關鍵字：次級房貸風暴、LED產業、股權結構 This thesis applies the event study analysis method to analysis the impacts and the subsequent recovery of the 2008 U.S. subprime financial crisis on the operating incomes of the 15 companies selected from the LED industries in Taiwan. Comparisons of the performances are made next to evaluate the differences of groups of companies divided in accordance with four corporate governance factors. The empirical results have shown that companies which have extended their products line to include the more advanced cold cathode tube LED to replace the old LCD backlight technology perform better following the adverse situation. Groups with lower proportions of shares held by the "Major Shareholders" possess better capability in coping with the external shocks and perform better. On the contrary, groups with higher proportions of shares held by the foreign institute investors, by the ten largest shareholders and by the domestic institute investors all perform better than otherwise, while the former outperformed the latter two groups.
Key Words:Subprime mortgage crisis, LED industry, Equity structure
