| 摘要: | 由於中國實行「改革開放」政策，積極引進外資及拓展對外貿易，使得兩岸交流逐漸展開。台灣國內生產環境的改變，台灣廠商為節省成本，迫使勞力密集型產業逐漸到海外投資，尋找新的生產契機。兩岸經貿交流經歷過多次轉折，採取積極的經濟發展態度，再加上提供低廉的土地成本與租稅優惠等政策，使中國成為吸引外國直接投資的主要市場。隨著全球經濟情勢的變遷，兩岸交流日益密切，根據行政院陸委會所公佈，我國對中國投資統計金額已累計到達133,679.7 億美元，佔我國1979 年累計到2013年對外投資金額的六成左右，顯見中國早已是台商投資的首選。近年來，台商在中國投資糾紛時有所聞，在兩岸投資進展頻繁時，投資糾紛亦層出不窮。本研究的樣本期間為2010 年1 月1 日直到2013 年12 月31 日止，研究採用的對象為台灣經濟新報裡的台商投資中國企業子資料庫之所有上市公司，研究樣本為所有上市公司之投資糾紛仲裁事件。實證結果顯示投資糾紛仲裁事件，對於股價的影響有劇烈的變動。投資糾紛仲裁事件導致投資者的負面看法，並進而影響股票價格，當發布日結束後，會進行反向修正，使得股價合理，從而使投資者有套利機會。
The introduction of Chinese economic reform encourages foreign investment and epands foreign markets, and thus starting off the exchange across straits. The production environment in Taiwan has changed. To lower the cost, Taiwanese entrepreneurs invest labor-intensive industry in oversea countries to seek for a better chance of production. Both Taiwan and China develops rapidly thanks to the expanding market, abundant prouction resources, and economic growth. With inexpensive land, cheap labor, and economic policies such as tax incentive, China has become the target market for foreign invesment. Following the global economic situation changes, and cross-strait exchanges increaingly closed. Based on the statistics of Mainland Affairs Council, Taiwan investment in China reached 130545.9 billion dollars. It has become an attractive scene that Taiwanese companies want to invest in China. However, law disputes and the investment dispute related to Taiwan's business investment are increasing rapidly. The study period is from January 1, 2010 to December 31, 2013. The research objects of this study are all listed company in Taiwan which are classified by Taiwan Economic Journal Database of Taiwan China Database. The samples are the events which means the investment dispute arbitration. The result shows that the investment dispute arbitration creates negative impacts on corporate values. After the event, reverse correction is conducted, and makes stock price rational, thus bringing investors an arbitrage opportunity. |
