Empirical Study on the Relationship between the new Over-the-Counter Company and their Related Characteristics.

• Main Authors: Wei-Lin Xiao, 蕭惟璘
• Other Authors: Yu-Cheng Chen
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/01198023286206357017

碩士 === 國立中興大學 === 財務金融學系所 === 105 === This paper uses all firms listed on the Taiwan Over-The-Counter (OTC) from 2003 to 2016 as the research sample. To explore the OTC company in corporate gov-ernance the extent of investment, whether the impact of changes in financial perfor-mance. In this study, setting several scoring project to construct a corporate govern-ance score, to distinguish between different levels of corporate governance into com-pany groups. To see whether there is a significant difference in financial performance after investing in corporate governance. The empirical results show that the degree of corporate governance investment, financial performance is indeed affected. The higher degree of corporate governance investment in the company''s financial performance is better. Since the corporate governance, to enhance the financial performance of enter-prises, this paper uses the return on equity (ROE), total return on assets (ROA) and sales growth rate to test financial performance. The results show that the higher the degree of corporate governance investment, the financial performance is better. Finally, in addition to financial performance, this paper also studies the degree of corporate governance investment, whether the impact of stock turnover performance, cumulative abnormal returns and foreign corporate ownership ratio. The empirical re-sults also show that the higher the degree of corporate governance investment in these test indicators are better performance. Keywords: Corporate Governance, Over-The-Counter (OTC), financial performance