公司治理與股票風險關係之研究－以台灣上市公司電子股為例

Abstract

近年來，國內外經濟金融界陸續爆發財務弊案後，除了投資人信心遭受嚴重的打擊之外，亦促使「公司治理」成為經濟界普遍重視的課題。公司治理被視為改善經濟效率、提昇競爭力的重要因素，良好的公司治理對公司必然有正面之影響。為了更深入了解投資人面對公司治理機制將如何承擔股票風險，本文依據經濟合作暨發展組織(OECD)對公司治理所細分之九項因子進行研究。利用1997至2007年台灣上市電子公司共計1955筆樣本之年度財務報表資料，透過固定效果模型與隨機效果模型之計量分析，驗證公司治理與股票風險之關連性。研究結果顯示，董事會規模、獨立董事比例、家族持股比例、槓桿程度、價格上漲幅度與周轉率等6項因子皆顯著影響股票風險，此一結果顯示公司治理之成效有助於降低投資人承擔之風險。

In recent years, the investors’ confidence is seriously blown by the financial scandals worldwide. As a result, the financial industry has paid special attention to corporate governance. Corporate governance is considered to be one of the key measures to improve economic efficiency and competitiveness. In order to investigate relationship between the stock risk faced by investors and corporate governance, we adopt 9 factors of corporate governance which are developed by the Organization for Economic Cooperation and Development (OECD). The fixed-effect and random-effect models are applied to the panel data study of 1955 Taiwanese semiconductor listing companies of 1997-2007. The results show that the board size, proportion of independent directors, proportion of family ownership, degree of financial leverage, ratio of rising prices, and turnover rate have significant influences on the stock risk. Such finding indicates that corporate governance has a role to play in assisting investors' risk management.