博碩士論文 108421063 詳細資訊




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姓名 吳俊儀(Chun-I Wu)  查詢紙本館藏   畢業系所 企業管理學系
論文名稱 機構投資人在印尼上市公司資本結構所扮演的角色
(The role institutional investors plays in corporate financial leverage decision, taking into account of Shariah (the Islamic Law).)
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摘要(中) 本文主要探討機構投資人在印尼上市公司資本結構所扮演的角色,並加入伊斯蘭教義探究是否有調節效果,以2012年至2019年印尼398間上市公司做為樣本,共2940筆觀察值進行驗證分析。本文機構投資人分為外國機構投資人持股、本國機構投資人持股、主動型機構投資人持股、被動型機構投資人持股進行分析討論。實證研究結果發現機構投資人持股越高公司的負債比率也越高,而在機構投資人與遵循伊斯蘭教義交互作用則呈現顯著負相關,其中外國機構投資人、本國機構投資人分別呈現相同結果,主動機構投資人則呈現相反關係。本文進一步討論公司治理機制中董事會特徵、所有權結構與伊斯蘭教義對於資本結構的影響,結果顯示董事會規模與獨立董事比率對於負債比率有顯著影響。
摘要(英) This study investigates the role institutional investors plays in corporate financial leverage decision, taking into account of Shariah (the Islamic Law). The institutional investors are divided into foreign institutional investors, local institutional investors, active institutional investors, and passive institutional investors. Using a sample of Indonesia listed firms with 2,940 observations from 2012 to 2019, we find that institutional investors is positively correlated with financial leverage. In addition, compared with non-Shariah-compliant firms, Shariah-compliant firms with higher foreign institutional ownership and local institutional ownership have lower financial leverage. Moreover, Shariah-compliant firms with active institutional ownership have higher financial leverage. Finally, we find a significant influence of board characteristics on financial leverage.
關鍵字(中) ★ 伊斯蘭教義
★ 機構投資人
★ 公司治理
關鍵字(英) ★ Shariah
★ Islamic law
★ financial leverage
★ institutional investors
★ corporate governance
論文目次 目錄
摘要 i
Abstract ii
壹、緒論 1
1-1 研究動機與目的 1
1-2 研究流程 3
貳、文獻探討 4
2-1機構投資人與資本結構關係 4
2-2關於伊斯蘭教義 8
2-3伊斯蘭教義對於印尼上市公司機構投資人與資本結構的影響 9
參、研究設計 11
3-1 資料來源與樣本篩選 11
3-2研究方法 11
3-3模型建立 11
3-4變數定義 14
3-4-1應變數(Dependent variable) 14
3-4-2自變數(Independent variable) 14
3-4-3控制變數(Control variable) 15
肆、實證結果與分析 18
4-1 敘述性統計分析 18
4-2 單變量統計分析 23
4-3 迴歸分析 27
4-3-1 機構投資人與伊斯蘭教義對於公司資本結構之影響 27
4-3-2 各類機構投資人與伊斯蘭教義對於公司資本結構之影響 29
4-3-3 各類機構投資人、公司治理與伊斯蘭教義對於公司資本結構之影響 36
4-4 穩健性分析 41
伍、結論與建議 51
5-1 研究結論 51
5-2 研究限制與建議 52
參考文獻 53

表目錄

表一 敘述性統計 19
表二 Pearson相關係數矩陣 20
表三 Shariah及non-Shariah公司變數的平均數及無母數Mann-Whitney U檢定 25
表四 機構投資人與伊斯蘭教義對資本結構迴歸分析結果 28
表五 各類機構投資人與伊斯蘭教義對資本結構迴歸分析結果 32
表六 主迴歸加入公司治理變數與伊斯蘭教義之交互項結果 37
表七 穩健性迴歸分析(一) 42
表八 穩健性迴歸分析(二) 43
表九 穩健性迴歸分析(三) 47
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指導教授 洪榮華 蔡函芳(Jung-Hua Hung Han-Fang Tsai) 審核日期 2021-7-21
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