本研究樣本為2009至2015年臺灣證交所上市公司六年期間5913 個樣本，本研究探討企業更改企業名稱、更換產業一次或一次以上是否對機構投資人的持股會有影響，並得到以下的研究發現，其一、更改名稱以及產業，大部分更改一次以上，法人持股率都較不願意持有。其二、負債比率與董事會規模的大小與外資持股變化呈現負向顯著關係，此表示高負債的企業與公司治理被認為比較不佳的高董事會規模等公司，並非是三大法人所青睞的。其三、由於自營商比較屬於短進短出的投資機構，所以涉及基本面的財報變數與公司治理面的股權結構因素，反而不是自營商增加持股的重要因素。

This study investigate whether the firms changing firms name, the firms changing firm name more than once, the firms changing their industry, and the firms changing their industry more than once would affect the shareholding of institutions including foreign institution, domestic institutions, and dealers. We then reveal the following important finding as shown below. First, this study reveals that these institutions might not prefer holding the shares of the firms changing names or industry more than once, indicating these institutions might suspect whether these firms are well- functioned. Second, these institutions might not prefer holding the shares of the firms with higher debt ratio and large board size due to inferior corporate governance and financial performance suspected. Third, because the self-employed is relatively short into the short-term investment institutions, so the fundamentals of the earnings variables and corporate governance of the equity structure factors, but not self employed to increase the holdings of the important factors.

目錄
中文摘要	I
英文摘要	II
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	4
第四節、研究架構	5
第二章、文獻探討	6
第一節、機構投資人	6
第二節、公司治理與企業更換決策	7
第三節、公司治理與機構投資人	10
第三章、研究假說與方法	13
第一節、研究資料與變數	13
第二節、研究假說與模型	16
第三節、研究方法	18
第四章、實證結果	21
第一節、敘述統計量	21
第二節、多元迴歸模型	23
第三節、Petersen迴歸模型	26
第五章、結論與建議	29
第一節、研究結論	29
第二節、管理與財務意涵	30
第三節、研究限制與建議	32
參考文獻	33
圖目錄
圖1.1  研究流程圖	4
表目錄
表4-1  敘述統計量	21
表4-2  共線性VIF檢驗	22
表4-3  多元迴歸模型(改企業名稱)	24
表4-4  多元迴歸模型(改產業別)	25
表4-5  Petersen迴歸模型(改企業名稱)27
表4-6  Petersen迴歸模型(改產業別)	28

