臺灣博碩士論文加值系統

本研究以兩岸經濟合作架構協議的早收清單為研究對象，旨在探討ECFA宣告前後，對公司股價所造成的宣告效果。2010年二月二十二日，隨著ECFA的宣告，打開了兩岸的貿易市場，因此，ECFA可說是扮演了一個非常重要的角色。本研究先探討區域經濟整合和ECFA的內涵及影響，並收集台灣企業、學者、工商團體對ECFA的資料進行整理，再以事件研究法與迴歸分析為主要分析方法，來驗證股價是否在事件期間產生累積異常報酬。

本研究之實證結果顯示，ECFA宣告時，台灣廠商對中國有較高行銷資源將會有正向的累積異常報酬；然而，對中國有較高的中國集中度和研發的台灣廠商，嘖會有負向的累積異常報酬。具備較良好的財務資源，也有助於產生正向的累積異常報酬；相反地，台灣廠商的規模越大，將會獲得負向的累積異常報酬。最後，亦分析了在不同的出口、中國集中度、企業生命週期、產業變數的情況下影響的效果。

This study uses the early harvest list of ECFA to be the research samples by investigating the effect of ECFA announcement by Taiwanese market reaction. According to ECFA announcement, it starts to open the cross-straits economic trade, so the ECFA plays a very important role. Firstly, literatures review about content and impact of regional economic agreement and ECFA, also Taiwanese corporate, scholars, and labor unions'' reaction to ECFA to develop hypotheses. We use event study and regression analysis to examine whether their stock price brings cumulative abnormal return in event period.

The influence of ECFA announcement indicates that the Taiwanese firm highly marketing resource and financial resource to Mainland China will have higher positive cumulative abnormal return. On the contrary the higher China concentration index and R&D will have negative cumulative abnormal return. The larger corporations also generate negative cumulative abnormal return. The interaction terms generate different significant result by export, China concentration index, corporate life cycle, and industries variables.

摘 要
ABSTRACT
CHINESE ACKNOWLEDGEMENT
TABLE OF CONTENTS
LIST OF TABLES
LIST OF FIGURES
Chapter One　Introduction
1.1 Research Background
1.2 Motivations
1.3 Purpose
1.4 Research Flow and Structure
Chapter Two　Literature Review
2.1 Regional Economic Integration
2.2 ECFA
2.3 The Effect of ECFA
2.4 Event Study
2.5 Hypotheses Development
Chapter Three　Sample design and methodology
3.1 Framework
3.2 Data Sources and Chosen Standard
3.3 Event Study
3.4 Regression Analysis
Chapter Four　Results
4.1 Abnormal Return by industry in the event periods
4.2 Descriptive Statistics
4.3 Linear Regression analysis
4.4 The Moderating Effects
Chapter Five　Conclusion and Suggestion
5.1 Conclusion
5.2 Managerial Implication
5.3 Limitation and Suggestions for Further Research
Reference

Chinese & Website
台灣證券交易所 http://www.twse.com.tw
兩岸經濟合作架構協議 http://www.ecfa.org.tw
公開資訊觀測站 http://newmops.tse.com.tw
新報資料庫 http://140.125.246.53/tejcount
行政院大陸委員會http://www.mac.gov.tw
中華民國總統府 http://www.president.gov.tw
聯合新聞網 http://www.udn.com
今日新聞網 http://www.nownews.com
工商時報 http://md.ctee.com.tw
大紀元新聞網 http://www.epochtimes.com
中國評論新聞網 http://www.chinareviewnews.com
台灣競爭力論壇 http://www.tcf.tw
海峽資訊網 http://www.haixiainfo.com.tw
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