| Summary: | 碩士 === 靜宜大學 === 管理碩士在職專班 === 94 === When the Asian financial crisis struck in 1997, closely followed by another financial crisis that hit Taiwanese companies during the second half of 1998, the two events caused catastrophic losses in Asian stock markets. Based on after-the-fact reports, the root cause was mainly attributed to inadequate mechanism of corporate governance. As a result, the Taiwan Stock Exchange changed its policies on corporate governance, enhanced protection for investors and created an agency to monitor investment practices. The Taiwanese government enacted all of these measures in order to strengthen the governance and management practices of enterprises in Taiwan.
The new regulations were enacted with three basic goals: Increasing corporate stock values, restoring investor confidence and raising the standards of corporate policy management. For investors, effective corporate policies and an efficient management structure will ensure that stockholders can expect returns on their investments once more. Companies that institute the new policies can reasonably expect to extract more operating funds from the market and show better stock performance for individual investors.
In the case of most theses, the authors examine corporations in order to comment on corporate management practices and structure, ignoring a most important component—the investor. In this thesis, however, the focus will be on the stock investors, tracing the company stockholders relationships with the corporation and its management. In addition to this approach, from the vantage point of the company investors, the data in this thesis will be contrasted with the methods used in other theses.
Data presented in this thesis is based on the feedback from stockholders of listed corporations who responded to questionnaires. Out of 1,000 questionnaires, 302 were returned; and 49 of those were disqualified because they were incomplete. Therefore, the response rate was 25.3 percent, which represents the data from 253 questionnaires.
After compilation of the data the conclusions were as follows:
1. The first question on the questionnaire dealt with investor satisfaction toward the management of the company and the investor’s perception of the value of the company. The responses indicated that the relationship between the company and the investor are directly dependent upon the investor’s education level and they type of company the investor chose to invest in.
2. Investor satisfaction depends upon individual feelings about the company based on the investor’s understanding and emotional response to the image of the company.
3. Investors’ perception of corporate value will vary depending upon the level of approval of corporate management by investors.
4. The perception of the company success will vary depending upon the level of approval of company management by investors.
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