本文探討CEO任期對公司股價崩跌風險的影響。過去研究發現任期初期的CEO急於積極表現，有強烈動機在任期初期透過頻繁的交易提高公司股價、快速的擴張顯示公司成長、增加盈餘管理程度，以彰顯自身的經營成效。據此，本研究預期任期初期的CEO傾向隱匿公司的壞消息，但隨著資訊累積而無法隱匿時，負面消息在市場上揭露，造成未來的股價崩跌風險。以2012年至2018年的台灣上市公司為樣本，實證結果發現當CEO任期越短，公司的股價崩跌風險值越高；總體而言，研究結果證實CEO任期對公司揭露政策和股東財富變動有重要影響。

This article explores the impact of CEO tenure on the risk of a company’s stock price crash. Past research has found that CEOs in the early tenure are eager to perform positively, and have a strong incentive to inflate the company's stock price to show their abilities to the market, and tend to increase the degree of earnings management to highlight its own operating results. Based on this, this study expects that CEOs at the beginning of their tenure tend to hide the bad news of the company, but when the information accumulates and cannot be hidden, the negative news is revealed in the market, causing the risk of future stock price crash. Taking the Taiwanese listed companies from 2012 to 2018 as a sample, the empirical results found that the shorter the CEO's tenure, the higher the risk of the company's stock price crash; overall, the results of the study confirmed that the CEO's term has an significant role in the company's disclosure policy and shareholders' wealth changes.

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