中美貿易戰事件、社會責任資訊揭露與公司治理對股價異常報酬影響－以科技業為例

The Effect of the Trade War between China and the United States, Social Responsibility Information Disclosure, and Corporate Governance on Abnormal Stock Returns- Evidence from Technology Industry

10.6160/SYSMR.202309_31(3).0002

陳英祥(Ying-Hsiang Chen)；林靖傑(Ching-Chieh Lin)；林文祥(Wen-Hsiang Lin)；姚名鴻(Ming-Hung Yao)

中美貿易戰 ； 事件研究 ； 公司治理 ； 企業社會責任 ； Trade War between China and the United States ； Event Study ； Corporate Governance ； Corporate Social Responsibility

中山管理評論

31卷3期（2023 / 09 / 01）

447 - 479

繁體中文;英文

本研究旨在以資本市場投資人觀點，探討中美貿易戰事件對於台灣科技業公司之影響。首先，採用事件研究法檢測中美貿易戰事件宣告對於公司股價異常報酬影響，其次，探討公司是否揭露企業社會責任報告書，以及公司治理機制，交互作用下能否減少中美貿易戰下對於股價異常報酬的不利影響。實證結果顯示，中美貿易戰事件對於台灣科技業股價異常報酬存在不利影響，然而，公司揭露社會責任資訊，且配合公司治理機制，能較不受該事件之不利影響。

The purpose of this study is to explore the effects from the announcement of the trade war between China and the United States on Taiwan's technology companies from the perspective of capital market investors. The research aims: 1) to use an event study to investigate the effects of this announcement on companies' abnormal stock returns; 2) to explore whether companies have prepared corporate social responsibility reports, have sound corporate governance mechanisms, and have the ability to reduce the adverse effects of the trade war between the two countries on abnormal returns in their stock prices. Results show that the trade war does have adverse effects on the abnormal stock returns of Taiwan's technology industry. However, if companies disclose social responsibility information and have sound corporate governance mechanisms, then the adverse effects from the trade war between China and the United States can be mitigated.

