公司治理對股價表現影響之研究:以台灣上市電子股為例

A Study for the Effect of Corporate Governance to Stock Price Performances for the Electronic Stocks Listed in TWSE

萬任婕(Ren-Jie Wan)

指導教授 ： 倪衍森

淡江大學/管理學院/管理科學研究所碩士班/碩士(2011年)

https://doi.org/10.6846/TKU.2011.00579

摘要

近來年公司治理課題的重要性與日劇增，然而相關文獻對公司治理的研究大多注重於公司的股權結構及探討管理當局行為，鮮少把公司的股價報酬與其治理行為做相關性的連結，因此本研究以上市電子公司為研究對象來探討公司治理對股價表現的影響，如股價漲跌幅次數及比率與股價報酬等變數，並有以下的重要發現。股東權益率與股價報酬有顯著正相關。資訊揭露程度、自願性揭露也與股價報酬率呈正相關，資訊揭露的程度越高，代表公司治理越好，若是降低投資人與企業的資訊不對稱性，也會提高投資人購買股票的意願。經理人持股率、董監事持股比率兩者與股價報酬率為顯著正相關，表示管理者持有較高的持股率，其利益會與企業本身價值更緊密相關，愈有動機追求公司價值極大化及提高個人的利益，也較不會從事不利於公司代理問題的產生。而股價報酬率與董事會規模呈負相關，負債比與股價報酬率呈負相關，負債比為衡量企業營運與財務風險的重要指標，若一間企業的負債過高，自願性盈餘預測揭露的意願越低，而且在不景氣時，侵蝕獲利將會為之大增，進而造成企業的損害。

關鍵字

公司治理 ； 股價表現 ； 漲停板

並列摘要

The importance of corporate governance issues is more and more important recently, but most of the relevant studies pay attention on the ownership structure and authorities of management. Only few studies investigate the effect of corporate governance to the performance of stock prices. Thus, this study examine the corporate governance to stock performance such as the times of limit up, the times of limit down, stock returns for electronic stocks listed in TWSE, and several findings are disclosed. The rate of equity (ROE) positively affects stock returns, significantly at 5% level. In addition, the degree of information disclosure and voluntary disclosure would affect stock returns positively as well; namely, the higher information disclosure, the better the corporate governance is. It means investors would raise the desire of investing in stock market, if the information asymmetry would reduce between investors and enterprises. The higher shareholding for managers and directors would benefit the performance of stock returns. It means that managers and directors would pursue the maximum of corporate values, which would not only lift up the value of the corporation, but also raise the benefit for managers and directors. Then the proxy problems would decline. The board size negatively affects stock returns and debt ratio also negatively affects stock returns. In fact, debt ratio is an important factor to measure the financial risk of a company, which would cause the desire of the voluntary disclosure. Then, the enterprise would be hurt, and profit would be eroded, especially during the economic depression.

並列關鍵字

Corporate Governance ； Stock performance

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