Also known as: 臺灣公司治理100指數 · CG100P Index (Bloomberg) · CG100 (TIP code)
Tracked by: 00692 (ETF)
At a glance
- Review frequencyAnnual
- Buffer80 / 121
| Field | Value | Source text | Reading (model) |
|---|---|---|---|
| M1 Identity, objective, classification · 6 fields | |||
| Local short name | 臺灣公司治理100 指數 | (二) 中文指數簡稱：臺灣公司治理100 指數Open p.1 ↗ |
The Chinese short name is Taiwan Corporate Governance 100 Index. |
| Index name | TWSE Corporate Governance 100 Index | (三) 英文指數名稱：TWSE Corporate Governance 100 IndexOpen p.1 ↗ |
The official English index name is TWSE Corporate Governance 100 Index. |
| Index short name | TWSE CG 100 Index | (四) 英文指數簡稱：TWSE CG 100 IndexOpen p.1 ↗ |
The official English short name is TWSE CG 100 Index. |
| Local index name | 臺灣證券交易所公司治理100 指數 | (一) 中文指數名稱：臺灣證券交易所公司治理100 指數Open p.1 ↗ |
The official Chinese index name is Taiwan Stock Exchange Corporate Governance 100 Index. |
| Base date | 2015-06-15 | 2015 年6 月15 日、5000 點。Open p.1 ↗ |
The index base date is June 15, 2015. |
| Base value | 5,000 | 2015 年6 月15 日、5000 點。Open p.1 ↗ |
The base index value is 5,000 points. |
| M2 Universe · 4 fields | |||
| Markets | Taiwan | 以在臺灣證券交易所上市的普通股為採樣母體，但排除經依「臺灣證券交易所股份有限公司營業細則」第 49 條列為變更交易方法或依第50 條停止買賣的股票。Open p.1 ↗ |
The eligible universe covers securities listed on the Taiwan Stock Exchange. |
| Exchanges | 臺灣證券交易所 | 以在臺灣證券交易所上市的普通股為採樣母體，但排除經依「臺灣證券交易所股份有限公司營業細則」第 49 條列為變更交易方法或依第50 條停止買賣的股票。Open p.1 ↗ |
Securities must be listed on the Taiwan Stock Exchange. |
| Security types | Common | 以在臺灣證券交易所上市的普通股為採樣母體，但排除經依「臺灣證券交易所股份有限公司營業細則」第 49 條列為變更交易方法或依第50 條停止買賣的股票。Open p.1 ↗ |
The sampling universe consists of common stocks. |
| Exclusions | stocks placed under altered trading methods under Article 49 of the TWSE Operating Rules, stocks whose trading is suspended under Article 50 of the TWSE Operating Rules | 以在臺灣證券交易所上市的普通股為採樣母體，但排除經依「臺灣證券交易所股份有限公司營業細則」第 49 條列為變更交易方法或依第50 條停止買賣的股票。Open p.1 ↗ |
Stocks designated for altered trading methods under Article 49 or suspended from trading under Article 50 are excluded. |
| M3 Eligibility screens · 3 fields | |||
| Corporate governance evaluation screen | Listed companies must rank in the top 20% of the most recent one-year corporate governance evaluation. | (二) 公司治理評鑑篩選原則：上市公司最近1 年公司治理評鑑結果前20%的股票。Open p.1 ↗ |
Only stocks of listed companies ranked in the top 20% in the latest annual corporate governance evaluation are selected. |
| Liquidity screen | Metric: Average daily value; Window: most recent one-year period from July of the preceding year to June of the current year; Threshold: exclude the bottom 20% of stocks by average daily trading value | 1. 刪除採樣母體中最近1 年期間(前1 年7 月至當年6 月)，日平均交易金額最小20%的股票。Open p.1 ↗ |
The methodology excludes stocks in the bottom 20% by average daily trading value over the most recent one-year period from July of the prior year to June of the current year. |
| Financial screens | Net value per share at the most recent year-end must not be below par value., Companies are ranked by the most recent year's after-tax net profit and revenue growth rate, with the individual ranks summed to select the 100 constituents., If summed ranks are tied, the company with the higher net value per share takes priority. | 1. 每股淨值：最近1 年底的每股淨值不得低於面額。Open p.1 ↗ |
Candidates must have year-end net value per share at least equal to par value and are ranked by after-tax profit and revenue growth, with net value per share as the tie-breaker. |
| M6 Review and rebalance schedule · 8 fields | |||
| Fixed constituent count after annual review | 100 constituents | 每次年度定期審核後，維持固定的成分股數目為100 檔。Open p.1 ↗ |
After each annual scheduled review, the fixed number of constituents is maintained at 100. |
