臺灣上市櫃公司股東會日期群聚現象之研究

The Clustering of Shareholders’ meeting Dates in Taiwanese Stock Markets

在2008 與2009 年，臺灣上市櫃公司存在嚴重群聚同日舉行股東會之狀況；尤甚者，585 家公司在2008 年6 月13 日舉行股東會，占該年度上市櫃公司數目的45.35%。有鑑於此，金管會規定自2010 年開始，單日舉行股東會公司數目上限為200 家。本研究檢視此新規定對公司舉行股東會日期決策之影響。研究發現，的確存在公司避免選擇農民曆之「壞日子」召開股東會之現象；然而，部分公司卻是為減低小股東參加之可能性，而根據選擇農民曆之「好日子」舉行股東會，並非基於迷信。而且，選擇熱門日期舉行股東會之公司，在次年仍然呈現相同決策傾向。在新規定實施後，公司持續偏好熱門日期舉行股東會之傾向降低。再就週日期分布而言，企業偏愛在星期五舉行股東會，且避免在星期一舉行。上述傾向在新規定實施後，仍然存在，卻稍微減低。此外，企業也存在董事會與股東會之間隔時間群聚現象，眾數是二者相距12 週，而且以二者皆在星期五舉行最為普遍。本研究說明行為面因素會影響企業舉行股東會日期之決策。

A study of the dates of shareholder meetings held in 2008 and 2009 reveals significant clustering. Especially on 13 June 2008, when 585 firms simultaneously held annual shareholders' meetings, accounting for 45.35% of the total market. Consequently, the Financial Supervisory Committee began to impose a daily limit on the number of firms that could hold shareholders' meetings, initially set at 200. This paper compiles information from the Chinese Farmers’ Calendar and confirms that firms avoid “inauspicious dates” for holding shareholders’ meetings. Furthermore, firms not driven by superstition may also use the Chinese Farmers’ Calendar to select meeting dates, with the aim of deterring some minor stakeholders from attending. We will show that firms who select similar dates for holding shareholders' meetings tend to follow similar policies. The tendency of preserving similar policies has decreased since the enactment of the new regulation. Despite these changes, both before and after the enactment of the new regulation, firms are still most likely to hold shareholders' meeting on a Friday and least likely to do so on a Monday. Nonetheless, there was a slight decrease in the weekend-effect after the new regulation was implemented. Moreover, there was a tendency to hold directors' meetings and the shareholders' meetings on the same weekdays, especially when both meeting dates were held on Fridays, with a gap of 12 weeks in between. This tendency has also decreased since the regulation came into force. The evidence suggests that behavioral factors come in to play when shareholders' meetings are being scheduled