反托拉斯訴訟與股價反應：台灣與南韓面板業之實證研究;Antitrust litigation and stock market reaction:an empirical study of Taiwan and Korea Panel industry

NCUIR > School of Management at National Central University > Executive Master of Finance Management > Electronic Thesis & Dissertation > Item 987654321/68531

Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/68531

Title:	反托拉斯訴訟與股價反應：台灣與南韓面板業之實證研究;Antitrust litigation and stock market reaction:an empirical study of Taiwan and Korea Panel industry
Authors:	簡智偉;Chien,Chih-Wei
Contributors:	財務金融學系在職專班
Keywords:	反托拉斯;CAR事件研究法;寬恕政策;認罪協商;股價報酬率;Antitrust;Event study;Leniency policies;Plea negotations;Stock return
Date:	2015-07-30
Issue Date:	2015-09-23 11:59:44 (UTC+8)
Publisher:	國立中央大學
Abstract:	台灣近年重要的產業如車燈業、航空業及TFT-LCD面板業，因從事聯合壟斷商品價格，約定不為相互競爭的商業聯合行為，受到國際間反托拉斯組織調查違法卡特爾行為(Cartel)而遭處罰金與被刑事起訴的情況是愈發嚴重。美國司法部是從2006年12月起開始，陸續針對台灣、南韓及日本的面板業者等九家公司展開反壟斷調查，涉及合謀共同參與TFT-LCD 面板市場的聯合價格操縱（Price fixing），已違反美國反托拉斯法（Anti-Trust），除三星(Samsung)轉為污點證人的情況，得適用「寬恕原則」免予刑罰下，其餘八家廠商在2008年起陸續認罪協商並繳交罰金，期間唯獨台灣友達光電堅不認罪持續上訴，後遭美國法院起訴重罰並判重刑。本研究從目前執行反托拉斯政策歷史悠久及法規完善兩個地區：美國與歐盟，先從介紹美國的反托拉斯法法案開始，到反托拉斯法之執行過程及其特殊之認罪協商機制、寬恕政策，再談到反托拉斯法之罰金效果與影響，並深入研究各事件日下受控訴廠商與其原上市地市場之間的股價報酬率等相關性研究。本研究因目前國內研究反托拉斯法議題大多以法律面及管理面研究居多，財務相關的實證文獻則非常缺乏，在此使用事件研究法，將自2006 年起涉案的台灣及南韓面板業共同列為研究對象樣本，主要台韓的產業結構相似，皆以出口為導向為主，並探討各事件日下，以情境分析樣本公司股價累計異常報酬、股票異常交易量情形及處罰效果，搭配財務營運績效，這些研究結果，企業於面臨反托拉斯訴訟時，企業管理階層得以參考認罪協商之時間早晚，分別得到處罰的效果各為何，採取適當因應策略。實證結果顯示整體樣本不管事件日、最終判決結果、認罪協商與否，以整體樣本平均而言，於新聞日或是訴訟日前的累計異常報酬皆呈負報酬。訴訟日後十五日出現短期異常負報酬，後因其訴訟負面效果消除，累計異常報酬由負轉正，呈現正報酬。 ;In recent years, an increasing number of firms in Taiwan’s important industries such as headlamp manufacturing, international airlines carriers, TFT-LCD panel manufacturing were investigated or even prosecuted by US or EU antitrust agencies for conducts involving concerted price fixing. From the beginning of December 2006, the U.S. Justice Department accused nine companies of involving in the conspiracy to participate in the TFT-LCD panel market of joint price-fixing, which violated U.S. antitrust law. In addition, Samsung is the Whistleblower applicable Leniency policies. In 2008, eight of the other nine manufacturers pleaded guilty to the accusation except AUO, which continues its confrontation with the U. S. courts and was fined the highest amount of five hundred million US dollars. This paper first studies the U.S. and the EU antitrust laws and focuses on plea negotiations, leniency policies, and fining effects. It then investigates the stock market reactions to antitrust litigation in various event day. The cumulative abnormal returns are calculated for different event days and firms with different roles in litigation. The empirical results show negative cumulative abnormal returns before the event date regardless of news day or litigation day, plea negotiations or not, or the final verdict. The results also indicate a short-term negative abnormal returns after litigation day and turning positive after 15 days.
Appears in Collections:	[Executive Master of Finance Management] Electronic Thesis & Dissertation

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