| Corporate actions reference | 臺灣證券交易所發行量加權股價指數編製要點 | 有關成分股之納入和刪除、股數變動和基值調整等，除以下所列外，皆依據現行「臺灣證券交易所發行量加權股價指數編製要點」執行：Open p.1 ↗ |
Except for the listed rules, additions, deletions, share changes and base-value adjustments follow the current Taiwan Stock Exchange capitalization-weighted index compilation rules. |
| Review frequency | Annual | 自指數發布日之隔年起，每年一次（7 月）進行成分股審核，以審核月份的第3 個交易日之收盤資料為審核依據，每次年度定期審核後，維持固定的成分股數目為100 檔。Open p.1 ↗ |
Beginning the year after the index launch date, constituents are reviewed once a year in July. |
| Review types | Annual review, Ad hoc | 自指數發布日之隔年起，每年一次（7 月）進行成分股審核，以審核月份的第3 個交易日之收盤資料為審核依據，每次年度定期審核後，維持固定的成分股數目為100 檔。Open p.1 ↗ |
The document provides for an annual scheduled constituent review and ad hoc constituent adjustments between reviews. |
| Review months | July | 自指數發布日之隔年起，每年一次（7 月）進行成分股審核，以審核月份的第3 個交易日之收盤資料為審核依據，每次年度定期審核後，維持固定的成分股數目為100 檔。Open p.1 ↗ |
The scheduled constituent review is conducted in July. |
| Data cutoff rule | closing data on the third trading day of the review month | 以審核月份的第3 個交易日之收盤資料為審核依據，每次年度定期審核後，維持固定的成分股數目為100 檔。Open p.1 ↗ |
The annual review uses closing data on the third trading day of the review month as its reference data. |
| Announcement rule | technical notice published on the seventh trading day of the review month | 成分股定期審核結果，由臺灣證券交易所於審核月份的第7 個交易日發布技術通知。Open p.1 ↗ |
Taiwan Stock Exchange publishes a technical notice with the review results on the seventh trading day of the review month. |
| Effective date rule | sixth trading day after the technical notice, equivalent to the thirteenth trading day of the review month | 技術通知發布後，經間隔5 個交易日，自第6 個交易日起生效（亦即於審核月份的第13 個交易日起生效）。Open p.1 ↗ |
Changes take effect starting on the sixth trading day after the technical notice, which is the thirteenth trading day of the review month. |
| M7 Buffers and turnover control · 2 fields | |||
| Buffer purpose | reduce constituent replacement rate | 為降低指數成分股之替換率，訂有成分股調整之緩衝區。Open p.1 ↗ |
The buffer zone is designed to reduce the replacement rate of index constituents. |
| Buffer zone | Entry rank: 80; Exit rank: 121 | 「稅後淨利及營收成長率」之排名加總後在第80 名以上之股票即納入成為指數成分股，現有成分股若排名在第121 名以下則從指數成分股中刪除。Open p.1 ↗ |
Stocks ranked 80 or better by the combined ranking are added, while existing constituents ranked 121 or worse are deleted. |
| M8 Corporate actions, IPOs, ad-hoc changes · 10 fields | |||
| No replacement for trading status deletion | None | 若成分股有變更交易方法、停止買賣、終止上市等情事而刪除時，將不予遞補，故在定期審核以外期間的成分股數目可能不足100 檔。Open p.2 ↗ |
When a constituent is deleted because of a trading-method change, trading suspension, or delisting, it is not replaced. |
| Retained during suspension events | capital-reduction loss-offset share exchange, cash capital-reduction share exchange, par-value change share exchange, Merger, conversion into holding company, spin-off | 但成分股若因減資彌補虧損換發股票、現金減資換發股票、辦理變更股票面額換發股票，或被其他公司合併、轉換為控股公司、分割而停止買賣，則不予刪除。Open p.2 ↗ |
Constituents are not deleted for specified share exchanges or when trading is suspended because of a merger, holding-company conversion, or spin-off. |
| Suspended constituent valuation | last closing price before suspension and original issued shares; if ex-dividend on the suspension date, subtract cash dividend per share | 於停止買賣期間保留為成分股者，以停止買賣前一交易日收盤價格和原發行股數所得市值作為保留市值在指數中持續計算；若該上市股票於停止買賣日除息時，則以停止買賣前一交易日收盤價格減除每股現金股利為價格和原發行股數所得市值作為保留市值持續納入指數計算。Open p.2 ↗ |
Retained suspended constituents continue to be calculated using the closing price on the trading day before suspension and original issued shares, with the cash dividend subtracted if the stock goes ex-dividend on the suspension date. |
| All cash acquisition treatment | delete constituent and fill vacancy at next scheduled review | 若成分股公司被非成分股公司全部以現金方式收購，則將該成分股從指數中刪除，所產生的空缺將在下一次定期審核時補齊。Open p.2 ↗ |