1. 吳世傑, S. J.,黃鴻, H.(2002)。關稅調升理論之經濟分析。經濟論文，30(4)，409-441。
   連結：
2. 吳幸蓁, S. J.,陳漢鐘, H. C.,戚務君, W. C.(2017)。誠信經營與企業社會責任報告書之揭露與確信。中華會計學刊，12(特刊=Special issue)，423-470。
   連結：
3. 吳幸蓁, S. J.,廖蕙儀, H. Y.(2017)。自願性揭露企業社會責任資訊之決定因素與其資訊後果。中山管理評論，25(1)，13-62。
   連結：
4. 高長, C.(2019)。中國大陸紅色供應鏈崛起的國際效應。遠景基金會季刊，20(3)，1-54。
   連結：
5. 高銘淞, M. S.,邱嘉洲, C. C.,王昌勝, C. S.(2011)。公佈實施財務會計公報第十號之資訊效果－對台灣電子業股價之衝擊效果。台灣金融財務季刊，12(2)，1-39。
   連結：
6. 高蘭芬, L, F.,邱正仁, J. R.(2002)。董監事股權質押對會計盈餘與股票報酬相關性之影響。臺大管理論叢，13(1)，127-162。
   連結：
7. 張元, Y.,涂峻瑋, C, W.,許敏政, M. C.(2017)。社會責任表現較佳的公司有較低的股價崩盤風險嗎？—來自上海證券交易所的證據。兩岸金融季刊，5(2)，23-66。
   連結：
8. 陳安琳, A. L.,高蘭芬, L. F.,陳怡凱, Y. K.,陳烷鈺(2013)。董監事股權質押與公司治理之研究。中山管理評論，21(2)，299-337。
   連結：
9. 陳坤銘, K. J.,饒秀華, H. H.,邱如伶, R. L.(2009)。人民幣實質匯率與中國對美出口之關係—第三國效果。人文及社會科學集刊，21(3)，353-387。
   連結：
10. 彭美玲, M. L.(2009)。三角貿易對研究發展與購買技術的影響︰以臺灣製造業為例。應用經濟論叢，86，187-218。
    連結：
11. 黃瓊瑤, C. Y.,王癸元, K. Y.,張鳳真, F. C.(2013)。企業社會責任事件宣告與股價異常報酬之研究。當代會計，14(2)，175-204。
    連結：
12. 楊雅玲, Y. L.,徐文華, W. H.,吳岱庭, T. T.(2020)。中美貿易戰對台商之影響與風險策略探討－以 C 台商為例。危機管理學刊，17(1)，77-86。
    連結：
13. 蔡易如, I. J.(2018)。臺灣之進出口與臺灣接單海外生產對製造業表現的影響－地區別貿易效果之比較。經濟研究，54(2)，243-286。
    連結：
14. Arya, B.,Zhang, G.(2009).Institutional Reforms and Investor Reactions to CSR Announcements: Evidence from an Emerging Economy.Journal of Management Studies,46(7),1089-1112.
15. Ashwin Kumar, N. C.,Smith, C.,Badis, L.,Wang, N.,Ambrosy, P.,Tavares, R.(2016).ESG Factors and Risk-adjusted Performance: A New Quantitative Model.Journal of Sustainable Finance & Investment,6(4),292-300.
16. Beaver, W. H.(1998).Financial Reporting: An Accounting Revolution.Englewood Cliffs, NJ:Prentice Hall.
17. Blonigen, B. A.,Tomlin, K.,Wilson, W. W.(2002).,National Bureau of Economic Research.
18. Carow, K.,Heron, R.,Saxton, T.(2004).Do Early Birds Get the Returns? An Empirical Investigation of Early-Mover Advantages in Acquisitions.Strategic Management Journal,25(6),563-585.
19. Chen, Y.,Ganesan, S.,Liu, Y.(2009).Does a Firm’s Product-Recall Strategy Affect its Financial Value? An Examination of Strategic Alternatives During Product-Harm Crises.Journal of Marketing,73(6),214-226.
20. Chi, W. H.,Wu, S. J.,Zheng, Z.(2020).Determinants and Consequences of Voluntary Corporate Social Responsibility Disclosure: Evidence from Private Firms.The British Accounting Review,52(6),1-20.
21. Cho, S. Y.,Lee, C.,Pfeiffer, R. J.(2013).Corporate Social Responsibility Performance and Information Asymmetry.Journal of Accounting and Public Policy,32(1),71-83.
22. Claessens, S.,Djankov, S.,Lang, H. P. L.(2000).The Separation of Ownership and Control in East Asian Corporations.Journal of Financial Economics,58(1-2),81-112.
23. Cohen, J.,Webb, L. H.,Nath, L.,Wood, D.(2011).Retail Investors’ Perceptions of the Decision-Usefulness of Economic Performance, Governance, and Corporate Social Responsibility Disclosures.Behavioral Research in Accounting,23(1),109-129.
24. Cormier, D.,Gordon, I. M.(2001).An Examination of Social and Environmental Reporting Strategies Accounting.Auditing and Accountability Journal,14(5),587-617.
25. David, R. A.,Sweeney, D. J.,Williams, T. A.(1999).Statistics for Business and Economics.Cincinnati, OH:South Western College Pub.
