A Study on the Market Responses in the Case of Industrial Leaders Facing Major Crisis

[[abstract]]過去針對重大事件對股市的影響，常以股市類、財金類為研究對象，鮮少以突發危機事件為主，且如若危機事件發生於產業龍頭，對產業的影響又如何?本文以鴻海集團旗下之子公司富士康墜樓事件為主軸，利用事件分析法探討當產業龍頭發生危機事件時市場產生之影響，最後導入多元迴歸模型中進一步分析不同財務狀況與公司治理變數對薪資成長之影響。實證發現當產業龍頭發生此危機事件時市場產生負面影響，彼岸這端的鴻海股市反應略落後於富士康之市場反應，又其後續鴻海數次以大幅度加薪措施，最終平息了事件之風波。研究結果發現，墜樓事件與加薪事件後確實影響了整體產業的薪資水準；影響薪資的因素中，獨立董監席次愈多，薪資成長率愈高，顯示獨立董監於扮演監督角色之外，對員工權益亦有正向影響。[[abstract]]Most previous studies on the influence of major events on stock market focus on perspectives of stock market and finance rarely to sudden crises This paper aims to explore the influence of the crisis when occurring on industrial leaders and treat the Foxconn suicides as the focus Employs Event analysis to examine the market reaction Finally Multiple regression model was analyze the effect of the salary raise level for different financial situation and corporate governance variables The results suggest that the crisis when occurring on industrial leaders would result in negative influence on the market The market reaction in Taiwan slightly lags behind that in Mainland China Foxconn implemented salary raise several times and finally ended the crisis This study found that the suicides and salary raise have affected the overall salary level of the industry Among the factors affecting the salary when there are more seats of independent directors the salary raise level is greater indicating that the independent directors not only play the supervisory roles but also have a positive effect on the employees’ right