本研究之主要目的是在比較「上市上櫃公司治理實務守則」公布實施前後對於股票報酬率之影響，採用Fama and French（1992）所提出之三因子模型為基礎，再加入公司治理三個變數，符合選取標準的樣本共計172檔股票，以『總經理與董事長是否為同一人』為條件分成二組進行實證分析，而研究期間則以2002年10月4日「上市上櫃公司治理實務守則」公布為分水嶺，研究方法先進行共線性的診斷，最後以Panel Data模型進行實證分析。 實證結果說明了在『總經理與董事長非同一人』且「上市上櫃公司治理實務守則」公布實施之後，模型對於股票報酬率的影響是具有解釋能力的。 It is a new idea and method that corporate governance in Taiwan, not merely change the decision way that enterprise''s operator gets used to, to enterprise''s organization it is a great transition even more. So, through the understanding of corporate governance, set up the due responsibility to investing in the masses of enterprises, that is to say that ensures investor''s due rights and interests, turn back the society confidence to enterprises further. Research this main purpose compare 「Corporate Governance Best-Practice Principles for TSEC/GTSM Listed Companies」 announced before and after implementing to influence on the rate of stock returns, adopt Fama and French (1992) based on the three factors model proposed, join the corporate governance three parameters, it adds up to 172 shelves of stocks , divide into two groups and carry on real example analysis for the condition with " general manager and President are for the same people " to accord with and choose the standard sample, regard announcing on October 4, 2002 「Corporate Governance Best-Practice Principles for TSEC/GTSM Listed Companies」 as the watershed while studying , the research approach carries on the diagnosis of the collinearity first, carry on real example analysis in Panel Data model finally. It prove real example result in " the same non- in general manager and President people " an「Corporate Governance Best-Practice Principles for TSEC/GTSM Listed Companies」 announce after not implementing, the influence on the rate of stock returns of the model is to explain ability.