26. Davidson, R.,MacKinnon, J. G.(1993).Estimation and Inference in Econometrics.New York, NY:Oxford University Press.
27. Dhaliwal, D. S.,Li, O. Z.,Tsang, A.,Yang, Y. G.(2011).Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting.The Accounting Review,86(1),59-100.
28. Dhaliwal, D. S.,Li, O. Z.,Tsang, A.,Yang, Y. G.(2014).Corporate Social Responsibility Disclosure and the Cost of Equity Capital: The Roles of Stakeholder Orientation and Financial Transparency.Journal of Accounting and Public Policy,33(4),328-355.
29. Dhaliwal, D. S.,Radhakrishnan, S.,Tsang, A.,Yang, Y. G.(2012).Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure.The Accounting Review,87(3),723-759.
30. Du, K.,Wu, S. J.(2019).Does External Assurance Enhance the Credibility of CSR Reports? Evidence from CSR-Related Misconduct Events in Taiwan.Auditing: A Journal of Practice & Theory,38(4),101-130.
31. Duh, R. R.,Knechel, W. R.,Lin, C. C.(2020).The Effects of Audit Firms’ Knowledge Sharing on Audit Quality and Efficiency.Auditing: A Journal of Practice & Theory,39(2),51-79.
32. Eberl, M.,Schwaiger, M.(2005).Corporate Reputation: Disentangling the Effects on Financial Performance.European Journal of Marketing,39(7-8),838-854.
33. Fulton, M., Kahn, B., and Sharples, C., 2012, “Sustainable Investing: Establishing Long-term Value and Performance,” Available at SSRN 2222740.
34. Hildebrand, P.,Krushel, R.,Bertolotti, A.,Deese, B.,Weinberg, C.(2020).Sustainable Investing: Resilience amid Uncertainty.New York, NY:BlackRock.
35. Huang, Y.,Lin, C.,Liu, S.,Tang, H.(2018).Policy Research Working PaperPolicy Research Working Paper,World Bank Group.
36. Jabbari, E.,Fathi, Z.(2014).Predication of Stock Returns Using Financial Ratios Based on Historical Cost, Compared with Adjusted Prices (Accounting for Inflation) with Neural Network Approach.Indian Journal of Fundamental and Applied Life Sciences,4(4),1064-1078.
37. Jensen, M. C.,Meckling, W. H.(1976).Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.Journal of Financial Economics,3(4),305-360.
38. Johnson, S.,Boone, P.,Breach, A.,Friedman, E.(2000).Corporate Governance in the Asian Financial Crisis.Journal of Financial Economics,58(1-2),141-186.
39. Kim, Y.,Li, H.,Li, S.(2014).Corporate Social Responsibility and Stock Price Crash Risk.Journal of Banking and Finance,43,1-13.
40. Lang, M. H.,Lundholm, R. J.(1996).Corporate Disclosure Policy and Analyst Behavior.The Accounting Review,71(4),467-492.
41. Lee, M. T.(2016).Corporate Social Responsibility and Stock Price Crash Risk: Evidence from an Asian Emerging Market.Managerial Finance,42(10),963-979.
42. Lindland, J.(1997).The Impact of the Uruguay Round on Tariff Escalation in Agricultural Products.Food Policy,22(6),487-500.
43. Liu, X.,Chen, Z.(2017).Corporate Governance, Social Responsibility Information Disclosure, and Enterprise Value in China.Journal of Cleaner Production,142(2),1075-1084.
44. Mahdavi, M.,Bhagwati, A.(1994).Stock Market Data and Trade Policy: Dumping and the Semiconductor Industry.International Trade Journal,8(2),207-221.
45. Matsumura, E. M.,Prakash, R.,Vera-Muñoz, S. C.(2014).Firm-Value Effects of Carbon Emissions and Carbon Disclosures.The Accounting Review,89(2),695-724.
