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| Title: | 良好之公司治理能否遏制股價崩跌風險?
Corporate Governance Rating and Stock Price Crash Risk |
| Authors: | 范東晏
Fan, Dong-Yan |
| Contributors: | 周冠男
Chou, Robin K.
范東晏
Fan, Dong-Yan |
| Keywords: | 崩跌風險
公司治理
新冠肺炎
結構性改變
Crash risk
Corporate governance
COVID-19
Structural change |
| Date: | 2022 |
| Issue Date: | 2022-07-01 16:08:25 (UTC+8) |
| Abstract: | 本研究探討了公司治理評級對未來股價崩跌風險的影響。以台灣上市上櫃公司自2014年至2019年期間的資料為樣本，本研究實證結果為，在控制前期各項變數後，公司治理評級較佳之公司確實在未來一年有較低之股價崩跌風險。此外，在高機構持股、電子產業和集中市場的子樣本中，公司治理評級對於未來一年股價崩跌風險之負向影響會更為強烈；然而，低機構持股、非電子產業和店頭市場的子樣本中，公司治理評級對於未來一年之股價崩跌風險並不存在統計上顯著之相關性。實證上亦發現，由於COVID-19之衝擊，公司治理評級與未來一年股價崩跌風險之間的關係出現了結構性改變，即在COVID-19之後的時期，公司治理評級對於未來一年股價崩跌風險有更為強烈之負向影響。
This study examines the link between corporate governance rating and stock price crash risk. Using the sample from 2014 to 2019 in Taiwan, this study documents that firms with better corporate governance rating do have lower stock price crash risk in the coming year. Furthermore, the negative relationship between corporate governance rating and one-year-ahead stock price crash risk is strengthened in the high-institutional-holding, electronic, and TSE-listed subsample; however, in the low-institutional-holding, non-electronic, and OTC-listed subsample, the relationship between corporate governance rating and one-year-ahead stock price crash risk is not statistically significant. Plus, the empirical results show that the impact of COVID-19 has contributed to a structural change in the relationship between corporate governance rating and one-year-ahead stock price crash risk. Specifically, a stronger negative relationship between corporate governance rating and one-year-ahead crash risk is found in the post-COVID-19 period. |
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| Description: | 碩士
國立政治大學
財務管理學系
109357033 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109357033 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202200554 |
| Appears in Collections: | [財務管理學系] 學位論文
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