台灣上市(櫃)公司單月營收創新高之宣告效果

論文提要內容：本研究以2013年1月至2021年12月止，單月營收創新高之台灣上市(櫃)普通股為樣本，利用事件研究法檢定其在營收宣告日前後之平均異常報酬或累積平均異常報酬是否顯著異於零，即探討營收創新高之宣告效果。此外，本研究進一步探討市場別、產業別、營收創新高程度和營收規模對其宣告效果之影響。研究結果顯示無論全部樣本，或以市場別、產業別、營收創新高程度及營收規模所區分之子樣本，其股價在營收宣告日前後皆存在顯著的正向異常反應，即股價對營收創新高訊息產生顯著正向宣告效果。雖然上市或上櫃之市場別不會影響宣告效果，但是電子子樣本的宣告效果相對高於非電子子樣本。同時，營收創新高程度與營收規模會影響營收創新高之宣告效果，宣告效果與其單月營收對歷史最高單月營收比率存在正向關係，以及與其營收規模存在負向關係。

關鍵字

單月營收創新高；宣告效果；股票股價；事件研究法

並列摘要

Abstract: This study uses Taiwan's listed common stocks with the highest monthly sales from January 2013 to December 2021 as a sample. The event study method is used to test whether the average abnormal return or cumulative average abnormal return is significantly different from zero before and after the sales announcement date, that is, to explore the announcement effect of the highest monthly sales. In addition, this study further explores the impact of exchanges, industries, ratio and size of the highest monthly sales on its announcement effect. The research results show that whether the whole sample or the subsamples divided by exchanges, industries, ratio and size of the highest monthly sales, the stock price has a significant positive abnormal effect before and after the sales announcement date, that is, the stock price has a significant positive announcement effect on the news of the highest monthly sales. Although different exchanges do not affect the announcement effect, the announcement effect of the electronic subsample is relatively higher than that of the non-electronic subsample. The ratio and size of the highest monthly sales affect the announcement effect of the highest monthly sales. There is a positive relationship between the announcement effect and its ratio of monthly sales to the highest monthly sales. There is a negative relationship between the announcement effect and its monthly sales size.