| Summary: | 碩士 === 國立臺灣大學 === 會計學研究所 === 89 === Graduate Institute of Accounting
National Taiwan University
TITLE:A Study on the Relationship of Corpopercentage Goverance and Stock Price
Name:Chen PI TZU
ADVISOR:Ko, Chen-en, Ph.D.
MONTH/YEAR:June/2001
Since the mid-1998,many corporations and business groups in Taiwan have been found to be in financial failures due to failure in corpopercentage goverance. This study is to exam the relationship between the corpopercentage goverance and stock price.
The findings of this study are as follows:
1.There exists a difference of the stock market factors 、 financial factors and corpopercentage goverance factors between normal firms and failure firms. The closerto the mid-1998,the more difference they will be.
2.Stock market factors , such as stock price 、P/E ratio and stock price return , and the possibility of failure are positively related.
3.The percentage of directors’ shareholding and the possibility of financial failure are positively related.
4.The proportion of institutional directors and the possibility of failure are positively related while the percentage of institutional directors’ holdings are negatively related.
5.The relationship between dual appointment of board chairman and CEO , and the financial failure is positively related.
6.The D/E ratio of failure firm is higher after financial failure.
7.The fixed assets growth rate of failure firm is higher than normal firms before financial failure , while fixed assets turnover is lower.
8.Usual income measure the ability of earning better than pre-tax income.
|
|---|
