地緣政治衝擊下公司治理之緩衝效果：以美中貿易戰為例

Abstract

本研究探討美中貿易戰對台灣受關稅直接衝擊之跨國企業的市場反應，並檢驗公司治理品質是否能調節此負面衝擊。利用台灣獨特地緣政治背景下的準實驗設計法，研究發現市場對受衝擊企業有顯著負面反應。然而，有效的公司治理實踐能顯著減輕此負面影響。具體而言，特定治理屬性能緩解關稅衝擊。實證結果顯示，董事會的有效運作是受衝擊企業在貿易戰期間獲得正面市場反應的主要驅動力，此效果在家族企業集團中更為顯著。本研究不僅深化了地緣政治風險與資本市場間相互作用的理解，更凸顯公司治理在緩解此類風險中的關鍵作用，尤其在關稅衝擊期間，高品質的公司治理可作為投資者的重要保護屏障。

This study examines the impact of the U.S.-China trade war on Taiwanese manufacturing multinational enterprises (MNEs), focusing on the market's response to perceived corporate governance during periods of tariff-induced uncertainty. Using a quasi-experimental design within Taiwan's unique geopolitical context, the research reveals that firms affected by tariffs experience more adverse market reactions. However, robust corporate governance practices play a crucial role in mitigating these negative effects. Specifically, while tariff-targeted firms face negative impacts from sanctions, certain governance attributes can alleviate these effects. The analysis shows that well-functioning board members are the primary drivers of positive market reactions during the shock period for firms directly affected by tariffs. Notably, corporate governance is more effective in mitigating the agency problem within family business clusters. These findings enhance our understanding of the interplay between geopolitical risks and capital markets, emphasizing the critical importance of corporate governance in managing such risks. The study concludes that high-quality corporate governance acts as a protective buffer for investors.