The Impact of Political Contributions on the Performance of Construction Industry

[[abstract]]本研究以2008總統大選為事件研究日，探討有政治獻金行為的營建企業是否對企業在總統大選後一年、後二年及後三年的累積平均異常報酬與經營績效指標產生影響。以台灣上市櫃營造建設類股為研究樣本加入政治獻金資料區分有無政治獻金行為企業，並更細分為僅捐贈國民黨、僅捐贈民進黨與同時捐贈兩黨的企業，考量是否會在營建業普遍存在的非常續性損益及高財務槓桿產生影響。 觀察到後二年與後三年有政治獻金的營建企業在累積平均異常報酬率與經營績效變動的確有別於沒有政治獻金的營建企業。不論在後二年與後三年的累積平均異常報酬下，捐贈民進黨方與兩方都捐贈的政治獻金都呈正顯著，尤其僅捐贈民進黨能夠帶來更程度的正累積平均異常報酬。 然而經營績效上，在後兩年未考慮財務槓桿的整體損益下，僅捐贈不同方的政治獻金變數呈不同方向顯著，捐贈國民黨的為負顯著，捐贈民進黨的為負顯著。後三年時，曾捐獻國民黨政治獻金確實有助於營建企業考量財務槓桿下的經營績效，且同時考量非常續損益時政治獻金的有助程度將更高。 研究結果雖然政治獻金的確有利各項指標，但是造成累積平均異常報酬與經營績效的原因並非來自相同立場的政治獻金捐獻。也因為政治獻金立場在股價與經營績效有著不同的影響，營建企業更應慎重考慮捐贈金額與立場，方能真正提升企業價值。[[abstract]]This thesis researches the impact of political contributions on the performance of construction industry during the one-year period two-year period and three-year period after presidential election year The study considers the extraordinary profit and high leverage The sample of this study is the public offering of construction industry in Taiwan The political contributions companies of construction industry have better performance in two-year period and three-year period after presidential election year In cumulative abnormal return the companies connected to green and the companies connected to blue and green are positive significantly In particular companies connected to green more significant than others In operating performance the companies connected to green and the companies connected to blue are significant in two-year period without considering leverage The p-value of green is positive The companies connected to blue are significant to the indicators about leverage in three-year period And the indicators are more significant that consider the extraordinary profit and leverage The study finds the impact of political contributions on the construction industry The impact of the cumulative abnormal return and the operating performance come from different political-connected Construction companies have to consider the contributions and the political-connected for the company valu