Abed, S., Al-Attar, A., & Suwaidan, M. (2012). Corporate governance and earnings management: Jordanian evidence. International Business Research, 5(1), 216.
Aggarwal, R., Erel, I., Ferreira, M., & Matos, P. (2011). Does governance travel around the world? Evidence from institutional investors. Journal of Financial Economics, 100(1), 154-181.
Altı, A., Kaniel, R., & Yoeli, U. (2012). Why do institutional investors chase return trends?. Journal of Financial Intermediation, 21(4), 694-721.
Ararat, M., Black, B. S., & Yurtoglu, B. B. (2017). The effect of corporate governance on firm value and profitability: Time-series evidence from Turkey. Emerging Markets Review, 30, 113–132
Armstrong, C. S., Blouin, J. L., Jagolinzer, A. D., & Larcker, D. F. (2015). Corporate governance, incentives, and tax avoidance. Journal of Accounting and Economics, 60(1), 1-17.
Bell, R. G., Filatotchev, I., & Aguilera, R. V. (2014). Corporate governance and investors' perceptions of foreign IPO value: An institutional perspective. Academy of Management Journal, 57(1), 301-320.
Bushee, B. J., Carter, M. E., & Gerakos, J. (2013). Institutional investor preferences for corporate governance mechanisms. Journal of Management Accounting Research, 26(2), 123-149.
Chen, G., Luo, S., Tang, Y., & Tong, J. Y. (2015). Passing probation: Earnings management by interim CEOs and its effect on their promotion prospects. Academy of Management Journal, 58(5), 1389-1418.
Chi, C. W., Hung, K., Cheng, H. W., & Lieu, P. T. (2015). Family firms and earnings management in Taiwan: Influence of corporate governance. International Review of Economics & Finance, 36, 88-98.
Christensen, J., Kent, P., Routledge, J., & Stewart, J. (2015). Do corporate governance recommendations improve the performance and accountability of small listed companies?. Accounting & Finance, 55(1), 133-164.
Chung, K. H., & Zhang, H. (2011). Corporate governance and institutional ownership. Journal of Financial and Quantitative Analysis, 46(1), 247-273.
Cooper, M. J., Dimitrov, O., & Rau, P. R. (2001). A rose. com by any other name. Journal of Finance, 56(6), 2371-2388.
Cooper, M. J., Gulen, H., & Rau, P. R. (2005). Changing names with style: Mutual fund name changes and their effects on fund flows. The Journal of Finance, 60(6), 2825-2858.
Cooper, M. J., Khorana, A., Osobov, I., Patel, A., & Rau, P. R. (2005). Managerial actions in response to a market downturn: Valuation effects of name changes in the dot. com decline. Journal of Corporate Finance, 11(1), 319-335.
Croci, E., Gonenc, H., & Ozkan, N. (2012). CEO compensation, family control, and institutional investors in Continental Europe. Journal of Banking & Finance, 36 (12), 3318-3335.
Das, P. (2014). The role of corporate governance in foreign investments. Applied Financial Economics, 24(3), 187-201.
Denis, D. (2016). Corporate governance and the goal of the firm: In defense of shareholder wealth maximization. Financial Review, 51(4), 467-480.
Ding, Z., Sun, S. L., & Au, K. (2014). Angel investors’ selection criteria: A comparative institutional perspective. Asia Pacific Journal of Management, 31(3), 705-731.
Doidge, C., Dyck, I. J., Mahmudi, H., & Virani, A. (2015). Can institutional investors improve corporate governance through collective action? Available at SSRN: https://ssrn.com/abstract=2635662 or http://dx.doi.org/10.2139/ssrn.2635662
Edmans, A. (2013). Blockholders and corporate governance (No. w19573). National Bureau of Economic Research, Working Paper. 
Hamdani, A., & Yafeh, Y. (2013). Institutional investors as minority shareholders. Review of Finance, 17 (2), 691-725
Harford, J., Mansi, S. A., & Maxwell, W. F. (2012). Corporate governance and firm cash holdings in the US. In Corporate Governance (pp. 107-138). 
Hazarika, S., Karpoff, J. M., & Nahata, R. (2012). Internal corporate governance, CEO turnover, and earnings management. Journal of Financial Economics, 104(1), 44-69.
Honoré, F., Munari, F., & de La Potterie, B. V. P. (2015). Corporate governance practices and companies’ R&D intensity: Evidence from European countries. Research Policy, 44(2), 533-543.
Hu, H. W., & Cui, L. (2014). Outward foreign direct investment of publicly listed firms from China: a corporate governance perspective. International Business Review, 23(4), 750-760.
Huang, P., & Ni, Y. (2017). Board structure and stock price informativeness in terms of moving average rules. The Quarterly Review of Economics and Finance, 63, 161-169.
Jacobides, M. G. (2005). Industry change through vertical disintegration: How and why markets emerged in mortgage banking. Academy of Management Journal, 48(3), 465-498.
Karpoff, J. M., & Rankine, G. (1994). In search of a signaling effect: The wealth effects of corporate name changes. Journal of Banking & Finance, 18(6), 1027-1045.
Khurana, I. K., & Moser, W. J. (2012). Institutional shareholders' investment horizons and tax avoidance. Journal of the American Taxation Association, 35(1), 111-134.
Lou, D. (2014). Attracting investor attention through advertising. Review of Financial Studies, 27 (6), 1797-1829
Masulis, R. W., Wang, C., & Xie, F. (2012). Globalizing the boardroom—The effects of foreign directors on corporate governance and firm performance. Journal of Accounting and Economics, 53(3), 527-554.
McCahery, J. A., Sautner, Z., & Starks, L. T. (2016). Behind the scenes: The corporate governance preferences of institutional investors. The Journal of Finance, 71 (6), 2905-2932.
Michaely, R., Rubin, A., & Vedrashko, A. (2014). Corporate governance and the timing of earnings announcements. Review of Finance, 18(6), 2003-2044.
Morris, T., Storey, J., Wilkinson, A., & Cressey, P. (2001). Industry change and union mergers in British retail finance. British Journal of Industrial Relations, 39(2), 237-256.
Ni, Y., Liao, Y., & Huang, P. (2017). Foreign Institutional Investors, Shareholding Change, and Corporate Governance. Emerging Markets Finance and Trade, 53(4), 764-775.
Pevzner, Xie, & Xin (2015). When firms talk, do investors listen? The role of trust in stock market reactions to corporate earnings announcements. Journal of Financial Economics, 117(1), 190-223.
Pucheta‐Martínez, M. C., & García‐Meca, E. (2014). Institutional investors on boards and audit committees and their effects on financial reporting quality. Corporate Governance: An International Review, 22(4), 347-363.
Schnatterly, K., & Johnson, S. G. (2014). Independent boards and the institutional investors that prefer them: Drivers of institutional investor heterogeneity in governance preferences. Strategic Management Journal, 35(10), 1552-1563.
Verriest, A., Gaeremynck, A., & Thornton, D. B. (2013). The impact of corporate governance on IFRS doption choices. European Accounting Review, 22(1), 39-77.
Wu, Y. (2010). What’s in a name? What leads a firm to change its name and what the new name foreshadows. Journal of Banking & Finance, 34(6), 1344-1359.