- 學位論文
歐盟EuP指令與股票報酬率之關聯性-以台灣電子產業與食品產業為例
The Relationships between EuP Instructions and the Stock Returns- Evidence from Taiwanese Electronic Industry and Food Industry
摘要
環保已是全球共同關注的議題，EuP指令將帶動國際間相關政策的推動，並掀起一波綠色產品革新；企業若想銷售產品至歐洲或世界其他地區，勢必要遵守並建立符合EuP指令之綠色供應鏈。國內證券市場投資人是否已認知此一國際新趨勢，並透過實際持股行動而反映在股票報酬率之表現，實為一有趣議題。本研究依據資源基礎觀點，檢測與歐盟EuP指令相關的重要事件日，包括宣告日(2005/07/22)、指令確定實施之歐盟國內立法日(2005/08/11)，以及各會員國之國內立法日(2007/08/11)對台灣電子產業與食品產業上市櫃公司股票報酬率之影響。採用事件研究法以及獨立樣本t檢定進行假說檢測；實證結果發現EuP指令宣告對電子產業公司會產生顯著負的異常報酬；而EuP指令之宣告日和歐盟國內立法日對食品產業公司會產生正的異常報酬，會員國立法日則有負的異常報酬。最後，EuP指令對電子產業的影響顯著大於食品產業。
並列摘要
Environmental protection is a common concern of global issue. The EuP instructions will promote in pushing international policies forward, and set off a wave of green product innovation. If enterprises attempt to sell products to Europe or the rest of the world, they should comply EuP instruction and to set up the green supply chain. It is interest to explore whether investors have been recognizing the international trend or not. This study tests the effect of EuP instructions on abnormal returns for the key dates. They are the announce date, domestic legislation date of European Union, and domestic legislation date of EU Member. The event study and independent t test are introduced in the hypotheses examination. Results show that the EuP instructions is negatively related to the abnormal returns in the electronics industry, and is positively related to the abnormal returns in the food industry on the announce date and domestic legislation date of European Union. However, there is a negative relation on domestic legislation date of EU Member. In addition, the impact of EuP instructions on the electronics industry is larger than on the food industry.