制度改革變遷之研究──以《金融監督管理委員會組織法》為例

The Study on Reform of Financial Regulation The Case of Organization Act of Financial Supervisory Commission

本研究透過事件研究法探討《行政院金融監督管理委員會組織法》之通過，對我國上市金融業之宣告效果，並以迴歸模型分析平均異常報酬與公司財務特性之關聯性。實證結果顯示：一、《行政院金融監督管理委員會組織法》立法後，樣本公司平均異常報酬皆為顯著負成長。二、在財富效果部分，事件日當日，金融控股公司財富效果係數較非金融控股公司顯著負向。三、財務特性與平均異常報酬之迴歸分析裡，負債比率較小的公司在《行政院金融監督管理委員會組織法》立法時，受到的衝擊顯著較小。

Based on the event study, this paper studies the effect of declaration for the Organization Act of Financial Supervisory Commission on financial industry in Taiwan. At the same time, the relationship between the average unusual remuneration and business financial characters is analyzed by using regression model.
The empirical results reveal as follows:
1. After enforcing the Organization Act of Financial Supervisory Commission, companies in sample have significant negative effect for average unusual remuneration.
2. For Wealth effect, the financial holding companies have more significant negative effect than others on the announcement day.
3. The results for the analysis of financial characters and average unusual remuneration show that the companies having less debt have relatively small impact while the Act enacts.