Study on the Relationship between Institutional Investors and Corporate expenditure.

• Main Authors: LU, YUAN-JIE, 呂元傑
• Other Authors: WANG, CHIEN-HO
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/9n49tg

碩士 === 國立臺北大學 === 經濟學系 === 106 === With the rapid development of technology, companies must continue to promote their competitiveness to increase chances of survival in the market. In order to hold the leading position in the industry, the common procedure for companies is to increase expenditures on capital and R&D to improve quality and quantity of products. However, researchers have found that when the company conducts R&D and capital expenditures, it will increase the market values of company in the long run, but the R&D and capital expenditures will cause the company's short-term book value to decline because of reducing the short-term earnings. Therefore, this study wants to investigate whether the company's R&D expenditures and capital expenditures will affect the investment preference of institutional investor. According to the study, we found that: (1) R&D expenditures and over-investment in the company have a significant effect on institutional investors' ownership. (2) Institutional investors' ownership have insignificant impacts on the capital expenditure ratio and over-investment decision of company; (3) Institutional investors' ownership have a significant effect on company R&D expenditure.