治理指標、企業社會責任與電子產業新上市公司股票績效之研究

Governance Index, Corporate Social Responsibility, and Long-term Stock Performance of Electronic Industry IPOs

徐漢聰(Han-Tsung Hsu)

指導教授 ： 王朝仕

國立臺中科技大學/商學院/企業管理系事業經營碩士班/碩士(2014年)

https://doi.org/10.6826/NUTC.2014.00101

摘要

美國學術界於1930年代開始探討與研究相關「公司治理」(Corporate Governance)之議題，但是一直到了1997年亞洲金融風暴席捲整個亞洲及影響全球金融市場以後，這個議題才又被廣泛的討論。主要的原因是在金融風暴之後，各業界都普遍的認為，加強公司治理是企業用來防治其危機發生的一個很重要的機制。同時，隨著我國人民所得收入的提高，及銀行利率逐年走低之情況下，投資理財的觀念已經越來越受到重視，而股市也已成為全國投資人多餘資金的主要流向之一，在如何提高股票投資績效以及取得社會廣大投資人之信任遂成投資群眾最關心的議題之一。
本研究以台灣證劵交易所登記新上市公司股票(initial public offerings, IPOs) 首次上市申購活動從1997年12 月至2010年12月結束者以配合衡量三年期之績效，設定總實證期間為1996年12月至2013年12，觀察並檢驗公司治理含企業社會責任對電子產業股票長期績效之影響。本研究經實證結果後發現，公司治理與上市後股價長期績效具有相關性。雖然公司治理在上市初期對於績效的影響並不顯著，可能是因為投資人對於公司所提供之公開資訊正確性之存疑和投資決策前的心理與狂熱行為所導致，但是對長期發展，公司治理狀況較佳的公司其績效表現是比較優益的，公司治理的效益在長期下也才會顯現。

關鍵字

公司治理，企業社會責任、IPOs長期績效

並列摘要

Since 1930s the American academia has begun to explore and study of relating to "Corporate Governance". But not until after the 1997 Asian financial crisis the issue has been widely discussed again. It is also the main reason of financial turmoil after financial crisis that have resulted most of public to believe generally that there is an important mechanism for preventing enterprises crisis that is strengthening corporate governance. Meanwhile, with higher and higher people’s income improvement, and lower bank interest rates. The investment and wealth management concepts are getting more and more attention. Due to the stock market has become one of main flow of investor funds. How to increase investment stock performance as well as gain the trust of the majority of the investment community and investors that has been becoming one of the most concerned topics.
This study is based on newly listed of Taiwan Stock Exchange IPOs (OTC) purchase activities from December 1997 until December 2010 to cater for measuring the business performance of the three-year. It has set a positive period from December 1996 to December 2013 in observing and testifying relationship between corporate governance including social responsibility and long-turn stock performance of electronic industry IPO’s.

This study has found relevance between corporate governance and long-turn stock performance of electronic industry IPO’s. Although there has not significant at early stage between both of corporate governance and performance of IPOs. That is probably because of that investors were offered by the company before the public doubts on the correctness of information and investment decisions of psychology and fanaticism cause. But it did show up significant for those firms under good corporate governance should outperform those under poor corporate governance in long run. With this result implies that corporate governance will appear effectiveness in the long-term stock performance of electronic industry of IPO’s.

並列關鍵字

Corporate of Governance, Corporate Social Responsibility, Long-Turn Stock Performance of Electronic Industry IPO’s.

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