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題名 《揭弊者保護法》草案與股票市場反應：來自台灣資本市場的證據
The Draft of Whistleblower Protection Act and Stock Market Reaction: Evidence from Taiwan’s Capital Market
作者 劉芳妤
Yu, Liu Fang
貢獻者 戚務君
Chi, Wuchun
劉芳妤
Liu Fang Yu
關鍵詞 揭弊者保護法
事件研究法
公司治理
經營團隊
Whistleblower Protection Act
Event study
Corporate governance
Management team
日期 2022
上傳時間 1-Mar-2022 16:38:22 (UTC+8)
摘要 利用2017年至2019年一系列與台灣《揭弊者保護法》草案的相關事件日，本文檢視該草案的市場反應。實證結果顯示，整體而言，股票市場對《揭弊者保護法》持正面看法。進一步的分析顯示，公司治理制度較佳、經營團隊異質性較高或經營團隊能力較好的企業，相關事件日的異常報酬率愈高。前述的實證結果隱含，資本市場對不同企業關於《揭弊者保護法》實際遵循與落實的預期差異，可以解釋相關事件日的股價行為。
This study examines the stock market reaction to the draft of Whistleblower Protection Act. Specifically, I observe the abnormal return (AR) on series event days between 2017 and 2019 which are related to the draft of Whistleblower Protection Act. The empirical results show that the average AR on these event days is significantly positive, indicating that market investors have a positive view of the Whistleblower Protection Act. Further analysis shows that companies with better corporate governance, higher management team heterogeneity, and better managerial ability result in higher AR on the draft-related event days. In other words, it shows that investors have more confidence in the compliance and implementation of Whistleblower Protection for such companies.
參考文獻 沈中華與李建然，2000，事件研究法：財務與會計實證研究必備，台北市：華泰文化（一版）。
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馬秀如、徐佳筠與蕭寧君，2020，會計師碰上法遵：保密或吹哨？會計研究月刊，第415期，頁93−98。
許恩得與王敬皓，2012，公司治理、供應商關係與盈餘品質，東海管理評論，第14卷第1期，頁179−205。
陳芊妤，2021，以比較法觀點論私部門吹哨者保護與通報機制之建構，國立政治大學法律學系碩士論文。
陳麗如、彭金隆與王儷玲，2010，台灣保險業公司治理結構對風險決策行為的影響，管理評論，第29卷第4期，頁1−18。
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彭火樹、陳美惠與洪瓊瑋，2006，金融控股公司法制定過程對金融業之股市反應及其與公司特質關聯性之研究，證券市場發展季刊，第18卷第3期，頁117−146。
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描述 碩士
國立政治大學
會計學系
108353013
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353013
資料類型 thesis
dc.contributor.advisor 戚務君zh_TW
dc.contributor.advisor Chi, Wuchunen_US
dc.contributor.author (Authors) 劉芳妤zh_TW
dc.contributor.author (Authors) Liu Fang Yuen_US
dc.creator (作者) 劉芳妤zh_TW
dc.creator (作者) Yu, Liu Fangen_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-Mar-2022 16:38:22 (UTC+8)-
dc.date.available 1-Mar-2022 16:38:22 (UTC+8)-
dc.date.issued (上傳時間) 1-Mar-2022 16:38:22 (UTC+8)-
dc.identifier (Other Identifiers) G0108353013en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/139139-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 108353013zh_TW
dc.description.abstract (摘要) 利用2017年至2019年一系列與台灣《揭弊者保護法》草案的相關事件日，本文檢視該草案的市場反應。實證結果顯示，整體而言，股票市場對《揭弊者保護法》持正面看法。進一步的分析顯示，公司治理制度較佳、經營團隊異質性較高或經營團隊能力較好的企業，相關事件日的異常報酬率愈高。前述的實證結果隱含，資本市場對不同企業關於《揭弊者保護法》實際遵循與落實的預期差異，可以解釋相關事件日的股價行為。zh_TW
