臺商被美國提控反傾銷之實證分析——中國大陸第三國效果存在嗎？

THE IMPACT OF U.S. ANTIDUMPING FILINGS ON TAIWANESE FIRMS: ARE THERE THIRD COUNTRY EFFECTS FROM CHINA?

由於臺灣與中國大陸在經濟上高度連結，故有臺商被控訴反傾銷是否受中國大陸牽連的疑慮。本研究使用1991–2014年27件美國對臺商提控之反傾銷案例為研究對象，使用事件研究法之實證結果指出，和大陸相關案例顯著對臺商超額報酬有負面影響，大陸未涉案案例反而有可能是正面影響。進一步，影響被控超額報酬的決定因素中，廠商特性和反傾銷判決是主要決定因子，其中，和中國大陸相關變數幾乎都對被控超額報酬有顯著負面影響。也就是說，在臺商被美國提控的反傾銷案件中，應存在中國大陸的第三國效果。

Given the high degree of economic linkage between Taiwan and China, there have been concerns that antidumping action against Taiwanese firms may have some connections with China. Thisstudyexamines 27 antidumping cases brought by the U.S. against Taiwanese firms over the period1991–2014. The empirical results obtained using the event study approach indicate that antidumping cases relating to China had a significant negative impact on the abnormal returns of Taiwanese firms,whereas those cases not relating to China appeared more likely to have a positiveimpact. Furthermore, we showed that the main factors determining the impacton abnormal returns werethe characteristics of the individual firm and the ruling handed down in the antidumping case. Finally, China-related variables almost all showed a significantly negative impact on abnormal returns; in other words, it appears that Taiwanese firms might suffer in jury in U.S. antidumping filings resulting from the third country effects from China.