Transparency Ranking System of Corporate Governance in Taiwan and Global Financial Crisis

• Main Authors: Chuang,Shaoyu, 莊劭宇
• Other Authors: 洪全成
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/80679162949818638782

碩士 === 長榮大學 === 經營管理研究所 === 99 === Corporate Governance has been an important issue for company operation and management in recent years in Taiwan. Information disclosure and transparency is one of the crucial factors. Taiwan Securities & Futures Information Center has implemented the ranking system of corporate information disclosure and transparency since 2003, and has issued 8 annual evaluation reports up to 2010. However, these reports are not yet able to convince many investors in their investment decisions. This research is conducted by with event study method. Based on the day when Lehman Brothers claimed its bankruptcy, the changes between the individual stock prices classified from A+ through C- under the current ranking system and the TAIEX (Taiwan Stock Exchange Corporation Weighted Index) were taken as the relevance measurement to discuss how the stock prices has reacted when system risk raised. This analysis is aimed to provide references for investment decision making. There are two findings presented in this research. First, the stock prices changes of the 37 A+ companies were as stable as the change of the TAIEX. Second, the stock price changes of the companies in the level A+ were not significantly more stable than the changes of the companies in the other levels (325 companies in level A, 639 companies in level B, .105 companies in level C, and 12 companies in level C-).