After the Asian financial crisis in 1997 and a series of accounting scandals in 2001, the issue related corporate governance is getting important. From the perspectives of corporate governance, we explore the impacts of CPA's opinion, ownership structure, and information asymmetry on stock return in bear market. Our sample includes 297 firms listed on Taiwan Stock Exchange during Mar. 2000- Sep. 2001. The results show that (1) positive CPA's opinion and opinion from big 5 CPA firm has positive effect on stock return (2) the higher ownership of insiders or institutional investors are good for company in bear market (3) the companies with lower information asymmetry would experience lesser price decline.