資本市場對於通過公開公司治理認證公司之反應

Abstract

近年來有關於公司治理議題之研究多針對公司的營運績效、獲利能力之影響以及代理問題的解決提出解釋，較少有直接針對公司治理的公開認證效果與資本市場的反應提出研究；本論文係探討上櫃公司通過公司治理協會辦理之公司治理評量認證後，是否顯示通過認證的公司在資本市場的表現以及獲利能力上皆有所提升。 本論文的實證結果指出，通過公司治理認證的公司在事件日之前至之後五日有明顯的累積異常報酬，代表資本市場對於此認證所散發出來的訊息抱持著正面態度，且在累積異常報酬的迴歸分析與ｔ檢定中，也發現資本市場對於有持續改善公司治理層面的公司，其反應更為良好。此外與未通過公司治理認證公司的成對樣本檢定和迴歸分析，在營運績效以及資本市場交易面上，都顯示通過公司治理認證的公司表現較未通過公司治理認證的公司優良；而在進一步的認證前與認證後的成對樣本檢定以及迴歸分析都顯示通過公司治理認證的公司在通過認證之前在各變數的表現就已經優於未通過公司治理認證的公司，而且這些優勢會持續到公司治理認證之後。

In recent years most researches on corporate governance issues have focused on the company’s operating performance, profitability and agency problem. And fewer researches directly have focused on the capital market reaction to the public corporate governance certification. This research study the companies which passed the corporate governance certification had better profitability and performance in Taiwan capital market. The empirical results of this paper indicate that the companies completed certification had significant cumulative abnormal returns in five days before and after the event day. The regression analysis and t test also found the better reaction to the companies which improved their corporate governance continuely. In the operating performance and capital market reaction, certified companies had better performance than non-certified companies in paired t test and regression analysis. In addition, this research also found certified companies had the superior strength of different financial variables to non-certified companies before certification, and they possessed the strenghth even after certification.