近年來，風險管理受到的關注度逐漸增加，因此法規亦修改其規定，要求或建議公司設立一個獨立的風險管理委員會來管理風險。本研究旨在探討風險管理委員 會設立對投資人的影響，以及遭遇負面事件時有無設立風險管理委員會之市場反應 差異。同時也探討在前述兩種情況下，成員屬性對市場反應的影響。研究方法包括平均數差異檢定及迴歸模型，研究對象為目前所有上市上櫃設立風險管理委員會之公司，研究期間為 2003 年至 2022 年，共計有五十八間公司設立了風險管理委員會。
研究結果顯示，在設立日當天，是否具有風險管理委員會的公司之間並不會產 生顯著的差異。而女性成員只會在窗期較短時才會對設立日的市場反應產生影響， 窗期較長時則沒有顯著差異;獨立董事比例則與市場反應沒有顯著的關聯性。在負 面事件發生日，設有風險管理委員會的公司負面市場反應幅度會顯著小於未設立的 公司之負面市場反應，但女性成員及獨立董事比例之成員屬性並不會對負面事件日 的市場反應產生顯著影響。
本研究貢獻有三點:第一點，探討風險管理委員會之設立對投資人的影響;第 二點，探討負面事件發生時，風險管理委員會帶來的市場反應差異;第三點，探討 風險管理委員會成員屬性在設立日及負面事件日對市場反應的影響。

In recent years, there has been an increasing focus on risk management, leading to regulatory amendments that require or recommend companies to establish an independent risk management committee to oversee risk-related matters. This study aims to explore the impact of establishing a risk management committee on investors and the differences in market reactions when companies face negative events with and without a risk management committee. The study also examines the influence of committee members' attributes on market reactions in these two scenarios. The research methods include t-test and regression models. The study focuses on all listed and OTC companies that have established a risk management committee, covering the period from 2003 to 2022. A total of 58 companies have set up risk management committees.
The research results show that there is no significant difference between companies with or without a risk management committee on the day of establishment. However, female members will only have an impact when the window period is short, and there is no significant difference when the window period is long; the proportion of independent directors has no significant correlation with market reaction. On the day of negative events, the negative market reaction of companies with risk management committees is significantly higher than that of companies without risk management committees, but female members and the proportion of independent directors will not have a significant impact on the market reaction of negative event days.

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