全國型品質獎宣告對股價與企業風險的影響

本文探討台灣地區上市公司在獲得全國型品質獎得獎宣告後，是否能產生股價立即推升之外部效益，使得獎公司股票出現異常報酬，以及企業財務風險降低之內在效應。首先，以事件研究法檢定得獎宣告對股票短期異常報酬的影響，利用1979-2003年股市資料進行實證研究發現，得獎宣告日及其前後各一日之股票異常報酬與零無顯著差異，表示得獎宣告對短期股價未具有顯著正向的資訊內涵。其次，以年為基準依獲獎企業宣告發生執行期與執行期後，並進行年序中企業股價行為之比較，結果發現得獎企業的股價反應可能有長期外溢效果，連帶也使同產業的企業股價受益而有長期異常報酬。最後，檢定得獎宣告對企業財務風險之衝擊，結果得知企業風險並未因得獎而有所改變，亦即無顯著降低之現象。因此多數台灣投資人對全國型品質得獎企業的獲獎資訊反應較慢，短期並不會解讀為影響其股票投資決策之正向訊息，但長期有正面效果。此實證結果可供投資人及公司管理當局參考。

關鍵字

全國型品質獎；事件研究法；股票異常報酬；企業風險

並列摘要

In this paper, the effect caused by winning the National Quality Award (NQA) to enterprises in Taiwan is discussed. The outer effect of up swinging stock price to bring prodigious remuneration is an issue, and the inner effect that lowers down business risk of the company is another. Firstly, the event study method was used to compute the bouncing remunerations caused by the award announcement. The stock market information from 1979 to 2003 was analyzed in this empirical research to come out that the stock prices on a day before and after the award-announcing day showed no significant fluctuations. This indicates that the award announcement makes no dominant benefit to the short-term stock price. Second, the yearly performance of the certain stock behavior is observed. The stock prices of the entire year just before and after the point of award-announcement showed no significant differences with those of other years. There were bouncing remunerations through buying and holding the stocks. It turns out that there may be a spillover effect. on the reaction of the NQA winner's stock price, which benefits the enterprises of the same industry with a long term abnormal return in the stock market as well. At last, the impact of the Award on the firm's business risk is screened. It came out that no significant change of business risk arose due to the award announcement, namely that there was no phenomenon of lowering down business risk by getting awarded. Thus the NQA announcement makes an influence on the stock market rather slowly and may be not recognized a piece of positive message for investors' decision to the stock investment in the short term; however it has a positive effect indeed in the long term. The empirical result is provided for the investors' and enterprises' references.