兩岸分工下的台商工安或環污事件之異常報酬分析

CCUR > College of Business > Department of Banking & Finance > Thesis > Item 987654321/28287

Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/28287

Title:	兩岸分工下的台商工安或環污事件之異常報酬分析 An Analysis of Abnormal Return for Cross-Strait Division Models:Empirical Evidence of Taiwanese Companies’Industry Incidents or Pollution Problem in China
Authors:	余家安
Contributors:	財務金融學系
Keywords:	工安事件環汙事件資訊接露 GARCH風險調整模式
Date:	2014
Issue Date:	2014-09-30 10:13:19 (UTC+8)
Abstract:	近年來，國際貿易深受產業分工發展趨勢所影響，跨國公司國外設立生產基地已成供應鏈廠商重要的發展策略。而原物料面臨短缺，工資不斷飆漲，土地價格持續上漲的困境下，再加上環保意識抬頭所造成的相關法律問題，使得勞力密集型產業在臺灣逐漸喪失競爭優勢。企業為了尋求更大的市場占有率和提升競爭力，以及更豐富的資源與更低的生產成本，於全球尋找最低成本之窪地並且逐漸向外國設立生產基地藉以降低成本進而實現收益極大化。因此，企業體對於供應鏈的整合，除可增進服務水準，亦令供應鏈相關企業進而增值獲利。可見，國外設立生產基地已成供應鏈廠商重要的發展策略之一。因此，本研究首先利用市場模式與風險調整模式，估計2006年至2013年間於中國生產基地發生工安或環汙事件之台灣上市公司作探討，探究台商在中國工廠產生工安或環汙事件時台灣母國公司股價如何反應，是否有產生資訊不對稱以及掩蓋實情的行為。再者，藉由橫斷面分析了解其影響資訊傳遞之重要解釋變數。研究結果預期對研究工安或環汙事件時之企業資訊揭露提供更為完整的證據，並可提供投資人在工安事件發生時對於其相關企業投資做為參考依據。 Recently, international trade has been deeply affected by the trend of industrial specialization, and it has been an important developmental strategy for multinational corporations to establish production base in oversea countries. Moreover, the shortage of raw materials, the increasing of wage, the price of lands, and the legal issues due to environmental conservation have made Taiwan lose its competitive advantage in labor- intensive industries. In order to pursue a bigger market, abundant resources, and lower cost, enterprises have gradually established production base in oversea countries. Therefore, this study used GARCH risk-adjustment model to investigate Taiwanese listed companies in which industrial incidents once occurred in their China production base from 2006 to 2013, and aims to find out how their Taiwan headquarter companies’ stock prices react to those incidents and whether there are information asymmetry and conceal a reality or not. In addition, this study tries to analyze the explanatory variables which affect by cross-sectional regression analysis. The empirical findings perhaps can be a reference benchmark for Taiwanese companies in decision-making.
Appears in Collections:	[Department of Banking & Finance ] Thesis

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