政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/140594

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/140594

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政大典藏 > College of Commerce > Department of Finance > Theses > Item 140.119/140594

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/140594

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:	[Department of Finance] Theses

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