股與績效間具部分中介效果。研究補足充ETF影響企業決策之文獻,並提供企業決策者在公司被ETF持股時進行資源配置的參考依據。;High-tech firms rely heavily on R&D and capital expenditures to achieve sustainable growth. Due to the difficulty in reflecting growth potential through financial statements, these firms are more sensitive to market signals and liquidity. As Exchange-Traded Funds (ETFs) grow in market influence, they have become an important external capital source. However, how ETF ownership affects corporate investment efficiency and performance remains underexplored.
    Using data from Taiwan-listed electronics firms from 2014 to 2024, this study examines whether ETF ownership influences investment efficiency and, in turn, firm performance. Investment efficiency is measured using the Richardson (2006) model, where deviations from expected investment indicate over- or under-investment. The main independent variable is the number of ETF shareholders, with further classification by ETF type. Tobin’s Q measures long-term performance, and firm- and year-level controls are included.
    Results show that: (1) more ETF shareholders are associated with greater deviations in investment efficiency; (2) ETF ownership significantly increases overinvestment, with no effect on underinvestment; (3) growth ETFs have the strongest link to overinvestment; (4) overinvestment is positively related to Tobin’s Q; and (5) overinvestment partially mediates the effect of ETF ownership on firm performance.
    This study fills a gap in the literature by highlighting how ETF ownership can influence resource allocation and performance, particularly in high-tech industries, and offers insights for corporate decision-making under increasing ETF presence.
    Appears in Collections:[Research institute of accounting ] Electronic Thesis & Dissertation

    Files in This Item:

    File Description SizeFormat
    index.html0KbHTML2View/Open


    All items in NCUIR are protected by copyright, with all rights reserved.

    社群 sharing

    ::: Copyright National Central University. | 國立中央大學圖書館版權所有 | 收藏本站 | 設為首頁 | 最佳瀏覽畫面: 1024*768 | 建站日期:8-24-2009 :::
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 隱私權政策聲明