本研究探討國際油價對股價變動的影響，本文研究2011到2015年台灣證交所上市公司之中的台灣50成分股為研究樣本，並以財金計量方法來萃取股價與油價是否有短期關係，或是長期關係的代理變數，並獲致下列重要的實證結果：其一、油價對台灣企業的股價有著亦步亦趨的長期關係，且油價對各產業的影響中以電子業尤為顯著。二、除董監事持股比率與公司價值有正向關係、董監事持股質押比率與公司價值有負向關係外，本研究亦發現油價與股價有連動性的公司亦對公司價值亦有正向影響，此顯示這些股價易受到油價變動的公司，反而有可能採用降低油價波動的措施，進而有助於其公司價值的提升。

This study investigates the effect of the information in terms of oil prices to the movement of stock prices for the constituent stocks of TW 50 listed on Taiwan Stock Exchange. By retrieving the Granger causality and Cointegration as the proxies of the short-term and long-term relationships between oil prices and stock prices, this study derives the following important findings. First, the cointegation relationships are revealed for the constituent stocks of TW50, especially for the firms falling in electronic industry. Second, aside from that directors’ holding ratio and directors’ pledge ratio would have positive and negative effects on firm value, respectively, this study reveal that the firm value would be enhanced for firms whose share prices are sensitive with oil prices. We argue that these firms might adopt hedging strategies to reduce the influences of oil volatilities, which might be beneficial for firm value enhanced.

中文摘要	I
ABSTRACT	II
目  錄	III
圖目錄	V
表目錄	VI
第一章	緒論	1
第一節	研究背景與動機	1 
第二節	研究目的	3
第三節	研究流程	5
第四節	研究架構	6
第二章	文獻探討	7
第一節	公司治理	7
第二節	油價與油價敏銳的股票	9
第三節	公司治理、油價、油價敏銳度	10
第三章	研究假說與方法	12
第一節	研究資料與變數	12
第二節	研究假說與模型	15
第三節	研究方法	17
第四章	實證結果	20
第一節	敘述統計量	20
第二節	多元迴歸模型分析	22
第三節	羅吉斯迴歸模型分析	23
第五章	結論與建議	26
第一節	研究結論	26
第二節	管理與財務意涵	28
第三節	研究限制與建議	29
參考文獻		31
 
圖  目  錄
圖1-1	台灣原油自產與進口的數量統計量	2
圖1-2	研究架構流程圖	5
 
 表  目  錄
表1-1	台灣原油自產與進口的數量統計量	3
表4-1	敘述統計量	21
表4-2	共線性VIF檢驗敘述統計量	21
表4-3	多元迴歸模型分析	22
表4-4	羅吉斯迴歸模型分析(一)	24
表4-5	羅吉斯迴歸模型分析(二)	24

