公司發言人異動對股價影響之研究

The influence of the company’s spokesman change on stock

證券主管機關為推動公司治理、強化公司永續經營及企業對利害關係人（含投資人）之責任道德理念，規範上市櫃公司應任命發言人代表公司對外發言並授權其對外發布公司重大訊息揭露權限；同時亦規範上市櫃公司應於企業重要管理階層發生異動時發布重大訊息。因此本文主要探討上市櫃公司人事異動中屬發言人之異動及其所宣告之更換原因與兼任發言人職務類別對股價影響。研究以上市櫃公司共計552筆發言人異動宣告樣本。事件研究結果發現，公司發言人異動宣告後對市場呈現負向反應。實證結果發現，發言人異動宣告之事件期於前後10 日之異動原因為職務調整者，於市場上投資人反應於股價之累積異常報酬對有顯著負影響效果，而宣告事件中舊任發言人之兼任職務類別對市場股價並無顯著影響。

To promote corporate governance and strengthen the company's sustainable operation and the company's ethical concept of responsibility to stakeholders (including investors), the competent securities authority required the company to appoint aspokesman who are representing the company in making statements and authorize the spokesman to announce the major information. The competent securities authority also regulates that listed companies should release material information when the company's important management changes. This article mainly discusses the influence of the company's spokesman changing on the stock value, as well as the announced reasons for the replacement and the concurrent role of the spokesman whether the job category affects the effect. The study uses atotal of 552 samples of listed companies' spokesman announcement. The results of the event study found that the company's spokesman showed anegative reaction to the market after the announcement of the change. The results in the market found that the investor reaction to the stock value and had asignificant negative influence of the accumulated abnormal returns in the event period 10 days before and after the announcement. The former spokesman in the announcement event The category of concurrent positions has no significant impact on stock price.