本研究分析各類型機構投資人持股份額及持股變動，與企業併購長短期績效的關聯性，藉以探討各類型投資人在公司治理中所扮演的角色。本研究結果發現，機構投資人持股對企業監督的功能在短期不明顯。然而就長期而言，外資持股對併購長期績效有正面影響。無論由法人、機構投資人及總持股等層面來看，外資持股皆與併購企業長期績效有顯著的正相關。

進一步將各類型投資人持股拆解為細項，發現外資信託基金持股與併購長期績效的關係由負轉正;反觀本國方面，本國信託基金持股對長期績效則有非常顯著的負向影響；而包含職工福利會及基金會持股的本國其他法人持股及證券自營商持股則對長期績效有顯著的正向影響。

由持股變動也能觀察到一致性的結果。機構投資人持股變動與對併購績效的影響，於短期多為不顯著且方向不一致；長期而言，雖然包含外資機構投資人在內的多數持股變動變數皆未有顯著結果，但本國信託基金的持股變動與併購績效仍然存在非常顯著的負相關。

由公司治理及外部監督的角度而言，本研究結果顯示外資整體投資人在企業中扮演著重要的監督者角色。以細項來看，外資信託基金、本國其他法人及證券自營商較能有效地監督企業決策，為企業帶來長期的價值提升；反觀本國信託基金則非良好的企業監督者，且帶來顯著的負向影響。

In this paper, we examine the relationship between different types of institutional ownership and acquiring firms’ performance on M&A activities.

We found that the monitoring effect is weak in the short-term horizon; however, there is a significantly positive relationship between foreign institutional ownership and long-term performance on M&A activities. More specifically, the result shows that the ownership of foreign mutual funds, domestic foundations and securities dealers is positively related to M&A performance, while the ownership of domestic mutual funds has a significantly negative relation with M&A performance.

At the same time, we have a consistent result from change in institutional ownership. While the relationship between change in most kinds of institutional ownership and long-term M&A performance is weak, the change in domestic mutual funds’ ownership has a strong negative relation with M&A performance.

This paper shows that foreign investors’ monitoring has a positive influence on firm’s M&A decision. On the contrary, domestic mutual funds is not a good monitor that their holdings lead to poor M&A performance.

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