The Impact of Investor Protection Laws on Corporate Policy and Performance

近期研究指出投資人保護規範與公司政策與績效間之關聯。良好的投資人保護規範被認為能使公司增加股利發放、發行股票並擴大規模；且亦能使公司更容易取得融資機會並可能提升績效。台灣在民國92年1月1日正式施行證券投資人及期貨交易人保護法，隨後並成立投資人保護中心。因此，本論文觀察台灣證券投資人及期貨交易人保護法以及其他於同一時期修正之投資人保護相關法規之立法與修正是否使台灣公司增加股利發放、股票發行與長期負債，並增加資產，進而使公司規模成長。實證結果發現投資人保護法規成立確實對於公司政策有影響，能使公司增加股利發放、透過發行股票與長期負債來籌得資金並增加公司規模。Recent studies pay significant attention on the association between investor protection and corporate policy and performance. Results show that increased investor protection induces firms to increase dividends, to issue equity, and to grow in size. The investor protection laws also increase the availibility of external financing and arguably improve performance. On 1 January 2003, Taiwan enacted the Securities Investor and Futures Trader Protection Act, and subsequently established the Securities and Futures Investors Protection Center. This dissertation thus exploits the passage of the Securities Investor and Futures Trader Protection Act, along with other investor protection laws adopted during the same period, to find out whether, the enaction of the investor protection laws in Taiwan would induce firms to increase dividends payout, equity issuance, long-term debt, assets, and to grow in size. The empirical results show supporting evidence that the passage of investor protection laws has impact on corporate policy, and induces firms to increase dividends payout, to raise capital through equity or long-term debt, and to grow in size