A constituent acquired entirely for cash is deleted, and the resulting vacancy is filled at the next scheduled review. |
| Deletion divisor treatment | no corresponding downward base-value adjustment | 亦即刪除該成分股時基值不作相對的向下調整，指數值會降低，以反映該股票從最後收盤價格調降為零之減損。Open p.2 ↗ |
When a constituent is deleted at zero, the base value is not adjusted downward correspondingly. |
| Ad-hoc deletion | Delisting, Prolonged suspension, Other | 若成分股有變更交易方法、停止買賣、終止上市等情事而刪除時，將不予遞補，故在定期審核以外期間的成分股數目可能不足100 檔。Open p.2 ↗ |
Constituents may be removed upon a trading-method change, trading suspension, or delisting; all-cash acquisition is another specified deletion event. |
| Replacement policy | Next review | 若有成分股因被合併而刪除，所產生的空缺將在下一次定期審核時補齊。Open p.2 ↗ |
Vacancies created by ad hoc deletions are not filled immediately and are completed at the next scheduled review. |
| Merger spinoff rules | Merger survivors, share-conversion holding companies, non-constituent acquirers, and spin-off recipients may retain or gain constituent status subject to stated eligibility; vacancies are filled at the next review, while spin-offs can make the count exceed 100 between reviews. | 兩家以上成分股公司合併，合併後的存續公司若符合最近期定期審核之公司治理評鑑篩選原則，則保留成分股資格。Open p.2 ↗ |
The document specifies retention or replacement treatment for mergers, conversions into holding companies, acquisitions by non-constituents, and spin-offs. |
| Deletion price | zero price | 將以零的價格從指數中刪除。亦即刪除該成分股時基值不作相對的向下調整，指數值會降低，以反映該股票從最後收盤價格調降為零之減損。Open p.2 ↗ |
Securities deleted after a trading-method change, suspension, or delisting are removed from the index at a price of zero. |
| Corporate actions guide ref | 臺灣證券交易所發行量加權股價指數編製要點 | 有關成分股之納入和刪除、股數變動和基值調整等，除以下所列外，皆依據現行「臺灣證券交易所發行量加權股價指數編製要點」執行：Open p.1 ↗ |
Corporate-action and index-maintenance matters not specified here follow the current Taiwan Stock Exchange Capitalization-Weighted Stock Index Compilation Rules. |
| M9 Calculation and return variants · 8 fields | |||
| Base value update formula | Current-day base value = previous-day base value × post-previous-close adjusted total issued market value ÷ previous-day closing total issued market value. | 當日基值＝前一日基值 × 前一日收盤後調整之總發行市值 ÷ 前一日收盤總發行市值Open p.2 ↗ |
For the price index, the current-day base value is rolled from the prior-day base value using adjusted and closing total market values. |
| Total return base value dividend formula | Current-day base value = previous-day base value × ((post-previous-close adjusted total issued market value - cash dividends distributed that day) / previous-day closing total issued market value). | 當日基值＝前一日基值 × ((前一日收盤後調整之總發行市值 － 當日發放現金股利總值) / 前一日收盤總發行市值)Open p.2 ↗ |
For the total return index, the base value is adjusted to subtract cash dividends distributed on the day. |
| Adjusted market value definition | Post-previous-close adjusted total issued market value equals previous-day closing total issued market value plus the sum of all market-value adjustments. | 前一日收盤後調整之總發行市值 ＝ 前一日收盤總發行市值 ＋ 各項調整市值之總和；各項調整市值包含：Open p.3 ↗ |
Adjusted total issued market value is the prior closing market value plus all applicable market-value adjustments. |
| Formula type | Base value | 指數＝總發行市值 ÷ 當日基值 × 基期指數（成分股除息時，基值不作調整）當日基值＝前一日基值 × 前一日收盤後調整之總發行市值 ÷ 前一日收盤總發行市值Open p.2 ↗ |
The index is calculated by dividing total issued market value by the current-day base value and multiplying by the base-period index. |
| Calculation frequency | Variant: PR; Timing: Real time; Interval: 5 seconds, Variant: TR; Timing: End of day; Frequency: 1 times per day | 「價格指數」於股市交易時間內，每5 秒計算1 次。Open p.3 ↗ |
