重大公共政策對企業價值影響之探討

近年來國內薪資水準偏低與勞工工作時數過長是社會持續關注的議題，長期的低薪問題使貧富差距擴大的M型社會更加明顯，薪資與工作時數為企業營運的重要考量要件，而為了落實周休二日並讓勞動權益獲得維護的相關法令之實施，使企業為遵守勞工權益政策而對企業營運產生衝擊，預計的成本增加極可能引起投資者關注，進而影響企業價值。本研究旨在探討一例一休政策與軍公教調薪宣告是否會對於台灣上市櫃公司之價值產生重大影響，利用事件研究法對企業進行檢定，探討政府政策相關事件發生時是否對企業價值產生異常報酬，並分析不同類股之差異以及分析人力密集產業與非人力密集產業之差異。本研究的實證結果顯示，當發生政策事件時公司價值會產生負向異常報酬，且不同類股企業所產生的時間以及程度也不相同，而推論方向與實證結果一致。

關鍵字

事件研究法；異常報酬；企業價值；公共政策

並列摘要

In recent years the issues of low wage levels and labors’ long working hours remain a topic that society in Taiwan continuously pays much attention. The long lasting low wage problem has widened the gap between the rich and the poor, making M-shaped society more obvious. Wages and working hours are important elements that need to be considered in business operation. In order to carry out relative rules and regulations that realize five working days per week and maintain labors’ rights, businesses that comply with policies regarding labors’ right may face impact on business operation. The expected increase in cost probably would draw investors’ attention, further affecting corporate values. The study aims to explore whether the policy of one fixed day off and one flexible rest day and the announcement of salary increase in military, government, and education sectors would have major effect on values of public listed companies in Taiwan. The study applied event study to examine companies, exploring whether the occurrence of relative events generate abnormal return in companies’ value, and thus analyze the difference among industries and the variation between labor intensive and non-labor intensive industries. The empirical results show that when policy events occur there would be negative abnormal returns in firm value. The timing and extent of the abnormal return in different industries are also different. The deducted direction is consistent with empirical result.