dc.description.abstract (摘要) This study examines the stock market reaction to the draft of Whistleblower Protection Act. Specifically, I observe the abnormal return (AR) on series event days between 2017 and 2019 which are related to the draft of Whistleblower Protection Act. The empirical results show that the average AR on these event days is significantly positive, indicating that market investors have a positive view of the Whistleblower Protection Act. Further analysis shows that companies with better corporate governance, higher management team heterogeneity, and better managerial ability result in higher AR on the draft-related event days. In other words, it shows that investors have more confidence in the compliance and implementation of Whistleblower Protection for such companies.en_US
dc.description.tableofcontents 第壹章　緒論 1
第一節　研究背景 1
第二節　研究動機與目的 3
第貳章　文獻探討與研究問題 5
第一節　吹哨者定義及相關法規 5
第二節　吹哨者的相關學術文獻 18
第三節　研究問題 20
第參章　研究方法 24
第一節　揭弊者法規的相關事件日 24
第二節　模型設計與變數定義 27
第三節　樣本篩選 34
第肆章　實證結果 36
第一節　主測試的實證結果 36
第二節　進一步測試的實證結果 50
第伍章　結論與建議 56
參考文獻 58
附錄一：模型變數定義 64
附錄二：經營團隊異質性衡量指標 67		zh_TW
dc.format.extent 2003829 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353013en_US
dc.subject (關鍵詞) 揭弊者保護法zh_TW
dc.subject (關鍵詞) 事件研究法zh_TW
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) 經營團隊zh_TW
dc.subject (關鍵詞) Whistleblower Protection Acten_US
dc.subject (關鍵詞) Event studyen_US
dc.subject (關鍵詞) Corporate governanceen_US
dc.subject (關鍵詞) Management teamen_US
dc.title (題名) 《揭弊者保護法》草案與股票市場反應：來自台灣資本市場的證據zh_TW
dc.title (題名) The Draft of Whistleblower Protection Act and Stock Market Reaction: Evidence from Taiwan’s Capital Marketen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 沈中華與李建然，2000，事件研究法：財務與會計實證研究必備，台北市：華泰文化（一版）。
李建然、廖秀梅與蔡佳育，2016，上市櫃公司自願設置審計委員會及審計委員會品質之決定因素，當代會計，第17卷第1期，頁1−34。
林美鳳、金成隆與林良楓，2009，股權結構、會計保守性與信用評等關係之研究，臺大管理論叢，第20卷第1期，頁289−329。
林嬋娟、戚務君與謝安軒，2022，台灣上市(櫃)公司審計委員會調查報告，2020/2021公司治理雙年報，第2卷第1期，頁41−120。
馬秀如、徐佳筠與蕭寧君，2020，會計師碰上法遵：保密或吹哨？會計研究月刊，第415期，頁93−98。
許恩得與王敬皓，2012，公司治理、供應商關係與盈餘品質，東海管理評論，第14卷第1期，頁179−205。
陳芊妤，2021，以比較法觀點論私部門吹哨者保護與通報機制之建構，國立政治大學法律學系碩士論文。
陳麗如、彭金隆與王儷玲，2010，台灣保險業公司治理結構對風險決策行為的影響，管理評論，第29卷第4期，頁1−18。
戚務君，2020，審計研究導讀，台中市：滄海書局（一版）。
張瑞當、方俊儒與曾玉琦，2007，核心代理問題與盈餘管理：董事會結構與外部監督機制之探討，管理學報，第24卷第1期，頁17−39。
彭火樹、陳美惠與洪瓊瑋，2006，金融控股公司法制定過程對金融業之股市反應及其與公司特質關聯性之研究，證券市場發展季刊，第18卷第3期，頁117−146。
葉銀華，2017，引進完整之吹哨者制度，會計研究月刊，第380期，頁16−20。
葉銀華，2018，臺灣吹哨者制度的最新發展與建議，會計研究月刊，第387期，頁14−19。
劉若蘭、許永聲與劉力維，2014，在不同生命週期下董事會組成特性對公司經營績效之影響，會計評論，第58期，頁133−165。
戴怡蕙，2017a，股份控制權和盈餘分配權的偏離程度會影響以績效為基準的考核制度誘因效果嗎？會計評論，第65期，頁1−43。
戴怡蕙，2017b，控制股東的股權偏離程度與公司績效：持股率與類別的調節效果，會計審計論叢，第7卷第2期，頁85−115。
薛敏正、邱彥毅與邱詩婷，2017，公司治理評鑑與盈餘品質，會計審計論叢，第7卷第2期，頁57−83。
薛敏正、葉淑玲、邱彥毅與江璧岑，2018，公司治理評鑑與證券報酬，中華會計學刊，第14卷第2期，頁261−289。
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dc.identifier.doi (DOI) 10.6814/NCCU202200329en_US