本研究以2009到2015年台灣上市公司為研究樣本，探討地雷股變數、股權結構變數、財報變數及控制變數對股價表現之影響。本研究從實證結果得到以下發現：其一、盈餘再投資率、可轉債的發行及董事會規模與股價表現呈反向關係。其二、不論在多元迴歸模型或羅吉斯迴歸模型中，券資比、益本比、資產週轉率及經理人持股與股價表現呈正向關係。其三、獨立董監事及電子業兩虛擬變數於多元迴歸模型中雖都不顯著，但於羅吉斯迴歸模型中則為顯著的負相關。其四、公司規模與股價表現呈正向關係。
此外，以往研究多探討財報變數及公司治理變數對公司績效的影響，或是探討地雷股之公司治理，亦或與金融海嘯有關之研究。本研究試著於台股牛市階段探討股價下跌成因，期讓企業經營者或股市投資人即使在樂觀的環境氛圍下仍需注意風險控管。

This study explores whether stock prices declined would be affected by board structure, financial statements, and other controlling variables over the data period 2009-2015, and we reveal the following important findings as shown below. First, the net income reinvestment ratio, convertible bond dummy, and board size would be negatively related with stock price performance. Second, short selling over margin ratio, earning price ratio, asset turnover ratio, and managers’ holding ratio, and firm scale would have positive impact on stock price performance regardless of either multiple regression or logistic regression models employed. 
In addition, investors might take our revealed results into account for screening their investing stocks, which might prevent the stock prices of their stocks from declining in the future.

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 2
第三節 研究流程 4
第四節 研究架構 5
第二章 文獻探討 6
第一節 股價表現變數 6
第二節 與財報可能有關的地雷股變數 8
第三節 與公司治理或市場因素有關的地雷股變數	10
第三章 研究假說與方法 15
第一節 研究資料與變數 15
第二節 研究假說與模型 19
第三節 研究方法 20
第四章 實證結果與分析 23
第一節 敘述統計量 23
第二節 多元迴歸模型 26
第三節 羅吉斯迴歸模型 28
第五章 結論與建議 30
第一節 研究結論 30
第二節 管理與財務意涵 32
第三節 研究限制與建議 34
參考文獻	35

圖目錄
圖1.1  研究流程圖 4

表目錄
表4-1  敘述統計量 23
表4-2  共線性VIF檢驗 25
表4-3  多元迴歸模型分析 27
表4-4  羅吉斯迴歸模型分析	29

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