Corporate Governance, Managing Performance, and Institutional Investors – research on Stock Companies in Taiwan

• Main Authors: FEI-MENG SHIH, 石斐孟
• Other Authors: Chao- Hsiung Lee
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/03993149751961699826

碩士 === 國立中正大學 === 會計與資訊科技所 === 96 === Starting from 2004, a breakout of embezzlement and fake financial reports among advanced-technological companies, such as Procomp、Infodisc、Summit and Yhi started to catch people’s attention. Not only that, in 2007, the financial scandal of Rebar, and the internal trading scandal of Veutron in March in the same year added to the gravity of the situation. The gravity of the situation greatly affects the rights of investors. Corporate Governance then became a heated debate because these financial scandals have much to do with institutional management, such as the credibility of Corporate Board of Directors, the transparency of financial reports, and the quality of information transmission. On the other hand, the role of institutional investors in the financial market of Taiwan has been more and more important. The massive amount of investing has great influence in the fluctuation of stock price. The main goal of corporate governance is to attract institutional investors to participate in company stock investment. As a result, we believe it is vital to understand the impact of corporate governance and managing performance have upon the action of institutional investors. Furthermore, we will look into the different factors that affect variant types of institutional investors and their unique perspective on corporate governance. The research focuses on the stock companies between 93~95, and investigates the relation between corporate governance and managerial performance and institutional investors. The correlate result is stated as follow: 1.Among the variant factors, independent board of directors and general managers have positive influences on managerial performance. Rlated party transactions the pledege of board of directors have negative influences on company’s managerial performance. 2.The better the managerial performance is, the higher rate of share holding by the institutional investors. 3.There is a positive relation between the share holding rate of institutional investment and turnover rate. 4.If we categorize institutional investors into foreign investors, investing and trusting companies, and proprietary trading companies and look into their individual operation, there will be discernible differences among their emphasis on the performance of corporate management.