公司治理能在空頭市場下支撐股價嗎？

Can Corporate Governance Sustain Stock Price in Bear Market?

10.29698/FJMR.200605.0001

黃旭輝(Hsu-Huei Huang)；陳美惠(Mei-Hui Chen)；闕河士(Horace Chueh)

公司治理 ； 會計師簽證 ； 會計師事務所 ； 資訊不對稱 ； 股權結構 ； corporate governance ； CPA's opinion ； CPA firm ； information asymmetry ； ownership structure

輔仁管理評論

13卷2期（2006 / 05 / 01）

1 - 27

繁體中文

1997的亞洲金融危機與2001美國連串的會計醜聞事件，使得公司治理的議題重新受到重視與討論，本文從公司治理的角度出發，探討會計師簽證、股權結構與資訊不對稱對空頭市場下股價報酬的影響，本文的研究期間為2000年3月至2001年9月，在此期間國內股價平均下跌幅度高達63％，樣本涵蓋297家台灣上市公司。實證結果發現，正面的會計師簽證意見與五大會計師的簽證能在空頭市場下發揮支撐股價的作用；其次，提高內部人持股比率、法人持股比率與減少資訊不對稱，可降低股價在空頭市場中受到不利的影響。

After the Asian financial crisis in 1997 and a series of accounting scandals in 2001, the issue related corporate governance is getting important. From the perspectives of corporate governance, we explore the impacts of CPA's opinion, ownership structure, and information asymmetry on stock return in bear market. Our sample includes 297 firms listed on Taiwan Stock Exchange during Mar. 2000- Sep. 2001. The results show that (1) positive CPA's opinion and opinion from big 5 CPA firm has positive effect on stock return (2) the higher ownership of insiders or institutional investors are good for company in bear market (3) the companies with lower information asymmetry would experience lesser price decline.

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