董事政治關聯及政治獻金影響企業價值嗎？

Do Directorate Political Connections and/or Political Donations Affect Firm Value?

張琬喻(Woan-Yuh Jang) ； 張凱雯(Kai-Wen Chang)

《選舉研究》 18卷1期 (2011/05) Pp. 139-174

https://doi.org/10.6612/tjes.2011.18.01.139-174

摘要

本研究以台灣上市公司為研究樣本，依公司董事個人政治色彩將所有公司歸類為泛藍派、泛綠派或其他類，分別以「2008總統大選」與「公司聘任具政治背景董事之宣告」為研究事件，探討不同政治色彩之政商網絡關係對企業價值的影響，並同時考慮政治獻金的因素。實證結果發現，當藍營贏得總統大選時，泛藍派公司具有勝選行情，在股票市場上產生顯著正向累積異常報酬；而敗選的綠營，則使得泛綠派公司呈現落選行情，對公司之股價異常報酬率產生負向影響。在政治獻金方面，藍營與綠營皆有捐贈之公司累積異常報酬顯著大於僅捐給藍營之公司。在具政治背景董事進入董事會之宣告效果部分，結果顯示當公司宣布聘任泛藍派董事消息時，公司股價出現顯著正向累積異常報酬；而公司聘任泛綠派董事之宣告，在股價反映上則沒有顯著的異常報酬發生，但兩者之差異並不顯著。

關鍵字

總統選舉 ； 政商關係 ； 董事政治關聯 ； 政治獻金 ； 事件研究法

並列摘要

The research uses the hand-gathered data that details the political background of all directors on the boards of companies listed in the Taiwan Stock Exchange (TSE). The companies are divided into three groups: companies connected to the Pan-Blue Coalition, companies connected to the Pan-Green Coalition, and the others. This article looks at two different events. The first is the 2008 president election on March 22 incorporating the factor of political donations, and the second is the announcement of politically connected director appointment. The study examines the effects of political network linkages on firm value. The analysis shows that companies connected to the Pan-Blue Coalition exhibit a positive and significant cumulative abnormal return when the Pan-Blue Coalition wins the 2008 president election. Conversely, companies connected to the Pan- Green Coalition suffer a negative cumulative abnormal return. In addition, the companies which donate to both Pan-Blue and Pan-Green Coalitions experience a cumulative abnormal return significantly greater than those only to the Pan-Blue Coalition. This article also demonstrates that the stock market displays a positive response following the announcement of the appointment of directors connected to the Pan-Blue Coalition. However, there is no significant abnormal return on the stock market when news of directors connected to the Pan-Green Coalition entering the boards is announced. Furthermore, the difference between the two groups fails to be significant.

並列關鍵字

president election ； political relationships ； directorate political connections ； political donations ； event study methodology

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