本文首先以臺灣地區觀光產業8家公司的營業收益為樣本，利用事件分析法，比較各樣本公司於2008年九月事件點前後八季內之營業收益異常狀況。其次，依照四種不同的股權結構變數，將樣本公司分為二個群體，然後比較二群體間營業收益表現的差異，希望整理不同出股權結構下，營運表現的差異，再由此判斷不同股權結構在因應重大外來衝擊的能力。本文實證研究結果顯示，金融海嘯後營業收益下滑的公司表現優於預期，而營業收益上升公司的表現低於預期。四種股權結構下營業收益波動幅度階明顯擴大，而以董監持股比例較高的群體整體表現較優。

This thesis applies the event study method to analysis the impacts and subsequent adjustments of the operating incomes of 8 firms of the tourist industry in Taiwan within the 8 event periods after the adverse effects of the 2008 U.S. subprime financial crisis. Performances of individual firms are analysis first. Sample forms are divided into two groups based on the four shareholding structures and performances are compared next. 
Empirical studies have shown that firms whose operating incomes were falling before of immediately after the crisis performed better than predictions while firms whose operating incomes were rising in the associated period performed worse than predications. The group of firms with higher proportions of shares held by board members outperformed the rest of the four shareholding structures.

目錄
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
第二章觀光業現況......................................................................................................6
第一節 我國觀光產業之緣起與發展............................................................6
第二節 我國觀光產業代表企業現況............................................................8
第三節 由公司治理角度看各代表企業之異同..........................................14
第三章文獻回顧......................................................................................................17
第一節 事件研究方法論..............................................................................17
第二節 公司治理之內容..............................................................................19
第三節 本文研究方法與步驟......................................................................22
第四章事件研究........................................................................................................26
第一節 本文事件研究基本統計..................................................................26
第二節 美國次級房貸風暴對個別企業之影響..........................................31
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..................40
第五章結論................................................................................................................52
參考文獻......................................................................................................................55
V
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 觀光產業營業收益圖.................................................................................27
圖4 觀光產業各公司營業收益實際值與預測值圖.........................................34
圖5 依董監股權結構分割二個群體異常值圖.................................................41
圖6 依十大股東股權結構分割二個群體異常值圖.........................................44
圖7 依本國法人股權結構分割二個群體異常值圖.........................................46
圖8 依外資法人股權結構分割二個群體異常值圖.........................................49
VI
表目錄
表1 台灣地區觀光產業8家公司營業收益基本統計表...............................28
表2 台灣地區觀光產業8家公司股權結構表...............................................29
表3 各樣本公司營業收益自我迴歸模型估計結果表...................................32
表4 各樣本公司實際、預測值與異常值估計表...........................................35
表5 各樣本公司之 估計結果表.....................................................36
表6 事件發生後公司別各期異常值檢定表...................................................37
表7 營業收益異常值聯合檢定表...................................................................39
表8 各公司營業收益累積異常值檢定表.......................................................40
表9 依董監股權結構分割二個群體異常值表...............................................41
表10 依董監股權結構分群之群體營業收益異常值聯合檢定表...................42
表11 依董監股權結構分群各群體營業收益累積異常值檢定表...................42
表12 依十大股東股權結構分割二個群體異常值表.......................................43
表13 依十大股東股權結構分群之群體營業收益異常值聯合檢定表...........45
表14 依十大股東股權結構分群各群體營業收益累積異常值檢定表...........45
表15 依本國法人股權結構分割二個群體異常值表.......................................46
表16 依本國法人股權結構分群之群體營業收益異常值聯合檢定表...........47
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...........48
表18 依外資法人股權結構分割二個群體異常值表.......................................49
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...........50
表20 依外資法人股權結構分群各群體營業收益累積異常值檢定表...........50
表21 公司股權結構與營收表現表...................................................................51

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