46. McNichols, M.,Dravid, A.(1990).Stock Dividends, Stock Splits, and Signaling.The Journal of Finance,45(3),857-879.
47. Miyagiwa, K.,Ohno, Y.(1995).Closing the Technology Gap under Protection.American Economic Review,85(4),755-770.
48. O’Rourke, K. H.(2000).Tariffs and Growth in the Late 19th Century.The Economic Journal,110(463),456-483.
49. OECD(2015).G20/OECD Principles of Corporate Governance.Paris:OECD Publishing.
50. Pearce, Z. A.,Zahra, S. A.(1992).Board Composition from A Strategic Contingency Perspective.Journal of Management Studies,29(4),411-438.
51. Peni, E.,Vähämaa, S.(2012).Did Good Corporate Governance Improve Bank Performance during the Financial Crisis?.Journal of Financial Services Research,41(1-2),19-35.
52. Rajan, R. G.,Zingales, L.(1998).Which Capitalism? Lessons from the East Asian Crisis.Journal of Applied Corporate Finance,11(3),40-48.
53. Reitzes, J. D.(1991).The Impact of Quotas and Tariffs on Strategic R&D Behavior.International Economic Review,32(4),985-1007.
54. Setiawan, B.(2020).Does US-China Trade War Matter on ASEAN Stock Market: Event-study Approach.Sriwijaya International Journal of Dynamic Economics and Business,4(3),161-174.
55. Wang, M. C.(2017).The Relationship between Firm Characteristics and the Disclosure of Sustainability Reporting.Sustainability,9(4),624.
56. World Bank(1999).Corporate Governance: A Framework for Implementation-Overview.Washington, DC:The World Bank.
57. Wu, L. C.,Shu, C. T.(2015).Corporate Social Responsibility and Information Asymmetry.Journal of Applied Finance & Banking,5(3),105-122.
58. Yan, X. S.,Zhang, Z.(2009).Institutional Investors and Equity Returns: Are Short-term Institutions Better Informed?.The Review of Financial Studies,22(2),893-924.
59. 行政院大陸委員會，2015，「大陸與兩岸情勢簡報」，https://www.mac.gov.tw/News_Content.aspx?n=78702647C7A5B61B&sms=25D4C64CAEE1E128&s=4043244986E87475, accessed on March 18, 2020. (Mainland Affairs Council, 2015, “The Brief Report of Mainland and Cross-Strait,” https://www.mac.gov.tw/News_Content.aspx?n=78702647C7A5B61B&sms=25D4C64CAEE1E128&s=4043244986E87475, accessed on March 18, 2020.)
60. 沈中華, C. H.,李建然, J. Z.(2000).事件研究法－財務與會計實證研究必備.台北=Taipei, TW:華泰文化=Hwa Tai Publishing.
61. 汪若庭, J. T.(2010)。國立勤益科技大學企業管理學系=National Chin-Yi University of Technology。
62. 林世銘, S. M.,陳明進, M. C.,蔡天俊, T. J.(2000)。土地增值稅政策對股市之影響。當代會計，1(1)，1-18。
63. 翁永和, Y. H.,劉碧珍, B. J.(1998)。關稅結構與進口政策。經濟論文叢刊，26(1)，1-18。
64. 袁淑芳, S. F.,陳宥橙, Y. C.(2018)。中美貿易談判對我國股市之影響。管理科學研究，12(2)，53-65。
65. 戚務君, W. H.,謝昇樺, S. H(2015)。探討企業社會責任的會計研究。貨幣觀測與信用評等，111，4-20。
66. 曹淑琳, S. L.(2019)。中美貿易戰對台灣經濟成長的實證分析。臺灣銀行季刊，70(3)，1-32。
67. 梁榮輝, J. H,李東畝, D. M.,林思妤, S. Y.(2007)。企業資產經營能力對股價影響之研究－以台灣面板產業爲例。華人經濟研究，5(1)，1-20。
68. 許綿延, M. Y.,汪明生, M. S.(2019)。孫文南院 2019 年學術論壇紀實-夏季、秋季論壇。公共事務評論，18(1)，13-34。
69. 陳郁欣, Y. H.(2019)。國立政治大學經濟學系=National Chengchi University。
70. 黃橙軒, C. H.(2020)。國立臺中科技大學財務金融研究所=National Taichung University of Science and Technology。
71. 楊孟萍, M. P.,林妤真, Y. J.(2011)。蜜月期現象與長期報酬關聯性之研究。會計學報，3(2)，69-85。
72. 劉美纓, M. Y.,丁碧慧, P. H.,朱奐聿, H. Y.(2014)。企業社會責任與公司治理、公司績效之關連性研究。第 17 屆科際整合管理研討會，Taipei, Taiwan:
73. 顧瑩華, Y. H.(2012)。中韓 FTA 對台灣的影響。經濟前瞻，141，35-41。