本研究以2000至2016年於總統選舉前三個月表態支持特定候選人之企業及無宣告之上市股票為研究樣本,依是否發表支持之特定政黨候選人將所有公司歸類為綠營概念股、藍營概念股、無表態之企業三類,以表態支持之宣告日及2000年至2016年之五屆總統大選為研究事件,實證結果發現於可分析年度,除2012年藍營概念股出現負向宣告效果,其餘不論藍、綠概念股皆於事件窗口出現正向宣告效果,此外股票報酬波動風險的部分,2000年藍營股選後風險上升;2004年所有類別選後風險上升,無宣告企業於2004年執政日後風險亦顯著提高,其餘皆於總統選舉事件結束日後出顯下降趨勢。
We use the sample of companies that support specific candidates or not in the three months prior to the 2000-2016 presidential elections. According to entrepreneurs’ support for a specific candidate before the election dates, we divide their shares into “Kuomintang-Party-concept”, the “Democratic-Progressive-Party-concept. The empirical results reveal that the majority of sample show significant positive announcement effect except the Kuomintang-Party-concept stocks in 2012. In addition, their risk show a downward trend after the presidential election dates for all election years. But the risk of the Democratic-Progressive-Party-concept stocks rises after election dates for all sample years, it of the Kuomintang-Party-concept stocks rises after the election dates only for the 2000 sample. The risk of all categories rise in 2004, and unannounced company stocks still increase significantly after the ruling day.