臺灣博碩士論文加值系統

隨著全球永續物質管理（Sustainable Materials Management）及循環型社會（Sound Material-Cycle Society）概念之提升，我國近幾年也不斷地推動資源循環再利用，而資源再生產業為能將廢棄物轉換為高附加價值的產品，不斷地進行技術上的創新。因此，在政策與技術的改變下，本研究即以資源再生產業為研究對象，利用事件研究法探討相關法規變動及技術創新之事件宣告，是否會引起產業公司股價產生異常報酬。研究結果發現：（1）當與資源再生產業相關法規的變動宣告時，投資人對宣告事件所抱持的態度和看法會立即反應在股價上，以致產業公司股價產生異常報酬。（2）產業中技術創新的事件宣告，對於宣告公司本身及其競爭對手的股價並無顯著的影響。

Since sustainable materials management and the concept of sound material-cycle society are increasingly crucial, Taiwan society continues to promote resource recycling in recent years, and recycling industries keep working on technological innovation in the waste recycling. This study focuses on the effects of announcement of changes in regulation reform and technological innovation on stock returns of recycling industry companies. The empirical results indicate when there are regulation reforms regarding recycling industry, investors' perception on the reform announcement is significantly reflected in company's abnormal stock returns. However, the announcement of technological innovation does not affect the stock returns of underlying company and its competitors.

中文摘要　i
ABSTRACT　ii
誌謝　iii
目錄　iv
表目錄　v
圖目錄　v
附表目錄　vi
附圖目錄 vii
第一章 、緒論　1
第一節　研究背景與目的　1
第二節　研究流程　4
第二章 、文獻探討與假說　5
第一節 資源再生產業定義與範疇　5
第二節 法規宣告對資本市場之影響　7
第三節 產業效果　9
第四節 技術創新　11
第三章 、研究方法　14
第一節 研究樣本與事件宣告　14
第二節 實證模型　20
第三節 預期異常報酬變動方向　22
第四章 、實證結果與分析　25
第五章 、結論與建議 　47
第一節 研究結論　47
第二節 研究限制與建議　48
參考文獻　49
附錄、各公司基本資料　51

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