近年來，有關家族企業相關研究漸漸受到重視，獨特家族企業特性的對盈餘管理、融資決策等可能產生重要的影響力，家族企業成員通常也掌握了決定性的股權，以持股優勢與其他股東權益相互抵制。良善的公司治理是緩解代理問題和資訊不對稱的重要手段，皆與公司股價崩盤風險存在著密切的關聯性，故本文主要探討公司治理對股價崩盤風險所造成的影響。本研究是以2017年至2019年間臺灣上市櫃公司為研究對象，分析各產業由家族主導之公司分佈，並探討各家族企業之公司治理現況，再進一步採用負報酬率的偏態係數（NCSKEW）為股價崩盤風險之代理變數，分析家族企業中公司治理與股價崩盤風險間的關係。實證結果發現，家族企業的董事會規模、獨立董事比率、董監總持股比率、大股東持股比率、經理人持股比率、股票之系統風險及年報酬率對股價崩盤風險呈現負向影響。 In recent years, research on family businesses has gradually received attention. The unique characteristics of family businesses may have an important influence on earnings management, financing decisions, etc. Family business members usually also have decisive shareholdings to use their shareholding advantages to compete with other shareholders' rights. Good corporate governance is important to alleviate agency problems and information asymmetry, and is closely related to the risk of company stock price collapse as well. Therefore, this article mainly discusses the impact of corporate governance on the risk of stock price collapse. Using Taiwan listed companies from 2017 to 2019, this study analyzes the distribution of family business in various industries, and discusses the corporate governance variables of each family business, and then further adopts the skewness coefficient of negative returns(NCSKEW). This study applies NCSKEW as the proxy of stock crash risk to analyze the effects of corporate governance on stock crash risk in family businesses. The empirical results show that the size of the board of directors, the ratio of independent directors, the total shareholding ratio of directors and supervisors, the shareholding ratio of major shareholders, the shareholding ratio of managers, the systematic risk and annual rate of return have negative effects on the risk of stock price collapse.