The price index is calculated once every five seconds during stock market trading hours, while the total return index is calculated once after the daily close. |
| Return variants | PR, GTR | 於股市交易時間內發布即時計算之「價格指數」（Price Index）（不包含現金股利調整）Open p.2 ↗ |
The methodology publishes a price index excluding cash-dividend adjustments and a total return index including cash-dividend adjustments. |
| Dividend treatment | The price index does not adjust for cash dividends and its base value is not adjusted on ex-dividend dates; the total return index adjusts its base value by deducting the total cash dividends distributed that day. | 於股市交易時間內發布即時計算之「價格指數」（Price Index）（不包含現金股利調整）Open p.2 ↗ |
Cash dividends are excluded from the price index, while the total return index incorporates cash dividends through a base-value adjustment. |
| Divisor adjustment | Adjustments made under Article 5 of the Taiwan Stock Exchange Capitalization Weighted Stock Index compilation rules, periodic constituent review adjustments, ad hoc constituent adjustments, resumption of trading | 各項調整市值包含：Open p.3 ↗ |
Adjusted market capitalisation includes regulatory capitalisation adjustments, changes from periodic and ad hoc constituent reviews, and resumption-of-trading adjustments. |
Open points · 22Model-written, for reference
- 1Index code, ISIN, and third-party vendor tickers were not stated.
- 2Administrator, calculation agent, index family, parent index, launch date, currency, methodology version, methodology date, benchmark type, objective, intended use, market classification, size segment, index family type, factor exposures, and limitations were not stated.
- 3Listing boards, company nationality rule, and parent universe index were not stated.
- 4Minimum trading history, minimum size, free float, foreign room, voting rights, minimum price, business or ESG exclusions, suspension treatment at review, and extreme price screen were not stated.
- 5The exact par value and currency used for the net-value-per-share test were not stated.
- 6No separate weight-rebalancing frequency or weight-reset frequency is stated beyond the annual constituent review.
- 7No size-segment buffer with semi-annual and quarterly market-cap bounds is stated.
- 8No relaxed liquidity threshold for existing constituents is stated.
- 9No maximum turnover cap per review is stated.
- 10No fast-entry rule for large new listings is stated.
- 11No numerical threshold for implementing share or free-float changes between reviews is stated.
- 12The exact mapping of the vendor phrase 變更交易方法 to the fixed ad hoc deletion triggers enum is not explicitly defined; it was recorded under other through the general trading-status deletion rule.
- 13M9 does not specify the price source, such as last traded price, closing auction price, or reference price when no trade occurs.
- 14M9 does not state the decimal precision of the published index level.
- 15M9 does not provide a withholding-tax basis or identify a net total return variant.
- 16M9 does not state market-disruption or market-closure calculation rules.
- 17M9 does not state a recalculation or published-level correction policy.
- 18M9 does not identify an oversight body or governance committee.
- 19M9 does not list discretionary powers, methodology review frequency, external review, consultation procedure, material-change definition, notice period, error-correction policy, disclosure channels, constituent publication frequency, or index cessation policy.
- 20Not coveredM4 Selection and constituent count: not covered by this edition
- 21Not coveredM5 Weighting and capping: not covered by this edition
- 22Not coveredM10 Governance, change policy, disclosure: not covered by this edition
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