{"id":2612,"date":"2025-03-05T14:24:46","date_gmt":"2025-03-05T06:24:46","guid":{"rendered":"https:\/\/econ.wp.shu.edu.tw\/?p=2612"},"modified":"2025-11-25T17:09:59","modified_gmt":"2025-11-25T09:09:59","slug":"9%e6%9c%88%e4%bb%bd%e7%9c%8b%e6%9d%bf%e4%ba%ba%e7%89%a9-%e9%99%b3%e4%b8%96%e8%83%bd%e6%95%99%e6%8e%88-2-2-2-3-2","status":"publish","type":"post","link":"https:\/\/econ.wp.shu.edu.tw\/?p=2612","title":{"rendered":"3\u6708\u4efd\u770b\u677f\u4eba\u7269\u2014\u8521\u5f63\u6d93\u6559\u6388\uff1a\u516c\u53f8\u821e\u5f0a\u8207\u8072\u8b7d\u50f9\u503c"},"content":{"rendered":"\n

\u516c\u53f8\u821e\u5f0a\u8207\u8072\u8b7d\u50f9\u503c<\/kbd><\/strong> \u516c\u53f8\u7684\u8aa0\u4fe1\u5c0d\u80a1\u6771\u3001\u4f9b\u61c9\u93c8\u5ee0\u5546\u8207\u6d88\u8cbb\u8005\u5177\u6709\u50f9\u503c\uff1a\u4e00\u65e6\u516c\u53f8\u767c\u751f\u7d93\u71df\u4e0d\u5584\u800c\u672a\u8aa0\u5be6\u7a76\u8cac\u3001\u4e0d\u7576\u4f5c\u70ba\u6216\u7522\u54c1\u7455\u75b5\u7b49\u4e8b\u4ef6\uff0c\u5247\u516c\u53f8\u7684\u5229\u5bb3\u95dc\u4fc2\u4eba\u5c07\u6703\u56e0\u6b64\u800c\u8499\u53d7\u8ca1\u5bcc\/\u798f\u5229\u7684\u640d\u5931\u3002\u7531\u65bc\u4e00\u570b\u79c1\u90e8\u9580\u8aa0\u5be6\u7684\u884c\u70ba\u5c07\u6709\u52a9\u65bc\u964d\u4f4e\u5176\u7d93\u6fdf\u9ad4\u7cfb\u5728\u904b\u4f5c\u6642\u56e0\u751f\u7522\u6216\u5206\u914d\u7684\u626d\u66f2\u6240\u7522\u751f\u7684\u7121\u8b02\u640d\u5931\uff0c\u662f\u6545\u5404\u570b\u91dd\u5c0d\u516c\u53f8\u821e\u5f0a\u884c\u70ba\u83ab\u4e0d\u8a02\u6709\u660e\u78ba\u7684\u7f70\u5247\uff0c\u4ee5\u505a\u70ba\u6d89\u6848\u516c\u53f8\u9055\u53cd\u8aa0\u4fe1\u7d93\u71df\u539f\u5247\u6240\u9808\u627f\u64d4\u53f8\u6cd5\u61f2\u7f70\u7684\u4ee3\u50f9\u3002\u4f8b\u5982\uff1a\u6211\u570b\u516c\u958b\u767c\u884c\u516c\u53f8\u82e5\u767c\u751f\u91cd\u5927\u7684\u5167\u90e8\u63a7\u5236\u821e\u5f0a\u3001\u975e\u5e38\u898f\u4ea4\u6613\u6216\u638f\u7a7a\u516c\u53f8\u8cc7\u7522\u4e4b\u4e8b\u4ef6\u5373\u5fc5\u9808\u9762\u81e8\u300c\u8b49\u5238\u4ea4\u6613\u6cd5(\u4e0b\u7a31\u8b49\u4ea4\u6cd5)\u300d\u7b2c171\u689d\u7b49\u7684\u7f70\u5247\u3002<\/p>\n\n\n\n

