台積電宣佈德國設廠對台灣科技大廠股價之影響

The Impact of TSMC's German Plant Establishment Announcement on the Stock Price Performance of Taiwan's Tech Giants

本研究透過事件研究法，探討台積電宣布到德國投資設廠事件是否會異常影響台灣上市科技大廠股價及是否存在設廠消息提前揭露與投資人的持續關注程度。檢定結果指出，在事件期間，只有事件日前第七天的P值1.63%，達到5%的非常顯著水準，平均異常報酬則為1.09%。此外從平均累積異常報酬檢定結果顯示，不同累積事件期間平均異常報酬率之檢定皆無顯著性反應，顯示設廠確立的消息除了並無在市場上提前揭露情事，投資人對此投資之持續關注亦呈現疲弱現象。此或可歸因於該投資之規模與技術層次遠不及先前美國亞歷桑納投資案外，投資人對德國政府應允的巨額資金補助疑慮及台積電的管理制度於文化是否配適德國勞工，依舊充滿懸念。

This study employs an event study methodology to examine whether TSMC's announcement of its investment to establish a factory in Germany has an abnormal impact on the stock prices of Taiwan's listed tech giants and whether there is any early disclosure of the factory establishment news and the degree of sustained investor interest. The test results indicate that during the event period, only the P-value on the seventh day before the event was 1.63%, reaching a very significant level of 5%, with an average abnormal return of 1.09%. Additionally, the test results of the average cumulative abnormal returns show that there is no significance in the tests for different cumulative event periods. This indicates that, apart from the absence of early disclosure of the factory establishment news in the market, investor attention to this investment has also shown a weak response. This may be attributed to the fact that the scale and technological level of this investment are far less than the previous investment case in Arizona, USA. Furthermore, there are lingering concerns about the substantial financial subsidies promised by the German government and whether TSMC's management practices are culturally compatible with the German workforce.