[[alternative]]Corporate governance on the stock performance of the tourism industry in Taiwan

[[abstract]] 本文旨在研究台灣觀光業之公司治理變數對股價影響。首先，使用事件研究法研究開放大陸人士來台自由行觀光政策實施後，政策宣告對觀光產業類股價之異常報酬及累積異常報酬，再者，把累積異常報酬作為績效指標之一，接著在依高蘭芬(2012)的構面及變數，使用多元迴歸探討與經營績效之相關，研究標的為十六家上市櫃公司觀光類股、兩家航空公司股價及四家相關通路百貨業者，結論歸納如下： 其一、政策大陸人士來台自由行將開放宣告，確實讓觀光產業股價存在顯著平均異常報酬，但僅有一、二天的短期效果。 其二、政策大陸人士來台自由行將開放宣告，股利之累積異常報酬與席次盈餘偏離差呈負向關係，可見小股東利益被大股東剝奪，存在核心代理問題。 其三、政策大陸人士來台自由行將開放宣告，股利之累積異常報酬與股份盈餘偏離差呈現正向顯著關係，如代理理論所言，經營者會在自身利益的驅動下，做出對自己有利或對所有股東均有利的盈餘管理行為。[[abstract]] This paper aims to study corporate governance variables impact on stock prices of Taiwan's tourism industry. First, event study research policy implementation, policy announcement on the tourism industry price abnormal returns (AR) and the cumulative abnormal returns (CAR), then , the cumulative abnormal returns as one of the performance indicators, then in of dimensions and variables by Lan-Feng Kao(2012), using related multiple regression explore and performance, research on the subject of tourism sector has 16 listed companies, the 2 airlines share price and 4 related pathways department store industry, the conclusions are summarized as follows: First, the policy announcement does make the tourism industry in the presence of significant average abnormal returns, but only a day or two short-term effects. Second, the policy declared dividends of cumulative abnormal returns and director earnings deviation from the negative relationship, small shareholders benefit deprived of the largest shareholder, there is a core agency problems. Third, policy declared dividends of cumulative abnormal returns and deviation between voting rights and cash flow rights showing a significant positive relationship. Such as agency theory said, operators will be driven by its own interests, to make their own profit or All shareholders have interest earnings management behavior