\u7136\u800c\uff0c\u76f8\u95dc\u6587\u737b\u666e\u904d\u767c\u73fe\u6d89\u6848\u516c\u53f8\u5728\u53f8\u6cd5\u5224\u6c7a\u4e4b\u5916\u5c1a\u9808\u9762\u81e8\u5e02\u5834\u6a5f\u5236\u5c0d\u5176\u6240\u65bd\u4ee5\u7d93\u6fdf\u4e4b\u61f2\u7f70\uff1a\u76f8\u95dc\u516c\u53f8\u56e0\u5f0a\u6848\u6240\u7522\u751f\u5e02\u503c\u6216\u80a1\u6b0a\u50f9\u503c(equity value)\u7684\u640d\u5931\u5c07\u9060\u9ad8\u65bc\u6cd5\u9662\u88c1\u7f70\/\u6c11\u4e8b\u640d\u5bb3\u8ce0\u511f\u7684\u898f\u6a21\u3002\u6709\u9451\u65bc\u5728\u6548\u7387\u5e02\u5834\u5047\u8aaa\u7684\u60c5\u5883\u4e0b\u6d89\u6848\u516c\u53f8\u5728\u8ca0\u9762\u6d88\u606f\u65bc\u5a92\u9ad4\u9996\u6b21\u66dd\u5149\u5f8c\u4e4b\u80a1\u50f9\u7406\u61c9\u5df2\u5b8c\u5168\u53cd\u6620\u6295\u8cc7\u4eba\u6240\u9810\u671f\u53f8\u6cd5\u5224\u6c7a\u5c0d\u516c\u53f8\u8ca1\u52d9\u7684\u5f71\u97ff\uff0c\u76f8\u95dc\u5b78\u8005\u56e0\u6b64\u4e3b\u5f35\u516c\u53f8\u5e02\u503c\u640d\u5931\u9060\u8d85\u904e\u6cd5\u9662\u88c1\u7f70\u6216\u5224\u8ce0\u91d1\u984d\u7684\u90e8\u5206\u61c9\u8996\u70ba\u5e02\u5834\u5c0d\u5176\u4e0d\u8aa0\u4fe1\u4e4b\u884c\u70ba\u6240\u65bd\u4ee5\u300c\u984d\u5916\u300d\u7684\u61f2\u7f70\uff0c\u5305\u542b\u516c\u53f8\u8072\u8b7d\u7684\u640d\u5931(reputational losses)\uff0c\u6216\u6d88\u8cbb\u8005\u5c0d\u6d89\u6848\u516c\u53f8\u7684\u62b5\u5236\u7b49\u3002<\/p>\n\n\n\n

