| Summary: | 碩士 === 淡江大學 === 管理科學研究所碩士班 === 99 === The importance of corporate governance issues is more and more important recently, but most of the relevant studies pay attention on the ownership structure and authorities of management. Only few studies investigate the effect of corporate governance to the performance of stock prices. Thus, this study examine the corporate governance to stock performance such as the times of limit up, the times of limit down, stock returns for electronic stocks listed in TWSE, and several findings are disclosed. The rate of equity (ROE) positively affects stock returns, significantly at 5% level. In addition, the degree of information disclosure and voluntary disclosure would affect stock returns positively as well; namely, the higher information disclosure, the better the corporate governance is. It means investors would raise the desire of investing in stock market, if the information asymmetry would reduce between investors and enterprises. The higher shareholding for managers and directors would benefit the performance of stock returns. It means that managers and directors would pursue the maximum of corporate values, which would not only lift up the value of the corporation, but also raise the benefit for managers and directors. Then the proxy problems would decline. The board size negatively affects stock returns and debt ratio also negatively affects stock returns. In fact, debt ratio is an important factor to measure the financial risk of a company, which would cause the desire of the voluntary disclosure. Then, the enterprise would be hurt, and profit would be eroded, especially during the economic depression.
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