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Author: 黃嘉怡
Chia-Yi Huang
Thesis Title: 上市電子公司之投資人關係管理
Investor Relations Managament in Listed Electronic Companies
Advisor: 張琬喻
Committee: 陳俊男
Degree: 碩士
Department: 管理學院 - 財務金融研究所
Graduate Institute of Finance
Thesis Publication Year: 2012
Graduation Academic Year: 100
Language: 中文
Pages: 77
Keywords (in Chinese): 投資人關係股東積極主義外資持股機構投資人持股
Keywords (in other languages): investor relations, shareholder activism, foreign holding, institutional holding
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  • 本研究主要目的為了解台灣上市電子公司的投資人關係設置情況,並深入探討投資人關係如何對公司造成影響。本研究自2011年12月31日至2012年1月20日對台灣上市五年以上的273間電子公司發問網路問卷,回收48份,有效問卷回收率為17.58%。藉由複迴歸分析結果發現,投資人關係管理僅與外資持股以及三大法人持股有顯著關聯,而對股價波動度、十大股東變化率、分析師報導數量、股東出席率、權益資金成本及股票流動性等無顯著影響。研究結果建議,企業可透過增加溝通管道的種類、定期為投資人關係人員舉辦教育訓練,並增設獨立的投資人關係部門,可改善企業與投資人之間的溝通方式,提高資訊透明度,進而增加投資人信心,增加資金募集來源。

    The main purpose of this research is to understand the development of investor relations (IR) in listed electronic companies and to discuss how IR impacts those companies. The online survey was conducted to 273 listed electronic companies which went public at least 5 years ago, and the valid smaples is 48 which means the response rate is 17.58%.According to the multi-regression analysis,the result indicates that IR is only significantly related to foreign holding and institutional holding but has no significant impact on stock price volatility, ownership change of the top 10 major shareholders, analyst coverage, shareholder activism, cost of capital and liquidity.Over all, the result implies that it will improve the communication between companies and investors by increasing different kinds of commucation channel,regular employee training program and establishing an independent IR department.Moreover, it will help to enhance the information transparency, so as to
    increase the investor confidence and capital resource.

    摘要 I Abstract II 誌謝 III 目錄 IV 圖目錄 VI 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的與貢獻 3 第三節研究架構與研究流程 5 第二章 文獻探討 6 第一節 投資人關係 6 第二節 投資人關係對公司造成的影響 13 第三章 研究方法 20 第一節 研究期間、研究對象與資料來源 20 第二節 變數定義與衡量 22 第三節 問卷設計與資料蒐集 28 第四章 研究結果與分析 32 第一節 敘述性統計分析 32 第二節 複迴歸分析 50 第五章 結論與建議 57 第一節 研究結論 57 第二節 研究限制與建議 58 參考文獻 60 附錄一 問卷內容 69 附錄二 結構方程式分析 72 第一節 模型說明 72 第二節 分析方法 75 第三節 研究結果分析 77

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