訴訟宣告與判決對台灣上市公司績效的影響

Abstract

本文採用事件研究法，以2001到2010上市公司公佈於公開資訊觀測站的訴訟事件為研究樣本，針對公司發佈於重大資訊處的內容把蒐集到的540個事件日做分類，針對所有訴訟類型的事件，整個訴訟過程即訴訟開始日和訴訟判決日的宣告，對於公司的績效影響做研究，結果發現： 一、無論是原告公司或被告公司，訴訟事件的宣告都會出現顯著的負異常報酬率； 二、有利判決宣告使公司有正的異常報酬率；不利判決宣告使公司有負的異常報酬率； 三、同一訴訟案件中，涉訟公司因訴訟事件造成的損失，大於最終判決所可能獲得的利益。 四、外國訴訟事件的宣告對於公司的影響程度不一定大於本國訴訟； 五、不同訴訟類型所反應的異常報酬率會有差異。刑事訴訟的宣告負的異常報酬率最大，而行政訴訟宣告的影響最小； 六、訴訟標的金額越大的訴訟事件，事件期間被告公司會有越大的負異常報酬率，原告公司會有正的異常報酬率；訴訟金額越小的事件，原告公司會出現越大的負異常報酬率，而被告公司影響較小。 七、公司訴訟宣告的結果會因產業不同，異常報酬率的變動程度亦會不同。

We utilize MOPS (Market Observation Post System) to collect the total of 540 litigation sample from 2001 to 2010 , and use the event study methodology to examine the firm performance. The major findings of this study are as follows： (1)The abnormal returns are significantly negative upon the declaration of litigation, regardless of plaintiff company or defendant company. (2)A significant positive abnormal returns appears when a favorable verdict declares; a negative abnormal returns appears when an unfavorable verdict declares. (3)The losses in the litigation are greater than the benefits in the final verdict for firms involved in the litigation. (4)The impact of foreign litigation does not necessarily greater than native litigation (5)The impact of different types of litigation on abnormal returns vary, with the greater for the declaration of criminal litigation and the smaller for the declaration of administrative litigation. (6)With greater amount of litigation, defendant company has negative abnormal returns and the plaintiff company has positive abnormal returns on the declaration day; with smaller amount of litigation, the plaintiff company has negative abnormal returns and the defendant company is insignificant. (7)The impact of declaration of litigations will be different in industries.