| Summary: | 本研究以2002年至2005年之上市公司為研究對象，衡量2002與2004年兩年之年報資訊揭露水準，探討資訊揭露水準與機構投資人持股兩者間之關係，並分析兩期資訊透明度與機構投資人持股比率的改變對經營績效與公司價值變動的影響。
實證結果發現，機構投資人持股意願受到前期年報資訊揭露水準高低的影響，顯示資訊揭露水準為機構投資人之選股決策因素之一。前期年報資訊揭露水準愈佳，機構投資人持股比率愈高，但當期資訊揭露程度對同期機構投資人持股意願則無顯著影響。此外，機構投資人持股比率高低與公司同期或次期資訊揭露程度皆無顯著關聯性。企業資訊揭露水準之改善與機構投資人持股比率增加皆與公司經營績效及公司價值之提升呈顯著正相關。
=== Based on a sample of firms listed on Taiwan Securities Exchange over the period of 2002 to 2005, this study first examines the relationship between the information transparency, measured the disclosure level of annual reports, and shareholdings of institutional investors. In addition, this study investigates the influence of increase in the level of disclosure transparency and shareholdings on performance and firm value.
The empirical results suggest that firms with higher disclosure level are associated with greater institutional ownership next year, but the same relationship didn’t hold for concurrent period. This finding suggests that disclosure level of annual report is considered by the institutional investors when making their investment decisions. The findings also indicate that improvement in disclosure level and increase in institutional investors’ shareholdings not only enhances the operating performance but also the firm value.
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