公司治理對股價異常報酬影響之研究—以中美貿易戰與新冠肺炎事件為例_

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題名：	公司治理對股價異常報酬影響之研究—以中美貿易戰與新冠肺炎事件為例
作者：	陳英祥
作者(外文)：	Ying-Hsiang Chen
校院名稱：	國立高雄科技大學
系所名稱：	國際企業系
指導教授：	姚名鴻
學位類別：	博士
出版日期：	2022
主題關鍵詞：	中美貿易戰；公衛事件；SARS；COVID-19；事件研究；公司治理；企業社會責任；Sino-U.S. Trade War；public health emergency of international concern；SARS；COVID-19；event study；corporate governance；corporate social responsibility
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:0 共同引用:0 點閱:13

本研究旨在以資本市場投資人觀點，探討兩項事件：一、探討中美貿易戰事件對於台灣科技業公司之影響。二、公衛事件(COVID-19)對上市公司之影響。以中美貿易戰為探討方向：首先，採用事件研究法檢測中美貿易戰事件宣告對於公司股價異常報酬影響，其次，探討公司是否揭露企業社會責任報告書，以及公司治理機制，交互作用下能否減少中美貿易戰下對於股價異常報酬的不利影響。實證結果顯示，中美貿易戰事件對於台灣科技業股價異常報酬存在不利影響，然而，公司揭露社會責任資訊，且配合公司治理機制，能較不受該事件之不利影響。以公衛事件(COVID-19)為探討方向：關於公衛事件我國過去也發生過SARS事件，相較於過去公衛事件(SARS)，COVID-19的疫情期間也相當漫長，本文同時探討二個公衛事件，對於上市公司的股價報酬，由於2020到2021年，我國與中國大陸以防疫政策以「清零」為主要方向。以市場投資者之角度，首先採用事件研究法探討公衛事件宣告，對於上市公司股價報酬率不利影響，其次，探討公司治理之特徵，能否減少COVID-19下對於上市公司股價異常報酬的不利影響。實證結果顯示，在SARS事件方面對公司股價存在不利的影響，在COVID-19事件方面存在股價不利的影響，其次，公司治理以董事會規模、董監事持股比與經理人持股比，雖然在SARS事件中，並未發現顯著影響，但是，在COVID-19疫情期間，不同的事件宣告，董事會規模在武漢封城與台北市與新北市發佈三級警戒事件可減輕不利的影響，經理人持股比在台北市與新北市發佈三級警戒事件中，有助於穩定市場參與者對公司的持股信心，良善的公司治理機制，可以平衡利害關係人的權益(如：員工健康、供應商管理…等)。

以文找文

From the perspective of capital market investors, the purpose of this study is to explore the following two events: (1) the effects of the Sino-U.S. Trade War on Taiwan’s technology companies; and (2) the effects of the public health emergency of international concern (COVID-19) on listed companies. For the aspect of the trade war, an event study is first used to examine the effects of the declaration of the trade war on companies’ abnormal stock price returns. Second, this study explores whether the adverse effects of the Sino-U.S. trade war on abnormal stock price returns can be reduced through interaction between companies disclosing corporate social responsibility reports and corporate governance mechanisms. The empirical results show that the trade war has adverse effects on abnormal stock price returns of Taiwan’s technology companies, and corporate social responsibility information disclosure and corporate governance mechanisms reduce the adverse effects on companies. For the public health emergency of international concern (COVID-19), while SARS struck Taiwan in the past, the COVID-19 pandemic has lasted longer than SARS, and so this paper discusses them simultaneously. Regarding stock price returns of listed companies, due to the pandemic prevention policies of “Zero-COVID” taken in Taiwan and the Chinese Mainland from 2020 to 2021, from the perspective of capital market investors, an event study is first used to examine the adverse effects of the declaration of public health emergency of international concern on companies’ abnormal stock price returns. Second, this study explores whether the characteristics of corporate governance can reduce the adverse effects of COVID-19 on the abnormal stock price returns. The empirical results show that both SARS and COVID-19 have adverse effects on companies’ stock prices. Third, corporate governance (represented by board size, the shareholding ratio of directors and supervisors, and the shareholding ratio of managers) has no significant effects on stock prices during SARS. However, during the COVID-19 pandemic, public health emergency of international concern declaration and board size can reduce the adverse effects of the Wuhan lockdown and the Level 3 alert issued in Taipei City and New Taipei City. The shareholding ratio of managers helps stabilize the confidence of market participants in companies’ shareholding structures in the Level 3 alert issued. Lastly, good corporate governance mechanisms can balance the rights and interests of stakeholders, such as employee health and supplier management.

以文找文

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