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.
