[[alternative]]The Effects of Political Contributions on Taiwan Corporate Stock Return

碩士商業教育學系[[abstract]]本文主要的研究目的在探討政治獻金對台灣公司股票報酬是否有影響。以台灣上市公司為研究樣本，觀察2004年4月迄2008年12月期間，剖析台灣政治獻金公司具有的基本特性，並與美國政治獻金公司相比較。接著，利用多元迴歸分析和事件研究法檢視政治獻金與公司股票報酬之關係。 實證顯示，台灣政治獻金公司具較大規模、較高舉債程度、較低市價淨值比以及較高前期報酬之特性；而迴歸結果指出，政治獻金與公司股票報酬呈現正向相關。此外，依據公司政治獻金的對象代表該公司的政黨偏好，並將公司分為藍綠兩派；結果發現，同時捐款給藍綠兩黨之公司具有較高的股票報酬。[[abstract]]The main purpose of this study is to examine the relationships among the political contributions and the stock return of the companies in Taiwan. The samples were selected from the listed companies in the Taiwan Stock Exchange during April 2004 to December 2008. We analyze the basic characteristics of the political contributing firms in Taiwan and compare with the political contributing firms in America. Then, we use the multiple regression analysis and event study to investigate the relationships among the political contributing firm and their stock return. The empirical results show that there are lager firm size, more leverage, lower market to book ratio and higher prior stock return with the political contributing firms in Taiwan. The regression results indicate that political contributors are positive associated with the stock return of the firms. Furthermore, according to the contributing coalitions, we break the contributions data up into Blue and Green Coalition. The empirical results find that the firms which to contribute to both Blue and Green Coalitions have higher stock return