DSpace community: 會計研究所

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

Fri, 17 Oct 2025 04:20:13 GMT

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 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.

研發資本與企業長期績效：機構投資人與ETF持股的調節效果;R&D Capital and Firm Performance: The Moderating effect of Institutional and ETF Ownership

Fri, 17 Oct 2025 04:19:57 GMT

title: 研發資本與企業長期績效：機構投資人與ETF持股的調節效果;R&D Capital and Firm Performance: The Moderating effect of Institutional and ETF Ownership abstract: 本研究以台灣2014至2024年上市電子業為樣本，實證檢驗研發支出對企業長期績效的影響，並分析不同類型投資人（傳統機構投資人與ETF）在其中的調節角色。研究結果顯示：第一，企業研發支出與長期績效之間具有顯著正向關聯；第二，當機構投資人持股比例較高時，此正向效果更為顯著；第三，ETF雖為重要持股來源，但其對研發與績效關係的調節效果相對薄弱；第四，進一步分析ETF異質性後發現，成長型ETF相較於高股息型ETF，對研發與績效關係具有更強的正向調節效果。本研究填補台灣市場中關於研發支出、長期績效與外部投資人互動關係的實證缺口，提供企業理解股東結構對研發效益之影響，亦為政策制定者評估 ETF 對本土創新與資本市場效率的影響提供重要參考。;This study investigates the impact of R&D expenditure on long-term corporate performance using a sample of publicly listed electronics companies in Taiwan from 2014 to 2024. It further examines the moderating roles of different types of investors—namely, traditional institutional investors and Exchange-Traded Funds (ETFs). The empirical results show that: (1) R&D expenditure has a significant positive relationship with long-term corporate performance; (2) this positive effect is more pronounced when institutional ownership is higher; (3) although ETFs represent an important source of ownership, their moderating effect on the relationship between R&D and performance is relatively weak; and (4) further analysis of ETF heterogeneity reveals that growth-oriented ETFs exhibit a stronger positive moderating effect than high-dividend ETFs. This study fills an empirical gap in the Taiwanese market regarding the interaction between R&D investment, long-term performance, and external investor types. The findings offer valuable insights for firms in understanding how ownership structure influences the effectiveness of R&D, and provide important implications for policymakers in evaluating the role of ETFs in promoting domestic innovation and capital market efficiency.

油價不確定性與永續供應鏈管理實施之關聯性研究;The Relationship Between Oil Price Uncertainty and the Implementation of Sustainable Supply Chain Management

Fri, 17 Oct 2025 04:19:52 GMT

title: 油價不確定性與永續供應鏈管理實施之關聯性研究;The Relationship Between Oil Price Uncertainty and the Implementation of Sustainable Supply Chain Management abstract: 本文以 2020 年至 2023 年台灣上市公司為樣本，探討油價不確定性如何促使企業推動永續供應鏈管理（要求供應商簽署永續聲明書）。本文所稱之永續供應鏈管理，係指企業要求其供應商簽署永續相關聲明書（例如 ESG 承諾書、綠色採購條款等），以確保供應鏈夥伴在環境、社會與治理層面符合企業的永續標準。此一行為可視為企業向上游施壓，擴大其永續責任範疇，亦為目前企業實踐永續供應鏈的重要具體措施之一。實證結果顯示，無論以全球油價不確定性指數或國內油價變動衡量，油價波動皆對企業導入永續供應鏈措施具顯著正向影響，且實施永續供應鏈管理與企業價值呈正向關係。然而，在高油價不確定性的情況下，永續供應鏈措施對企業價值的正向影響會被削弱，這可能反映出企業在高不確定性環境中的營運壓力與成本風險，以及短期市場對風險與財務穩健性的偏好。;This paper investigates how oil price uncertainty drives Taiwanese listed companies to implement sustainable supply chain management (SSCM) from 2020 to 2023, specifically defined as companies requiring suppliers to sign sustainability declarations (e.g., ESG commitments, green procurement clauses). This practice is viewed as upstream pressure, expanding corporate sustainability responsibility and representing a key SSCM measure. Empirical results show that oil price fluctuations, measured by either the Global Oil Price Uncertainty Index or domestic oil price changes, significantly and positively influence firms′ adoption of SSCM initiatives. Furthermore, implementing SSCM is positively related to firm value. However, under high oil price uncertainty, the positive effect of SSCM initiatives on firm value is weakened. This may reflect the operational pressures and cost risks faced by companies in highly uncertain environments, and the short-term market′s preference for risk and financial stability.

新聞類型對投資意願與新聞可信度之影響;The Impact of News Types on Investment Intention and News Credibility

Fri, 17 Oct 2025 04:19:41 GMT

title: 新聞類型對投資意願與新聞可信度之影響;The Impact of News Types on Investment Intention and News Credibility abstract: 本研究旨在探討當市場中同時存在由人類記者撰寫的新聞與人機協作產出的混合新聞時，投資人是否對不同新聞類型表現出特定偏好，並進一步檢視揭露AI責任聲明後，是否能有效提升投資人對混合新聞的信任。本研究採用實驗法，分三階段提供資訊，觀察受試者在接收不同資訊來源後的投資意願變化。研究結果顯示，當市場存在負面消息，受試者對人類新聞與混合新聞的反應無顯著差異。然而，整體而言，受試者認為人類新聞在資訊客觀度上優於混合新聞，且更願意採納人類新聞作為投資參考。此外，研究也發現AI責任聲明有助於受試者對混合新聞的使用程度，但並無法提升對客觀度的感知。本研究推測，受試者偏好人類新聞的原因，主要來自於對新聞媒體使用AI工具的不信任。再者，投資人對負面資訊的反應，似乎較其對新聞類型的態度更為強烈。;This study aims to explore whether investors exhibit specific preferences toward different types of news when both human-written news and combined journalism produced through human-machine collaboration coexist in the market. It further examines whether disclosing AI responsibility statements can effectively enhance investors′ credibility in combined journalism. An experimental approach was adopted, where information was provided in stages to observe changes in participants′ investment intentions after receiving information from different sources. The results indicate that when negative news is present in the market, participants’ reactions to human-written news and combined journalism show no significant differences. However, overall, participants perceive human-written news to be more objective and are more willing to use it as a reference for investment decisions. In addition, the study finds that AI responsibility statements help increase participants’ willingness to use hybrid news but do not improve their perception of its objectivity. It is inferred that the preference for human-written news mainly stems from participants’ distrust of the use of AI tools by news media. Moreover, investors’ sensitivity to negative information appears to have a stronger influence than their attitudes toward different news types.