此次研究主要探討公司治理相關事件在市場的反應。研究結果發現內部股權轉讓事件中的鉅額逐筆交易在事件期內出現顯著的負異常報酬，而身分別為經理人的轉讓事件則是在事件發生日前出現顯著的正異常報酬；董監事異動事件也在事件期出現顯著的異常報酬，但不同異動下的反應方向不同；最後的公司治理正、負面事件中，負面新聞事件在事件日當天以及事件日後一天出現顯著的負異常報酬，有趣的是，公司治理評鑑公告後居然也出現短期負的異常報酬。

This study mainly discusses the market reaction to corporate governance-related events. The study found that the huge transaction-by-transaction events in the internal equity transfer events had significant negative abnormal returns during the event period, while the transfer events as managers had significant positive abnormal returns before the event day. Significant abnormal returns occurred in the change of directors and supervisors events, but the direction of response was different under different changes; Finally, this study found that negative corporate governance news events had significant negative abnormal returns on the day of the event and the day after the event. After the corporate governance evaluation system implemented by Taiwan Stock Exchange (TWSE) was announced, there were also short-term negative abnormal returns.

論文審定書 i
摘要 ii
abstract iii
目錄 iv
圖次 v
表次 v
第一章 緒論 1
第二章 公司治理回顧與假說 3
第一節 公司治理回顧 3
第二節 公司治理在台灣 6
第三節 市場上對於正負面消息反應之相關研究 7
第四節 研究假說 10
第三章 事件定義與研究方法 13
第一節 事件定義 13
第二節 研究方法 16
第四章 實證結果 19
第一節 事件敘述統計 19
第二節 內部股權轉讓事件 20
第三節 董監事異動事件 23
第四節 公司治理正、負面事件 27
第五章 結論 31
參考文獻 33

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