\u6211\u76ee\u524d\u5df2\u7d93\u5b8c\u6210\u7684\u7814\u7a76(\u8521\u5f63\u6d93\u3001\u90b5\u9756\u60e0\uff0c2025)\u5247\u4f7f\u7528\u300a\u53f0\u7063\u7d93\u6fdf\u65b0\u5831(Taiwan Economic Journal, TEJ)\u300b2010-2021\u5e74\u7684\u91cd\u5927\u8a0a\u606f\u8cc7\u6599\u5eab\u3001\u80a1\u50f9\u8cc7\u6599\u5eab\u3001\u5e02\u5834\u9762\u591a\u56e0\u5b50\u8cc7\u6599\u5eab\u3001\u8ca1\u52d9\u8cc7\u6599\u5eab\u8207\u516c\u53f8\u57fa\u672c\u8cc7\u6599\u8cc7\u6599\u5eab\uff0c\u8a55\u4f30\u4e0a\u5e02\u4e0a\u6ac3\u516c\u53f8\u56e0\u5f0a\u6848\u6240\u7522\u751f\u8072\u8b7d\u640d\u5931\u7684\u898f\u6a21\u3002\u672c\u6587\u9996\u5148\u8003\u91cf\u6211\u570b\u4e0a\u5e02\u4e0a\u6ac3\u516c\u53f8\u7684\u821e\u5f0a\u884c\u70ba\u53ef\u80fd\u9762\u81e8\u6cd5\u5f8b\u7684\u7f6a\u8cac(\u5305\u542b\u8b49\u4ea4\u6cd5\u7b2c171\u689d\u7b49\u898f\u7bc4)\uff0c\u4e14\u4ee5\u6b64\u8a2d\u8a08\u95dc\u9375\u5b57\u641c\u5c0b\u8207\u5efa\u69cb\u4e0a\u5e02\u4e0a\u6ac3\u516c\u53f8\u65bc2010-2021\u5e74\u671f\u9593\u6240\u767c\u5e03\u76f8\u95dc\u7684\u91cd\u5927\u8a0a\u606f\u6a23\u672c\u3002\u63a5\u8457\uff0c\u672c\u6587\u518d\u4ed4\u7d30\u6aa2\u8996\u6bcf\u5247\u91cd\u5927\u8a0a\u606f\u7684\u4e3b\u65e8\u8207\u5167\u5bb9\uff0c\u540c\u6642\u4e26\u4f9d\u7167\u975e\u91d1\u878d\/\u91d1\u878d\u985e\u80a1\u7684\u4e0a\u5e02\u4e0a\u6ac3\u516c\u53f8\u5e38\u898b\u7684\u4e0d\u7576\u4f5c\u70ba\u985e\u578b\u8207\u76f8\u95dc\u6848\u4ef6\u4f9d\u5e8f\u88ab\u63ed\u9732\u7684\u6642\u9593\u9ede\u5c07\u5176\u5340\u5206\u70ba\uff1a\u638f\u7a7a\u516c\u53f8\u8cc7\u7522\u3001\u632a\u7528\u5ba2\u6236\u8cc7\u91d1\u8207\u8ca1\u5831\u4e0d\u5be6\u7b49\u4e09\u7a2e\u516c\u53f8\u821e\u5f0a\u578b\u614b\uff0c\u4ee5\u53ca\u5a92\u9ad4\u5831\u5c0e\/\u516c\u53f8\u4e3b\u52d5\u63ed\u9732\u65e5\u671f\u8207\u8a34\u8a1f\u7a0b\u5e8f\u76f8\u95dc\u8cc7\u8a0a\u63ed\u9732\u65e5\u671f(\u5305\u542b\u8d77\u8a34\u65e5\u671f\u3001\u4e00\u5be9\u5224\u6c7a\u6709\u7f6a\/\u91d1\u878d\u76e3\u7763\u7ba1\u7406\u59d4\u54e1\u6703(\u4e0b\u7a31\u91d1\u7ba1\u6703)\u6838\u8655\u65e5\u671f\u3001\u4e00\u5be9\u5224\u6c7a\u7121\u7f6a\/\u4e0d\u8d77\u8a34\/\u99c1\u56de\/\u548c\u89e3\u65e5\u671f\u3001\u63d0\u4f9b\u984d\u5916\u8cc7\u8a0a\u65e5\u671f)\u5169\u7a2e\u4e8b\u5be6\u767c\u751f\u65e5\u7684\u578b\u614b\u3002\u6700\u5f8c\uff0c\u672c\u6587\u4ee5\u6bcf\u5247\u91cd\u5927\u8a0a\u606f\u6240\u63ed\u9732\u4e4b\u4e8b\u5be6\u767c\u751f\u7576\u65e5\u8207\u5f8c2\u65e5\u505a\u70ba\u4e8b\u4ef6\u671f(event window)\uff1b\u4e8b\u5be6\u767c\u751f\u65e5\u524d31-130\u65e5\u505a\u70ba\u4f30\u8a08\u671f(estimation window)\uff0c\u4e14\u61c9\u7528\u5141\u8a31\u55ae\u4e00\u516c\u53f8\u591a\u91cd\u4e8b\u4ef6\u7684\u4e8b\u4ef6\u7814\u7a76\u6cd5(event study)\uff0c\u8a08\u7b97\u4e0a\u5e02\u4e0a\u6ac3\u516c\u53f8\u5e73\u5747\u7684\u4e09\u65e5\u7d2f\u52a0\u7570\u5e38\u5831\u916c\u7387(abnormal stock return)\u8207\u6240\u5c0d\u61c9\u5e02\u503c\u4e4b\u640d\u5931\u3002\u85c9\u7531\u6bd4\u8f03\u5e02\u5834\u91dd\u5c0d\u500b\u5225\u5f0a\u6848\u6240\u53cd\u6620\u5e02\u503c\u640d\u5931\u7684\u91d1\u984d\u8207\u6d89\u6848\u516c\u53f8\u56e0\u6b64\u6240\u53d7\u5730\u65b9\u6cd5\u9662\u4e00\u5be9\u5224\u6c7a\/\u91d1\u7ba1\u6703\u6838\u8655\u7684\u88c1\u7f70\u91d1\u984d(\u5305\u542b\u6d89\u6848\u8005\u56e0\u76e3\u7981\u6240\u653e\u68c4\u4e4b\u85aa\u8cc7\u8207\u6cd5\u9662\/\u4e3b\u7ba1\u6a5f\u95dc\u7684\u91d1\u9322\u61f2\u7f70)\u5169\u8005\u7684\u76f8\u5c0d\u898f\u6a21\uff0c\u672c\u6587\u5c07\u53ef\u4f30\u7b97\u516c\u53f8\u7684\u8072\u8b7d\u640d\u5931\u3002<\/p>\n\n\n\n

