本研究以2010年至2013年以違反資訊申報、重大訊息及記者會規定之上市(櫃)公司違反重大訊息資料為研究對象,檢測當公司發生重大訊息缺失時市場投資人之反應是否因裁罰金額、發佈延遲重大訊息的時間及發佈的重大訊息內容與事實不符而有所不同。實證結果顯示,因違反重大訊息處理程序被處以罰款時且罰款金額愈大影響市場投資人負向反應愈明顯。違反重大訊息缺失時,發佈延遲重大訊息的時間愈長,市場投資人之負向反應更明顯,實證結果顯示,平均而言市場投資人對於重大訊息缺失延遲發佈有負向反應,但對於延遲發佈時間愈長者之負向反應愈明顯,且愈可能在重大訊息公告前即已事先洩露訊息,因此在宣告日之負向反應較不明顯,反之,若延遲發佈時間愈短者,其在宣告日之負向反應更為明顯,在宣告日前的較無事先洩露訊息之情形。最後驗證發佈的重大訊息內容有誤,與事實不符時,在宣告日前後兩天及宣告日當日及後一天有發現市場投資人之負向反應更明顯但並非很顯著,其他較長的窗期則並未發現顯著差異。
This study uses a sample of Taiwan listed firms incurring a material information disclosure failure (MIDF)for the years of 2010 and 2013, and applies the methodology of the event study to examine how investors respond to MIDFs. In order to understand how investors respond to and the underlying causes of MIDFs, this study determines whether investors’ reaction will be different due to the amount of fine, delay in announcement and variance with the facts. The empirical results show that investors tend to give a negative response to fine incurring MIDFs—the higher the fine and the longer delayed time to publish MIDF, the more prominent it leads to the negative reaction to investors. In general, Investors’ have negative reaction to MIDF; however, the longer the publishing time delays, the more pronounced the negative reaction is and the more probable leaks the information. That is, the negative reaction is not prominent at declaration date if the longer the publishing time delays. On the other hand, the shorter the delay in announcement, the more obvious negative reaction is at declaration date but not quite prominent. In the situation which variance with the facts, this research finds that the negative reaction is more prominent in short-term event periods (the two days before and after declaration date, the declaration date and one day after the declaration date ) and other periods are not.