台灣集團創辦人身故對集團上市公司股價報酬率之影響

Do the Death of Conglomerates’ Founders Impact the Stock Returns of their Listed Subsidiaries  Evidences from Taiwan

集團企業創辦人對公司的實質治理或領導的精神象徵扮演著絕對崇高的角色，而其身故辭世對集團事業是否能持續穩定發展，以及第二代接班人之間時有耳聞的權力鬥爭，經常是社會各界與各方投資人關注的重點。然而國內學術界對此類重大事件對其集團企業的股價是否造成異常衝擊的研究，卻是付之闕如。本研究利用事件研究法，意欲探討創辦人辭世對集團企業股價是否產生異常報酬、不同集團企業創辦人辭世對股價異常報酬之影響是否有所差異、創辦人辭世是否對股價有市場效率的影響等三項議題。實證研究結果顯示，整體而言，集團企業創辦人身故事件造成市場股價異常波動並無顯著性，亦無身故(臨終病危)資訊提前洩露現象。此種現象或可歸因於集團企業具有較完善的公司治理結構與機制。然而從個別集團企業之子公司的股價樣本資料實證結果顯示，樣本集團企業在傳承接班的表現上面實屬台塑集團及富邦集團的穩定性最高，長榮集團最低。此實證結果可提供企業改善其傳承機制及股市投資人建構持股之參考依據。

Business conglomerates' founders play a supreme role on corporate governance and strategic leadership. The death of a conglomerate's founder is frequently highlighted by the media and worried by related investors due to their concern about whether the whole conglomerate's business can keep move forward stably and the inheritance and succession crisis or confliction will occur or not. However, the related research has not been found on exploring these major events' impact on the returns of conglomerates' listed subsidiaries. This study aims to investigate whether the death of conglomerates' founders will result in significant abnormal rates of return on their subsidiaries' stocks and whether there exists impact deviation among different conglomerates by the method of event study. We also attempt to further examine if there exists information leakage phenomena on the verge of death in these events. Our empirical results show that both abnormal returns and information leakage cannot be significantly justified. These findings could be attributed to the relatively well-established corporate governance structure and mechanism of business conglomerates. However, our findings present significant difference on various conglomerates' performance on their inheritance and succession stability, evidenced by Formosa Plastics Group and Fubon Financial Group as the superiors but Evergreen Group as the inferior.