本研究以2012到2016年台灣上市上櫃公司為研究樣本，上市上櫃探討法人持股變化與法人成交比重對公司價值之影響。在加入股權結構及財報變數等控制變數。由實證結果得到以下發現：其一、公司價值越高的標的，似乎亦為法人所青睞的標的，此乃是法人持股的標的一般而言市價淨值比較高的績優公司居多。其二、融資券較高的標的，亦為公司價值較高的標的，此可能源自於內線揭露前內部人士融資持股，股價揚升後，融券被軋空，進而提升股價，致使公司價值提升。其三、法人交易比重高的標的，大都為基本面較佳，公司價值較高的標的，然而信用交易比重越高的標的物，往往以小型股、投機股交易或當沖交易居多，這些一般而言大多屬於公司價值不高的標的。

By employing the firms listed in TWSE over the period 2012-2016 as the sample, this study explores whether the firm value would be affected by either the holding ratio of institutional investors or the trading amount of institutional investors after incorporating board structure, financial and others controlling variables. We then reveal several important findings as follows. 
First, the firms with higher firm value seem appealed by institutional investors. We infer that the results might result from that the firms with better performance often high price-book ratio. 
Second, we also reveal that the firms with higher margin and short selling ratio are the firms with higher firm value. We deduce that insiders might margin buy shares after insider information derived resulting in share prices risen, which might appeal investors short-sell stocks resulting in share prices further increased, and firm value enhanced. 
Third, institutional investors prefer holding the targets with better fundamentals, and these firms often have higher firm value. However, most of the stocks with higher credit trading amount are attributed to small-size even speculative targets, and these firms might not have higher firm value.

目  錄	I
表目錄	III
第一章、緒論 1
第一節、研究背景與動機 1
第二節、研究目的	2
第三節、研究流程	5
第四節、研究架構	6
第二章、文獻探討	7
第一節、公司價值之相關文獻 7
第二節、機構投資人與融資融劵之相關文獻 8
第三節、公司價值或財報資訊之相關文獻 10
第四節、機構投資人與公司價值之相關文獻 12
第三章、研究假設與方法 14
第一節、研究資料與變數 14
第二節、研究假說與模型 18
第三節、研究方法	21
第四章、實證結果	24
第一節、敘述性統計量 24
第二節、多元迴歸分析 28
第三節、Petersen 迴歸分析 35
第五章、結論與建議 41
第一節、研究結論	41
第二節、管理與財務意涵 42
第三節、研究限制與建議 43
參考文獻 44

圖目錄
圖1-1  研究流程圖 5

表目錄
表1-1  106年4月份三大法人買賣金額統計表 1
表4-1  敘述統計量 24
表4-2  機構投資人持股與散戶持股水位共線性VIF檢驗 26
表4-3  機構投資人成交比重共線性VIF檢驗 27
表4-4  多元迴歸模型分析：機構投資人持股與散戶持股水位 28
表4-5  多元迴歸模型分析：機構投資人成交比重31
表4-6  Petersen迴歸模型分析表：機構投資人持股與散戶持股變化 35
表4-7  Petersen迴歸模型分析表：機構投資人成交比重 38

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