公司治理與金融風暴的事件研究－以台灣主要外銷紡織產業為例

本文首先利用事件研究分析法，檢視2008年第3季美國次級房貸金融風暴事件發生後，台灣地區主要外銷紡織產業17家樣本公司的營業收益所受衝擊以及其復原狀況。然後，將樣本公司依四種不同的股權結構加以分類，比較各類別公司因應外來不利衝擊的表現。實證研究結果顯示，具有技術升級、業外經營特徵的公司，在因應外來衝擊方面的能力較優，而董監持股比例較高者面對事件之表現較佳。此外，十大股東持股比例、國內法人持股比例以及外資法人持股比例較低的群體，其因應外來衝擊的能力較優。

關鍵字

次級房貸風暴；外銷紡織產業；公司治理；股權治理

並列摘要

This thesis first applies the event study analysis method to examine the impacts and the restorations of the operating incomes of the 17 firms of the exporting textile industries in Taiwan after the impact of the 2008 U.S. subprime financial crisis. Then the firms are categorized into two groups based on four different shareholder structures to compare the capabilities of coping with the adverse external impact. The empirical event studies have shown that firms that continue upgrading their production process or extend their business in other areas performed better and those groups with higher proportions of shareholdings by the board members performed better than those with lower proportions of shareholdings. On the contrary, firms with lower proportions of shares in the hands of the top ten largest shareholders and those with lower proportions of shareholdings by the domestic institute investor and foreign institute investors performed better.

並列關鍵字

subprime mortgage crisis ； textile industry ； corporate governance ； equity governanc

參考文獻

台灣區織布工業同業公會http://training.ttri.org.tw

馬潤芬，2008，台灣紡織業出口之產品結構及區域結構之情勢分析，國立台北大財政學系碩士論文。

黃喜梅，2009「台灣紡織產業之廠商轉型策略:以力鵬公司為例」，淡江大學管理科學研究所企業經營學系碩士論文。

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公司治理與金融風暴的事件研究－以台灣主要外銷紡織產業為例

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