\u5be6\u8b49\u7d50\u679c\u986f\u793a\u516c\u53f8\u65bc\u5a92\u9ad4\u5831\u5c0e\/\u5176\u4e3b\u52d5\u63ed\u9732\u5f0a\u6848\u7684\u7b2c\u4e00\u500b\u6642\u9593\u9ede\u6240\u767c\u5e03\u6709\u95dc\u638f\u7a7a\u8cc7\u7522\u8207\u632a\u7528\u5ba2\u6236\u8cc7\u91d1\u7b49\u6848\u4ef6\u7684\u8ca0\u9762\u6d88\u606f\u5c07\u5206\u5225\u81f4\u4f7f\u5176\u7522\u751f-3.36%\u8207-0.97%\u7684\u7570\u5e38\u5831\u916c\u7387\u3002\u53e6\u5916\uff0c\u91d1\u878d\u985e\u80a1\u516c\u53f8\u82e5\u767c\u751f\u632a\u7528\u5ba2\u6236\u8cc7\u91d1\u7684\u884c\u70ba\uff0c\u5247\u5176\u5c07\u7522\u751f\u7d04\u7576\u5e02\u503c\u76840.57%\u7684\u8072\u8b7d\u640d\u5931\u3002\u6700\u5f8c\uff0c\u672c\u6587\u767c\u73fe\u516c\u53f8\u5f0a\u6848\u5c0d\u6d89\u6848\u516c\u53f8\u6240\u5c6c\u7522\u696d\u5167\u7684\u5176\u4ed6\u516c\u53f8\u5c07\u7522\u751f\u5916\u6ea2\u6548\u679c\u3002<\/p>\n\n\n\n

\u53c3\u8003\u6587\u737b\uff1a \u8521\u5f63\u6d93\u3001\u90b5\u9756\u60e0(2025)\uff0c\u300c\u516c\u53f8\u821e\u5f0a\u8207\u8072\u8b7d\u50f9\u503c\u2014\u4ee52010-2021\u5e74\u4e0a\u5e02\u4e0a\u6ac3\u516c\u53f8\u6240\u767c\u5e03\u4e4b\u91cd\u5927\u8a0a\u606f\u70ba\u4f8b\u300d\uff0c\u6b63\u5728\u9032\u884c\u671f\u520a\u7684\u7b2c\u4e8c\u8f2a\u5be9\u67e5\u3002<\/p>\n

\u00a0<\/p>\n\n\n\n\n","protected":false},"excerpt":{"rendered":"

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