兩岸汽車召回對其廠商股價之影響

Abstract

在經濟全球化的現今，汽車製造商為降低生產成本，採取零組件共用策略，藉由專業化分工降低生產成本，以及利用零組件通用的特性使單一零組件適用每一車款。當汽車零組件發生瑕疵時，車商會透過召回(Recall)的動作，修復該項瑕疵。隨著各國政府對汽車召回法規的重視，未來汽車召回事件將會日益頻繁。本研究目的探討汽車召回發生時，兩岸汽車廠商的股價在媒體發布召回新聞日及車商公告召回日是否產生異常報酬，並比較兩岸汽車廠商股價的平均超額報酬率是否有顯著的差異。 本研究採用近五年度台灣及大陸地區汽車召回事件樣本，以事件日研究法探討召回時的異常報酬，經實證結果得知，兩岸汽車廠商在媒體發佈召回新聞日及車商公布召回日皆有顯著的負向異常報酬，且在媒體發佈召回新聞日的異常報酬較車商公告召回日更為顯著。又以變異數分析比較兩岸車商在召回發生時的平均超額報酬率，發現大陸車商在官方公布召回日的異常報酬較台灣車商更為顯著，但在媒體發佈召回新聞日則無顯著差異。綜合上述，汽車瑕疵召回訊息的發佈確實會影響車商股價，車商應做好品質管理以避免瑕疵發生，並在召回訊息發佈時以其他財務控制方法降低損失。

When an automobile part defect has been found, the automobile company should provide a remedy at no charge, which is called “Automobile Recall”. With the government's emphasis on car recall regulations, automobile recall events have become increasingly frequent. The purpose of this study is to investigate whether the stock price of automobile companies of the cross-strait regions will produce abnormal returns on the media released days and the automobile companies announced days. The study also compared the abnormal returns of automobile companies between two straits whether there is a significant difference. In this study, we used the sample of automobile recalls in Taiwan and mainland China in the past five years to discuss the abnormal returns using the event study method. The empirical results show that the automobile companies between two straits have produced a significant negative abnormal return during the media released day and the automobile companies announced day. In addition, the abnormal return produced in the media released day is more significant than that in the automobile companies announced day. The study also used the variance analysis to compare the abnormal returns between companies of two straits, and found that abnormal return of China automobile companies is more significant than Taiwan’s during the media released day.