- 學位論文
公司治理與金融風暴的事件研究以台灣觀光產業為例
Corporate Governance and Capability to Secure External Shocks An Event of Tourist Industry in Taiwan
摘要
本文首先以臺灣地區觀光產業8家公司的營業收益為樣本，利用事件分析法，比較各樣本公司於2008年九月事件點前後八季內之營業收益異常狀況。其次，依照四種不同的股權結構變數，將樣本公司分為二個群體，然後比較二群體間營業收益表現的差異，希望整理不同出股權結構下，營運表現的差異，再由此判斷不同股權結構在因應重大外來衝擊的能力。本文實證研究結果顯示，金融海嘯後營業收益下滑的公司表現優於預期，而營業收益上升公司的表現低於預期。四種股權結構下營業收益波動幅度階明顯擴大，而以董監持股比例較高的群體整體表現較優。
關鍵字
金融風暴並列摘要
This thesis applies the event study method to analysis the impacts and subsequent adjustments of the operating incomes of 8 firms of the tourist industry in Taiwan within the 8 event periods after the adverse effects of the 2008 U.S. subprime financial crisis. Performances of individual firms are analysis first. Sample forms are divided into two groups based on the four shareholding structures and performances are compared next. Empirical studies have shown that firms whose operating incomes were falling before of immediately after the crisis performed better than predictions while firms whose operating incomes were rising in the associated period performed worse than predications. The group of firms with higher proportions of shares held by board members outperformed the rest of the four shareholding structures.
並列關鍵字
Financial crisis參考文獻
延伸閱讀
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