台灣近年來對於企業永續發展之意識逐漸提高，公司治理評鑑為目前台灣唯一以全體上市櫃企業公司治理之情形做評比的系統，且其企業社會責任構面之佔比逐年攀升，因此本研究欲採用第二屆至第六屆之公司治理評鑑來探討負面事件發生時，公司治理評鑑之結果好壞是否能提供企業類似於企業社會責任之保險效果，進而提供未來預測事件異常報酬時的衡量指標。本研究採用事件研究法，研究期間與對象為2016年至2021年台灣經濟新報TEJ企業社會新聞資料庫中，發生負面新聞事件之企業與公司治理評鑑有列入評選之上市上櫃企業，檢測公司治理評鑑評選之等級差異對於負面事件發生時所提供類保險效果是否有差異，進而對異常報酬預測提供更多的依據，提供企業經營管理者、其他利害關係人及投資人有更多的參考依據。本研究實驗結果發現：大多情況中，公司治理評鑑結果能在發生負面事件時能有效提供企業類似保險的效果，且公司治理評鑑結果越好，其保險效果越強烈，但若發生之負面事件為環境相關議題，不僅無法提供企業保險效果，反而會使利害關係人感到被欺騙，而加劇負面事件之影響。

The corporate governance evaluation results is the only system in Taiwan that evaluates the corporate governance of all listed companies, and the proportion of CSR components is increasing year by year. Therefore, this study aims to use corporate governance evaluation results to investigate whether the results of corporate governance evaluation results can provide companies with similar corporate social responsibility insurance effects when negative events occur. This study uses corporate governance evaluations to investigate whether the results of corporate governance evaluations can provide corporate insurance effects similar to corporate social responsibility, and thus provide indicators for predicting abnormal event returns in the future. The experimental results of this study found that in most cases, corporate governance evaluation can effectively provide corporate insurance-like effects when negative events occur, but if the occurrence of negative events is environment-related issues, it will not only fail to provide corporate insurance effects, but also make the stakeholders feel cheated and aggravate the impact of negative events.

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