Ågren, M. (2006). Does oil price uncertainty transmit to stock markets? (No. 2006: 23). Working Paper, Department of Economics, Uppsala University.
Andrén, N. (2016). Corporate Governance and Firm Performance: Evidence from the Oil Price Collapse of 2014-15. Available at SSRN: https://ssrn.com/abstract=2835290
Aebi, V., Sabato, G., & Schmid, M. (2012). Risk management, corporate governance, and bank performance in the financial crisis. Journal of Banking & Finance, 36(12), 3213-3226.
Bjrnland, H. C. (2009). Oil price shocks and stock market booms in an oil exporting country. Scottish Journal of Political Economy, 56(2), 232-254.
Bushee, B. J., Carter, M. E., & Gerakos, J. (2013). Institutional investor preferences for corporate governance mechanisms. Journal of Management Accounting Research, 26(2), 123-149.
Berk, I., & Rauch, J. (2016). Regulatory interventions in the US oil and gas sector: How do the stock markets perceive the CFTC's announcements during the 2008 financial crisis?. Energy Economics, 54, 337-348.
Chen, C. X., Lu, H., & Sougiannis, T. (2012). The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs. Contemporary Accounting Research, 29(1), 252-282.
Chang, C. L., McAleer, M., & Tansuchat, R. (2013). Conditional correlations and volatility spillovers between crude oil and stock Index returns. The North American Journal of Economics and Finance, 25, 116-138.
Chen, N. F., Roll, R., & Ross, S. A. (1986). Economic forces and the stock market. Journal of Business, 383-403.
Cong, R. G., Wei, Y. M., Jiao, J. L., & Fan, Y. (2008). Relationships between oil price shocks and stock market: An Empirical Analysis from China. Energy Policy, 36(9), 3544-3553.
El-Sharif, I., Brown, D., Burton, B., Nixon, B., & Russell, A. (2005). Evidence on the nature and extent of the relationship between oil prices and equity values in the UK. Energy Economics, 27(6), 819-830.
Gomes, M., & Chaibi, A. (2014). Volatility Spillovers Between Oil Prices And Stock Returns: A Focus On Frontier Markets. Journal of Applied Business Research, 30(2), 509-521.
Henriques, I., & Sadorsky, P. (2008). Oil prices and the stock prices of alternative energy companies. Energy Economics, 30(3), 998-1010.
Hermalin, B. E., & Weisbach, M. S. (2012). Information disclosure and corporate governance. The Journal of Finance, 67(1), 195-233.
Huang, P., & Ni, Y. (2017). Board structure and stock price informativeness in terms of moving average rules. The Quarterly Review of Economics and Finance, 63, 161-169.
Harford, J., Mansi, S. A., & Maxwell, W. F. (2012). Corporate governance and firm cash holdings in the US. In Corporate Governance (pp. 107-138). Springer Berlin Heidelberg.
Hammoudeh, S., Sari, R., Uzunkaya, M., & Liu, T. (2013). The dynamics of BRICS's country risk ratings and domestic stock markets, US stock market and oil price. Mathematics and Computers in Simulation, 94, 277-294.
Isenmila, P. A., & Erah, D. O. (2012). Share prices and macroeconomic factors: A Test of the arbitrage pricing theory (APT) in the Nigerian stock market. Working Paper. 
Iliev, P., Lins, K. V., Miller, D. P., & Roth, L. (2015). Shareholder voting and corporate governance around the world. Review of Financial Studies, 28(8), 2167-2202.
Jorion, P. (1990). The exchange-rate exposure of US multinationals. Journal of business, 63(3), 331-345.
Jouini, J. (2013). Return and volatility interaction between oil prices and stock markets in Saudi Arabia. Journal of Policy Modeling, 35(6), 1124-1144.
Jo, H., & Harjoto, M. A. (2012). The causal effect of corporate governance on corporate social responsibility. Journal of business ethics, 106(1), 53-72.
Jiang, F., & Kim, K. A. (2015). Corporate governance in China: A modern perspective. Journal of Corporate Finance, 32, 190-216.
Kunstler, J. H. (2007). The Long Emergency: Surviving the End of Oil, Climate Change, and Other Converging Catastrophes of the Twenty-First Century. New York: Grove/Atlantic, Inc.
Kilian, L., & Park, C. (2009). The impact of oil price shocks on the US stock market. International Economic Review, 50(4), 1267-1287.
Louis, R. J., & Balli, F. (2014). Oil Price and stock market synchronization in Gulf Cooperation Council countries. Emerging Markets Finance and Trade, 50(1), 22-51.
Li, S., Brockman, P., & Zurbruegg, R. (2015). Cross-listing, firm-specific information, and corporate governance: Evidence from Chinese A-shares and H-shares. Journal of Corporate Finance, 32, 347-362.
Low, S. W., Tee, L. T., & Kew, S. R. (2015). Does the quality of governance matter for equity market risk? Evidence from emerging and developed equity markets. Journal of Business Economics and Management, 16(3), 660-674.
Madhani (2015). A Study on the Corporate Governance and Disclosure Practices of Tangible Assets and Intangible Assets-Dominated Firms and Their Relationship. The IUP Journal of Corporate Governance, 14(2), 7-29.
Morellec, E., Nikolov, B., & Schürhoff, N. (2012). Corporate governance and capital structure dynamics. The Journal of Finance, 67(3), 803-848.
McCahery, J. A., Sautner, Z., & Starks, L. T. (2016). Behind the scenes: The corporate governance preferences of institutional investors. The Journal of Finance.
Ni, Y., Liao, Y. C., & Huang, P. (2015). MA trading rules, herding behaviors, and stock market overreaction. International Review of Economics & Finance, 39, 253-265.
Nini, G., Smith, D. C., & Sufi, A. (2012). Creditor control rights, corporate governance, and firm value. Review of Financial Studies, 25(6), 1713-1761.
Papapetrou, E. (2001). Oil price shocks, stock market, economic activity and employment in Greece. Energy Economics, 23(5), 511-532.
Sadorsky, P. (1999). Oil price shocks and stock market activity. Energy Economics, 21(5), 449-469.
Sadorsky, P. (2001). Risk factors in stock returns of Canadian oil and gas companies. Energy Economics, 23(1), 17-28
Sadorsky, P. (2003). The macroeconomic determinants of technology stock price volatility. Review of Financial Economics, 12(2), 191-205.
Sim, N., & Zhou, H. (2015). Oil prices, US stock return, and the dependence between their quantiles. Journal of Banking & Finance, 55, 1-8.
Silvapulle, P., Smyth, R., Zhang, X., & Fenech, J. P. (2016). Nonparametric panel data modelling of oil price index and stock market price indices. Working Paper. 
Tsoskounoglou, M.,G. Ayerides,E. Tritopoulou(2008).The End of Cheap Oil: Current Status and Prospects. Energy Policy,36,3797-3806
Trireksani, T., & Djajadikerta, H. G. (2016). Corporate Governance and Environmental Disclosure in the Indonesian Mining Industry. Australasian Accounting Business & Finance Journal, 10(1), 18.
Trireksani, Terri, & Djajadikerta, Hadrian Geri (2016) Corporate Governance and Environmental Disclosure in the Indonesian Mining Industry, Australasian Accounting, Business and Finance Journal, 10(1), 18-31.
Williamson, O. E. (1988). Corporate finance and corporate governance. The Journal of Finance, 43(3), 567-591.