本篇論文以台灣證券交易所105年至109年所公布之台灣上市櫃公司治理評鑑結果為依據，將其評鑑結果連續五屆評鑑位於前百分之二十的公司分類為「公司治理表現較佳」之組別，連續五屆皆位於後百分之二十的公司分類為「公司治理表現較差」之組別，探討兩群組在2020年COVID-19爆發初期，公司治理好壞，在本次事件中，是否影響股價的表現。本篇以2020/03/19由國家衛生指揮中心（NHCC）所發佈的「禁止外籍旅客來臺」為事件研究日，以事件研究法估計兩個群組在面對本次事件後的異常報酬率，採用評鑑結果衡量公司治理因子，再加入Fama-French的三因子模型以及Carhart的四因子模型作為風險因子考量。實證結果顯示，公司治理因子對於「公司治理評鑑表現較佳」之組別比「公司治理評鑑表現較差」之組別有顯著正向超額報酬，此研究結果顯示公司治理較佳的企業相對於公司治理不佳的企業，在發生COVID-19事件衝擊時，股價所受的影響較小。

This study investigates the corporate governance evaluation and stock price reaction during the COVID-19 outbreak. In this study, well-governed firms are in the top 20% rankings of the corporate governance evaluation, published by Taiwan Stock Exchange during 2016-2020, and poorly-governed firms are in the bottom 20% the corporate governance evaluation. This article takes the date of "Prohibition of Foreign Tourists to Taiwan" issued by the National Health Command Center (NHCC) on 2020/03/19 as the event research day, and attempts to estimate the abnormal return of the two groups after the event. The results show that the corporate governance factor has a significantly positive excess return for well-governed firms than poorly-governed firms. In conclusion, the stock prices of well-governed companies are less influenced by negative shocks such as COVID-19 event.

第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 3
第三節 研究架構 4
第二章 文獻探討與設立假說 5
第一節 企業社會責任對之正面影響 5
第二節 企業社會責任對之負面影響 6
第三章 研究資料及方法 7
第一節 研究資料 7
第二節 事件研究法方法 8
第三節 其他研究法 9
第四章 研究結果及分析 13
第五章 結論 19
參考文獻 20
圖表 23
附錄 30

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