標題: 市場動盪不安下的公司治理效應—以Moody’s公司治理報告為例
Corporate Governance Effect under Market Turmoil Period: An Event Study of Moody's Corporate Governance Report
作者: 林渟縈
Lin, Ting-Ying
鍾惠民
Chung, Hui-Min
財務金融研究所
關鍵字: 公司治理;市場動盪;事件研究法;Corporate Governance;Market Turmoil;Event Study
公開日期: 2011
摘要: 2011年當全球市場處於動盪不安的同時,國際知名的信用評等公司穆迪為了回應投資人對於中國公司在公司治理與會計透明度上日益高升的疑慮,因而發佈了一篇點名61家中國公司並標示出其紅旗警示的公司治理報告。本研究以穆迪此篇公司治理報告對被點名公司價值的影響為例,探討在市場波動不安的時期,公司治理與股東價值之間的效應。在效率市場假說下,一般認為公司治理資訊屬於公開資訊已充份即時反應,並不會對公司價值有影響。然而本研究結果證實穆迪公司治理報告對於被點名中國公司有顯著的負面效果,且在市場動盪時公司治理表現愈有疑慮的公司其股東價值愈有可能受到影響。綜合本研究結果推論,在市場不穩定時公司治理指標為決定公司價值的重要依據。
While the global market is in the turmoil, on July 11th 2011, Moody’s published a report to deal with increasing corporate governance and accounting concerns about China-based companies. In this study, I examine the impact of the corporate governance report on the firm value of companies mentioned in the report and check whether corporate governance is key determinants of firm value under market turmoil. Despite the fact that corporate governance information is public, the findings suggest that Moody’s corporate governance report has an adverse impact on mentioned companies’ firm value and that companies with corporate governance concerns are more likely to be affected under market turmoil period.
URI: http://140.113.39.130/cdrfb3/record/nctu/#GT079939507
http://hdl.handle.net/11536/50282
Appears in Collections:Thesis