從公司治理探討食安事件對食品相關產業股價之影響

Effect of Corporate Governance Inquiry into Food Safety Incidents on the Stock Prices of Food-related Industries

李聖婕(Sheng-Jie Li)

指導教授 ： 王朝仕

國立臺中科技大學/商學院/企業管理系碩士班/碩士(2017年)

摘要

本研究以食品相關產業為觀察標的，並從公司治理的角度出發，運用Chen, Kao, Tsao and Wu（2007）所提出公司治理指標，除CEO雙元性、董事會規模、管理層持股、大股東持股外，並加入資訊透明度，共五項指標。結合事件研究法檢視2014年9月4日爆發的食用油事件對臺灣食品相關產業與股價異常報酬率的影響。探究食品安全事件發生時，對於投入公司治理的差異程度，是否會造成股價波動的變化。

實證結果指出，事件宣告後，在短期績效表現，全樣本逐日累積異常報酬率皆呈現負值，高度公司治理的負向累積異常報酬最高，其次是中度公司治理，影響最低者為低度公司治理。在長期績效表現，高度公司治理的負向累積異常報酬最高，隨著事件期間拉長，累積異常報酬率未見趨緩，其次是中度公司治理，影響最低者為低度公司治理。中度與低度公司治理在事件宣告後股價雖持續下跌，但隨著事件期間拉長，下跌幅度逐漸趨緩。實證結果發現，食用油事件宣告對食品相關產業公司有長期持續的負面影響；且公司治理和公司股價績效具有相關性，支持公司治理品質會影響公司價值。

關鍵字

公司治理 ； 食品安全 ； 事件研究法 ； 累積異常報酬

並列摘要

In this study, food-related industries are the subject of observation, using the Corporate Governance Index proposed by Chen, Kao, Tsao and Wu（2007）, from the perspective of corporate governance. In addition to CEO duality, scale of the board, management shareholding, and large shareholder holdings, a total of five indicators including information transparency were incorporated in combination with the event research method to examine the impact of the outbreak of an edible oil incident on September 4, 2014 on food-related industries and the abnormal rates of return of stock prices in Taiwan. Furthermore, the study explored whether different degrees of commitment in corporate governance during the outbreak of the food safety incident had resulted in stock price volatility.

Empirical results indicate that in short-term performance after the announcement of the incident, the cumulative daily abnormal return rates of the whole sample were negative. The negative cumulative abnormal return rates of high corporate governance were the highest, followed by those of moderate corporate governance and low corporate governance, respectively. In terms of long-term performance, the negative cumulative abnormal return rates of high corporate governance were the highest and showed no signs of abatement with the protraction of the incident, followed by moderate corporate governance. The impact was lowest on low corporate governance. After the announcement of the incident, although the stock prices of moderate and low corporate governance continued to fall, the rates of decline gradually decreased with the protraction of the incident. Empirical evidence showed that the announcement of the incident had negative long-term impact on food industry companies. Further, it showed that there was a correlation between corporate governance and company stock price performance, which supported the notion that the quality of corporate governance would affect company value.

並列關鍵字

Corporate Governance ； Food Safety ； Event Study ； Cumulative Abnormal Return

參考文獻

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