本研究利用Chen et al.(2007)所建構之公司治理指標，及構成此公司治理指標之四個公司治理變數，探討在財務危機發生前，公司治理之變化。首先，我們觀察公司於財務危機發生前，各個公司治理變數之趨勢變化。另外，本研究亦根據不同公司治理變數之表現優劣作為區分標準，探討危機公司於不同之公司治理表現，在財務危機發生前，是否亦有不同之趨勢變化？實證結果顯示，並非所有公司治理變數於財務危機發生前都會產生惡化情形，而且公司治理變數會因公司體質之優劣而有顯著的差異。

This study examines the variation of corporate governance before financial distress. According to the corporate governance index documented by Chen et al. (2007), we compare the differences of corporate governance index variables between good companies and bad companies. We find that not all of the corporate governance index variables will warn us before financial distress. In addition, the differences of corporate governance index variables between good companies and bad companies are significant.

第壹章 緒論................................1
　第一節 研究背景與動機......................1
　第二節 研究目的...........................4
　第三節 論文大綱...........................5
第貳章 文獻探討.............................7
　第一節 財務危機...........................7
　第二節 公司治理..........................10
　第三節 財務危機與公司治理..................13
第參章 研究方法與設計.......................15
　第一節 樣本選取與資料來源.................15
　第二節 研究假說...........................17
　第三節 研究架構與變數定義..................26
第肆章 實證結果與分析........................32
　第一節 敘述性統計分析.......................32
　第二節 危機產生時，公司治理指標的表現.........36
　第三節 各個公司治理變數之不同表現，於財務危機發生前之公司治理變化.........................................49
第伍章 結論與建議............................70
附錄........................................73
參考文獻....................................76

表目錄
表4 - 1 樣本敘述統計量 .............................. 3 4
表4 - 2 財務危機公司之各變數相關係數表 ................ 3 5
表4 - 3 財務正常公司之各變數相關係數表 ................ 3 5
表4 - 4 各變數之成對樣本t 檢定........................ 4 8
表4 - 5 成對樣本t 檢定- ( 股票市值) .................. 5 3
表4 - 6 成對樣本t 檢定- ( 董事長兼任總經理) ........... 5 6
表4 - 7 成對樣本t 檢定- ( 董事會規模) ................ 6 0
表4 - 8 成對樣本t 檢定- ( 經理人持股比) .............. 6 5
表4 - 9 成對樣本t 檢定- ( 大股東持股比) .............. 6 9

圖目錄
圖1 - 1 研究流程圖 ................................. 6
圖3 - 1 研究架構圖 ................................. 2 7
圖4 - 1 G I 平均值之趨勢圖 .......................... 3 7
圖4 - 2 G I 標準差之趨勢圖 .......................... 3 7
圖4 - 3 股票市值之平均值趨勢圖 ....................... 3 9
圖4 - 4 股票市值之標準差趨勢圖 ....................... 4 0
圖4 - 5 股價之標準差趨勢圖 ........................... 4 0
圖4 - 6 董事長兼任總經理比例趨勢圖 .................... 4 1
圖4 - 7 董事會規模平均值之趨勢圖 ...................... 4 3
圖4 - 8 董事會規模標準差之趨勢圖 ...................... 4 4
圖4 - 9 經理人持股比之平均值趨勢圖 .................... 4 5
圖4 - 1 0 經理人持股比之標準差趨勢圖 .................. 4 6
圖4 - 1 1 大股東持股比之平均值趨勢圖 .................. 4 7
圖4 - 1 2 大股東持股比之標準差趨勢圖 .................. 4 8
圖4 - 1 3 股票市值( 大公司+ 無兼任) 之平均值趨勢圖 ..... 5 0
圖4 - 1 4 股票市值( 小公司+ 兼任) 之平均值趨勢圖 ....... 5 0
圖4 - 1 5 股票市值( 大公司+ 兼任) 之平均值趨勢圖 ....... 5 1
圖4 - 1 6 股票市值( 小公司+ 無兼任) 之平均值趨勢圖 ..... 5 1
圖4 - 1 7 股票市值( 大公司+ 無兼任) 之標準差趨勢圖 ..... 5 2
圖4 - 1 8 股票市值( 小公司+ 兼任) 之標準差趨勢圖 ....... 5 2
圖4 - 1 9 股票市值( 大公司+ 兼任) 之標準差趨勢圖 ....... 5 2
圖4 - 2 0 股票市值( 小公司+ 無兼任) 之標準差趨勢圖 ...... 5 3
圖4 - 2 1 董事長兼任總經理之比例( 大公司+ 無兼任) 趨勢圖 5 4
圖4 - 2 2 董事長兼任總經理之比例( 小公司+ 兼任) 趨勢圖 5 5
圖4 - 2 3 董事長兼任總經理之比例( 大公司+ 兼任) 趨勢圖 5 5
圖4 - 2 4 董事長兼任總經理之比例( 小公司+ 無兼任) 趨勢圖 5 5
圖4 - 2 5 s c o r e 2 為1 之平均董事會規模趨勢圖 5 8
圖4 - 2 6 s c o r e 2 為0 之平均董事會規模趨勢圖 5 8
圖4 - 2 7 s c o r e 2 為1 之董事會規模標準差趨勢圖 ..... 6 0
圖4 - 2 8 s c o r e 2 為0 之董事會規模標準差趨勢圖 ..... 6 0
圖4 - 2 9 s c o r e 3 為1 之平均經理人持股比趨勢圖 ..... 6 2
圖4 - 3 0 s c o r e 3 為0 之平均經理人持股比趨勢圖 ..... 6 3
圖4 - 3 1 s c o r e 3 為1 之經理人持股比標準差趨勢圖 ... 6 4
圖4 - 3 2 s c o r e 3 為0 之經理人持股比標準差趨勢圖 ... 6 4
圖4 - 3 3 s c o r e 4 為1 之平均大股東持股比趨勢圖 ..... 6 6
圖4 - 3 4 s c o r e 4 為0 之平均大股東持股比趨勢圖 ..... 6 6
圖4 - 3 5 s c o r e 4 為1 之大股東持股比標準差趨勢圖 ... 6 8
圖4 - 3 6 s c o r e 4 為0 之大股東持股比標準差趨勢圖 ... 6 8

附錄
附錄2 - 1 臺灣證券交易所股份有限公司營業細則第 4 9 條 ... 7 3

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