The impact of Taiwan HC 100 Index and TWSE CG 100 Index announcement on the stock price

• Main Authors: Shu-Ching Lin, 林淑菁
• Other Authors: Chu-Yang Chien
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/19410553431653622581

碩士 === 國立雲林科技大學 === 會計系 === 104 === In order for enterprises to attach importance to social responsibility, starting from August, 2014, the government proposed TWSE RAFI® Taiwan High Compensation 100 Index (Taiwan HC 100 Index) and TWSE Corporate Governance 100 Index (TWSE CG 100 Index) to encourage businesses to give a raise by providing feedbacks to their employees from profits and to guide the market capitals to the investment on listed companies providing higher salaries. Ohlson model (1995) was utilized to explore the impact of the publication of financial statement on stock prices, targeting at the top 100 enterprises on the list of Taiwan HC 100 Index and TWSE CG 100 Index compiled by TWSE. It was found in the empirical results that the impact of the announcement of financial statements was effective on the100 constituent stocks of Taiwan HC 100 Index while intended effect of the announcement of financial statements was not found in the 100 constituent stocks of TWSE CG 100 Index.