本研究的主要目的，即是藉由融入公司治理議題，來探討公司在股票市場自由化前後所面臨股票績效之情形。藉由十五個新興國家等公司之會計以及股權結構資料，我們發現在股票市場自由化，對於公司股價之表現有顯著影響。進一步我們融入公司治理議題，我們發現以內部股東持股比率做為衡量公司治理水準之變數時，股價表現較好的公司普遍有較低的內部股東持有比率，可能歸因於內部股東具有剝奪少數股權利益之能力與動機。再者，在其中亞洲四國：馬來西亞、南韓、台灣和泰國，我們在衡量公司治理的指標中加入外國投資人股權持有比率與最大股東持有比率兩變數後，發現擁有較高內部股東持有比率與較多外國投資股東之公司，在股票市場自由化之影響下，股價表現都有較大幅度的成長。此篇文章藉由探討公司治理因素在自由化期間帶來的影響，詮釋了公司治理因素在新興國家中之公司股價表現的改變上所扮演的角色。This study undertakes firm-level analysis of differences in variables related to corporate governance in an attempt to explain the source of the stock performance of financial liberalization for 15 emerging countries. We find that the market's responses to stock market liberalization announcements are more favorable and valuable for low insider ownership firms than high insider ownership firms, and it may because of the expropriation of minority shareholders. Furthermore, we test more corporate governance variables as major shareholder and foreign investors’ ownership in four Asia countries, Malaysia, South Korea, Taiwan and Thailand. The results that we find are totally different from 15 emerging markets. The results suggest the market's responses to stock market liberalization announcements are more favorable and valuable for high insider ownership firms and high foreign investors’ ownership firms than low insider ownership firms and low foreign investors’ ownership firms.
