本研究以2007 年至2012 年間合計716 家台灣上市(櫃)公司為研究對象，實證探討分析師推薦買入(賣出)、投資評等、所有權結構、會計不透明度、董事會結構及其運作對公司股價崩盤風險(crash risk of stock price)的影響。實證結果發現當企業前一年內部大股東與經理人持股比率愈高時，將會顯著提高公司當年度的股價崩盤風險。此外，當企業前一年機構投資人持股比率與獨立董事比率愈高時，將有利於公司降低當年度的股價崩盤風險，此意謂機構投資人與獨立董事對公司市場價值具有監督的正面效果。前期分析師推薦買入時會顯著降低公司的崩盤風險；相反地，前期分析師推薦賣出會提升公司的股價崩盤風險投資評等分數外，投資評等等級與機構投資人投資偏好評等分數愈高則會降低公司的股價崩盤風險。 This thesis empirically investigates the impacts of corporate governance, analystrecommendations on buy and sell, investment rating, ownership structure,accounting opacqueness, and board structure on crash risk of stock price using public listed fims in Taiwan over the period 2007 to 2012. The empirical results indicate the ratio of blockholders and managers in previous year significantly increase the crash risk of stock price while the ratio of institutional investors andindependent board in previous year significantly decrease the crash risk of stock price. Moreover, analyst recommendations on selling significantly enhances the crash risk while analyst recommendations on buying significantly decreases the crash risk. It is found that inveting rating has negative impacts on crash risk.
