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系統識別號 U0026-0812200914280761
論文名稱(中文) Investment Decision based on Corporate Governance and Financial Situation
論文名稱(英文) Investment Decision based on Corporate Governance and Financial Situation
校院名稱 成功大學
系所名稱(中) 國際經營管理研究所碩士班
系所名稱(英) Institute of International Management (IIMBA--Master)
學年度 96
學期 2
出版年 97
研究生(中文) 金倉帝
研究生(英文) Chandy KIM
電子信箱 rc695763@mail.ncku.edu.tw
學號 rc695763
學位類別 碩士
語文別 英文
論文頁數 60頁
口試委員 指導教授-賴秀卿
指導教授-顏盟峰
召集委員-張紹基
口試委員-李宏志
口試委員-史習安
中文關鍵字 none 
英文關鍵字 Ownership Structure  Leadership Structure  Equity Return  Corporate Governance  Three-factor Model  Financial Distress  O-score  Institutional Investor 
學科別分類
中文摘要 none
英文摘要 This study mainly adopts listed companies from different industries in Taiwan stock market, except banking and insurance industries. The paper applies the method of three-factor model of Fama and French and CAPM to seek for the intercept of those companies. Classifying those companies’ intercepts into 9 and 15 portfolios according to their financial distress and corporate governance, this study finds that a portfolio with high financial risk and strong corporate governance is the best choice for investors to invest in. Additionally, the thesis also examines the impact of financial distress and corporate governance on performance individually. The result shows that high financial risk portfolio performs better than other low risk portfolios and strong corporate governance portfolio performs better than moderate and weak corporate governance portfolio.
論文目次 TABLE OF CONTENTS


ACKNOWLEDGEMENTS II
ABSTRACT IV
TABLE OF CONTENTS V
LIST OF TABLES VII
LIST OF FIGURES X
CHAPTER ONE INTRODUCTION 1
1.1 Research Background and Motivation 1
1.2 Research Objectives 3
1.3 Research Contribution 4
1.4 Research Flow 5
CHAPTER TWO LITERATURE REVIEW 7
2.1 The Styles of Stock 7
2.2 Financial Risk 10
2.3 Corporate Governance 11
2.3.1 Internal Governance 12
2.3.2 External Governance 15
CHAPTER THREE RESEARCH DESIGN 17
3.1 Sources of Data, Period of Study, and Methodology 17
3.2 Measurement of Variables 18
3.2.1 Corporate Governance 18
3.2.2 Financial Condition 23

CHAPTER FOUR EMPIRICAL RESULTS 27
4.1 Results of Company Performance in Taiwan using three-factor Model 28
4.1.1 Performance of All Firms 28
4.1.2 Performance of Small Firms 32
4.1.3 Performance of Large Firms 35
4.2 Results of Company Performance in Taiwan using CAPM 39
4.2.1 Performance of All firms 39
4.2.2 Performance of Small Firms 43
4.2.3 Performance of Large Firms 46
CHAPTER FIVE CONCLUSIONS AND SUGGESTIONS 50
5.1 Conclusions 50
5.2 Suggestions 51
5.2.1 Suggestion for Further Research 51
5.2.2 Suggestion for Investors 51
REFERENCES 52
APPENDIX 57
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