From corporate governance and industry foresight to examine the relationship between earnings and stock price premium

• Main Authors: Chen,Wei Jen, 陳威任
• Other Authors: Shen,Chung-Hua
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/08944740370979820599

碩士 === 國立政治大學 === 經濟研究所 === 92 === The motivation of the thesis origin from the reports of McKinsey consulting company. According to the reports that institutional investors would willing to pay premium to hold the stock if the company build up well corporate governance institutions. The thesis decide to incise from corporate governance and industry foresight, and then find four representative variables of corporate governance and constitute dummy variables of industry recycle position. The aim is trying to understand which variable would affect premium through earnings-transmitting effect. Based on the empirical results, with view of corporate governance, the quality of information transparency (whether issue deposit receipt or not) is positive and significant to premium. Consequently it seems to be a practical index when we get confused to the reality of financial reports, moreover, the other variables about corporate governance are nonsignificant including the holding of director and supervisor、the managerial holding or whether constitute the independent director and supervisor. The conclusions about whether constitute independent director and supervisor consist with the act of government which considers that modifying direction of the security law is free to choose instead of forcing every company to do so. With the view of industry foresight, it’s not a piece of cake to predict how it’s going in the future. According to the results that psychological rule of anti-market seems to be a usable method. Keywords：Corporate Governance、industry foresight、industry analysis