本文首先利用事件研究分析法，檢視2008年第3季美國次級房貸金融風暴事件發生後，台灣地區LED產業15家樣本公司的營業收益，所受衝擊以及其復原狀況。然後，將樣本公司依四種不同的股權結構加以分類，比較各類別公司因應外來不利衝擊的表現。實證研究結果顯示，當時液晶顯示器的背光源正由冷陰極管轉換到LED，有跨足至液晶顯示背光源的公司，在因應外來衝擊方面的能力較優。「董監持股比例」較低的群體，其因應外來衝擊的能力較優。而「外資持股比例」較高的群體在面對事件衝擊之表現較佳；此外，「國內法人持股比例」較高、「十大股東持股比例」較高的群體，在面對事件衝擊之表現也較佳，但效果沒有外資持股較高的群體來的明顯。

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

目錄
誌謝辭........................................................................................................................................... I
中文摘要......................................................................................................................................II
英文摘要.................................................................................................................................... III
圖目錄........................................................................................................................................ VI
表目錄....................................................................................................................................... VII
第一章 緒論.................................................................................................................................1
第一節 2008 年美國次級房貸金融風暴的衝擊...........................................................1
第二節 公司治理問題....................................................................................................3
第三節 本文架構............................................................................................................5
第二章 LED 產業現況.................................................................................................................6
第一節 我國LED 產業之緣起與發展..........................................................................6
第二節 我國LED 產業代表企業現況..........................................................................8
第三節 由公司治理角度看各代表企業之異同..........................................................17
第三章 文獻回顧......................................................................................................................24
第一節 事件研究方法論..............................................................................................24
第二節 公司治理之內容..............................................................................................26
第三節 本文研究方法與步驟......................................................................................28
第四章 事件研究........................................................................................................................31
第一節 本文事件研究基本統計..................................................................................31
第二節 美國次級房貸風暴對個別企業之影響..........................................................36
第三節 不同公司治理型態下群體企業因應外來衝擊的狀況..................................47
V
第五章 結論...............................................................................................................................58
參考文獻.....................................................................................................................................60
VI
圖目錄
圖1 2007 年次級房貸前後台灣地區每月工業生產指數2007-2010 圖.................2
圖2 1997 年亞洲金融風暴前後台灣地區每月工業生產指數1997-1999 圖.............2
圖3 LED 產業營業收益圖.....................................................33
圖4 LED 產業各公司營業收益實際值與預測值圖.................................38
圖5 依董監持股股權結構分割二個群體異常值圖................................48
圖6 依十大股東持股比例高低分割為二個群體的異常值圖........................50
圖7 依國內法人持股比例高低分割為二個群體的異常值圖........................52
圖8 依外資持股比例高低分割二個群體異常值圖................................54
VII
表目錄
表1 台灣地區LED 產業15 家公司業業收益基本統計表..........................32
表2 台灣地區LED 產業15 家公司股權結構表..................................35
表3 各公司營業收益自我迴歸模型估計結果表.................................37
表4 15 家樣本公司營業收益之實際值、預測值與異常值估計表...................39
表5 各樣本公司之 估計數值表..........................................43
表6 事件發生後公司別各期異常值檢定表.....................................43
表7 事件前後營業收益異常值聯合檢定表.....................................45
表8 事件發生後各公司營業收益累積異常值檢定表.............................47
表9 依董監持股比例高低分割二個群體異常值表...............................48
表10 依董監股權結構分群之事件前後群體營業收益異常值聯合檢定表............49
表11 依董監股權結構分群各群體事件後營業收益累積異常值檢定表..............49
表12 依十大股東股權結構分割二個群體異常值表..............................50
表13 依十大股東股權持股比例分群之群體營業收益異常值聯合檢定表............51
表14 依十大股東持股比例分群各群體事件後營業收益累積異常值檢定表..........51
表15 依國內法人股權結構分割二個群體異常值表..............................52
表16 依國內法人持股比例分群之事件前後群體營業收益異常值聯合檢定表........53
表17 依本國法人股權結構分群各群體營業收益累積異常值檢定表................53
表18 依外資股權結構分割二個群體異常值表..................................54
表19 依外資法人股權結構分群之群體營業收益異常值聯合檢定表................55
表20 依外資持股比例分群之各群體事件後營業收益累積異常值檢定表............55
表21 公司股權結構與表現表................................................56

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