財務報表作為外部資金提供者的重要評估資訊，使其所能提供之資訊價值，成為投資人重要的關切焦點。為探究財務報表品質對於台灣市場以及三大機構投資人的持股偏好影響，本研究針對我國2003年至2018年上市公司，以台灣經濟新報(TEJ)資料庫所取得之機構投資人持股數據，與採用Francis et al. (2005)修正後的Jones-CFO Model評估出之台灣上市公司財務報表品質，使用固定效果模型進行實證。實證結果發現台灣機構投資人間的差異性，外資會為了避免遭遇下一季的累計異常負報酬，選擇在公司財務報表品質出現下降時，來減少下一季之持股強度；而投信則因為相比外資具有更多資訊上的優勢，以及分析台灣公司真實情況的能力，能藉由其優勢，來分析以及判斷出投資標的，以及當該標的財務報表品質出現下降時的投資意涵，因此，投信會為了獲得未來一季的累計異常正報酬，選擇在公司財務報表品質出現下降時，來增加下一季之持股強度。

Financial statements are important evaluation information for external fund providers, and the value of the information they can provide becomes an important focus of concern for investors. In order to explore the impact of financial reporting quality on the Taiwan market and the trading preference of the three major institutional investors, this study uses fixed-effect model to empirically test the financial reporting quality of listed companies in Taiwan from 2003 to 2018, based on the institutional investors' shareholding data obtained from the database of Taiwan Economic Journal (TEJ) and the financial reporting quality of listed companies in Taiwan, which are assessed by using the modified Jones-CFO Model of Francis et al. (2005). The empirical results show that there are differences among institutional investors in Taiwan. To avoid the accumulated abnormal negative returns in the next quarter, foreign investors will choose to reduce the shareholding intensity in the next quarter when the quality of the company's financial statements decreases; As compared with foreign investors, securities investment trust companies have more information advantages and the ability to analyze the real situation of Taiwan companies. Securities investment trust companies can analyze and judge the investment targets and the investment implications when the quality of the financial statements of the companies decline. Therefore, to obtain the accumulated abnormal positive returns in the next quarter, securities investment trust companies will choose to increase the shareholding intensity in the next quarter when the quality of the financial statements of the companies declines.

目錄
論文審定書 i
誌謝 ⅱ
中文摘要 ⅲ
英文摘要 ⅳ
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究架構 3
第二章 文獻探討 5
第一節 盈餘管理文獻發展 5
第二節 財務報表品質衡量 7
第三節 機構投資人特性與財務資訊之關聯 8
第三章 研究方法 10
第一節 研究假說發展與建立 10
第二節 變數定義 13
第三節 實證模型 20
第四章 實證結果 21
第一節 樣本選取與資料整備 21
第二節 敘述性統計分析與單變量差異分析 22
壹、敘述統計 22
貳、單變量差異分析_持股強度 23
參、單變量差異分析_財務報表品質 25
第三節 假說1_財報品質與整體市場反應 27
第四節 假說2_財報品質與台灣三大法人持股強度變化 28
第五節 假說3_財報品質與台灣三大法人持股強度變化的投資意涵 30
第五章 延伸分析與穩健性分析 31
第一節 延伸分析 31
第二節 穩健性分析 32
壹、持股強度 32
貳、金融產業 33
參、季度FRQ 34
第六章 結論與後續建議 35
第一節 結論 35
第二節 後續建議 36
參考文獻 37

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