A Study of Influential Factors to Preferences of Local Institutional Investors - An Approach Compared with Each Taiwan’s Securities Transactions

[[abstract]]本研究係以台灣上市上櫃公司為研究對象，主要目的是探討影響本土投資人持股偏好因素與本土偏好的關聯性，究結果顯示：本土投資人的投資決策確實與公司規模、負債比率、公司年齡、現金股利率、資訊揭露程度、本益比、會計師查核意見為無保留意見、有無聘任國內會計師事務所的公司等因素之間為正向顯著。另外又發現，公司規模大小與投資人本土偏好指數以及券商本土偏好指數為顯著負相關性。 本文也進一步研究，將樣本區分為大小規模公司及高低股價淨值比股票，探討不同投資組合的決策差異，其中小型股樣本中，資訊揭露程度越低的公司越受本土投資人偏好；高股價淨值比樣本中，發放現金股利越低的公司越受本土投資人偏好，且與外地投資人相比，本土投資人明顯偏好會計師查核報告為有保留意見及非國內三大會計師事務所查核簽證的股票。[[abstract]]The purpose of this paper is to examine the relationship between portfolio preferences of local investors and home bias in Taiwan Stock Exchange and GreTai Securities Market. Our results suggest that debt ratio, company age, cash dividend yields, the level of information disclosure, price-to-earnings ratio, unqualified audit reports and the financial statements being audited by domestic auditing firms were positively correlated with the investment decisions of local investors. In addition, it is found that the firm size is significantly negatively correlated with home bias index and security index.Moreover, to examine the impact of firm size and price-book ratio on the decisions of different investment portfolios, we partition our sample into four groups by using the both median of the market equity according to firm size and price-book ratio. The results are summarized as follows. The firms with lower level of information disclosure are more preferred by local investors in small firms. Local investors prefer firms with higher cash dividend yields in the firms with high price-book ratio. And in the data of high price-book ratio firms, the local investors also prefer to invest the firms issued a qualified opinion or a disclaimer and the firms audited opinions issued by the Big 3 firms