摘要 從1997年的亞洲金融風暴到2000年代全球許多企業的財務醜聞弊案以來,公司治理(Corporate governance)逐漸受到政府、學界以及大眾的重視,因此相關的法規與研究相繼出世,目的是防止公司大股東與管理者藉由職務之便,侵害小股東之利益,也避免金融危機再次上演,從而提升市場資訊透明度、保護投資者與健全資本市場。而未來盈餘反應係數(Future earnings response coefficient ;FERC)最早的概念是由Collins, Kothari, Shanken, and Sloan(1994)所提出,其研究證實了未來盈餘會反應在股價與盈餘的關聯性上,而且當期股價對未來盈餘的反應會比對當期盈餘來得多,這是由於當期盈餘缺乏時效性和噪音的緣故所致。因此,本研究所要檢測的是公司治理與未來盈餘反應係數間的關聯性,意即公司治理是否會影響到未來盈餘反應在當期的股價報酬上的程度。本研究的實證結果可以看出,公司治理越佳的公司,其未來盈餘反應係數越高;而公司治理越差的公司,其未來盈餘反應係數越低。
Abstract Following the Asian financial crisis in 1997 and the financial scams and scandals of corporate around the globe in the 2000s, corporate governance has become an important topic of concern of the government and among scholars the public. Several laws and research were therefore implemented to prevent major shareholders and managers of a corporate from threatening the rights of minor shareholders through their roles and powers, to prevent another financial crisis, and to improve the transparency of market information, the protection to investors, and the completeness of the capital market. The future earnings response coefficient (FERC) was first proposed by Collins, Kothari, Shanken, and Sloan (1994). The paper proved that future earnings would be demonstrated by the correlation between stock price and earning. It also pointed out that a stock price would have greater impact on future earnings than on the earning of the same period, because the earning of the same period lacks timeliness and noise. Therefore, the present study aims to assess the correlation between corporate governance and FERC, such as that whether corporate governance has an impact on the level of reflection of future earnings on stock return. The study results show that corporates with better governance are associated with higher FERC and those with poorer governance are associated with lower FERC.