本研究主要目的是為了提供有關於風險管理委員會之設置以及薪酬委員會 成員之間的兼任與股價崩跌風險之間關聯性的實證研究證據。過往文獻指出股價 崩跌風險的主因來自於管理階層與利害關係人之間的代理問題，而風險管理委員 會的職責在於風險相關的政策制定、持續修正管控以及揭露，且過往的實證研究 指出風險管理委員會可以強化公司風險相關的揭露以最小化代理問題。另一方面， 過往文獻指出公司設立多個具有不同職權的委員會，可能會導致有類似職權的委 員會之間的資訊不對稱情況加深。本研究以 2010 年至 2021 年台灣上市上櫃公司 作為樣本，並從 TEJ 台灣經濟新報資料庫以及公司年報中搜集資料，實證結果顯 示，風險管理委員會的設置僅在金融業中有抑制股價崩跌風險的效果;沒有兼任 情形的風險管理委員會可以降低股價崩跌風險。惟風險管理委員會品質相關資料 尚不完善，有待未來研究繼續探討其抑制股價崩跌風險之效果。

The purpose of the study is to provide the empirical evidence of the relationship between risk management committee and the stock price crash risk, and the relationship between the dual membership in risk management committee and compensation committee and the stock price crash risk. Using smaples collected from TEJ over the period of 2010 to 2021, the study finds that the existence of risk management committee is significantly associated with lower stock price crash risk, measured by the negative skewness and the down-to-up volatility of firm-specific weekly return, only in the financial industry. Moreover, the the dual membership in risk management committee and compensation committee is not significantly associated with stock price crash risk. However, a standalone risk management committee with no dual membership in compensation committee is significantly associated with lower stock price crash risk, and is more pronounced in the financial indutry.

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