[[alternative]]The Influences of Disposition Measures on Stock Returns in Taiwan Stock Market

[[abstract]] 本文以2015年6月1日至2020年11月30日遭受處置之上市及上櫃股票作為研究樣本，利用事件研究法探討臺灣股票於處置期各階段異常報酬率之情形，分析上市及上櫃公司不同市場之間異常報酬的差異性，以及因異常漲、跌幅或其他因素遭處置的股票，所產生異常報酬的情形及差異性，進而再加以探討處置期間累積異常報酬的差異性對於處置期結束後，是否會造成不同的異常報酬。實證發現上市及上櫃樣本遭處置後皆有負的異常報酬，直到處置結束前3日才有正的異常報酬率產生。比較不同因素處置樣本發現，漲幅異常而遭處置的股票遭處置後，有顯著負的累積異常報酬，處置結束前3日，所有樣本皆有顯著正的異常報酬，處置期結束後，僅有跌幅異常樣本有正的異常報酬。另由實證中發現，股票於處置期所累積異常報酬率對於處置結束後會產生不同的的異常報酬情形。[[abstract]] In this study, event study method was used to explore the stock abnormal returns during the disposition period in Taiwan Stock Market, sampling form stocks of the companies listed on the stock exchange market and over-the-counter market disposed during 2015 to 2020. The differences in abnormal returns between the stock exchange market and over-the-counter market and (between) the reasons of dispositions were investigated to determine the effect of the cumulative abnormal returns during the disposition period on stock abnormal returns after the end of disposition. Our findings showed that after disposition announced, the negative abnormal returns were found among the samples both of companies listed on the stock exchange market and the over-the-counter market until three days before the end of disposition. Among the samples of different disposition reasons, the significant negative cumulative abnormal returns were observed after stocks disposed with abnormal price increasing. Besides, the significant positive cumulative abnormal returns were found three days before the end of disposition in all samples. In addition, positive abnormal returns were only obtained in price decreasing samples. Our evidences showed that after the end of disposition, abnormal returns were affected by the cumulative abnormal returns during the disposition period