本研究主要探討台灣電子公司報酬率偏態的情形及其治理品質與股票報酬偏態之相關性。研究期間為2005年到2009年台灣的資訊電子業上市、櫃公司的日報酬為樣本資料,實證公司股票報酬率偏態情形。並加入公司治理的股權結構、董事會特性、機構投資人持股比例及經理人持股比例等變數,觀察公司治理的優劣程度來探討是否與公司股價偏態有相關性。 實證結果,台灣電子業的股票報酬率分配大都呈現正偏態的現象。本文實證公司治理品質較優的公司之獨立董事席次比例增加、機構投資人的持股比例增加及高階經理人的持股比例增加都會造成股票報酬率呈現較負偏態的現象,證明股權結構中獨立董事席次增加及機構投資人持股增加,經理人受到的外部監督越多,公司財務資訊揭露程度較透明化,公司治理品質的優劣的確是造成台灣電子業股票報酬率的不對稱分配的原因。
This study intends to explore Return Rate Skewness of Taiwan Electronics Company, also the relationship between Corporate Governance Quality and Conditional Skewness. It’s based on a sample of daily stock return among Taiwan Electronics Company from year 2005 to 2009 in order to show the difference of skewness of Stock Return Rate. We adopt the corporate governance variables of ownership structure, board composition, institutional shareholdings and manager shareholdings to investigate how quality of corporate governance affects the stock return distribution. The empirical results show the stock return distribution of Taiwan Electronics Company is positive affected by increasing independent Board numbers, institutional shareholdings and manager shareholdings. This paper concludes Stock Return Rate of Taiwan Electronics Company is affected by the quality of corporate governance.