我国实施员工分红费用化对半导体业股价之影响摘要.PDF

In 2008, the impact of Expensing Employee Bonus, we taking of 2005 to 2006 stocks listed electronic semiconductor company as a sample of 43 stocks. And take 43 sample stocks are divided into five categories, and were using Event Study in the market model, then calculate the average abnormal returns and cumulative average abnormal returns, and use “Traditional Method” ”Ordinary Cross-Sectional Method” “Sign Test” to test the significant and analysis. The empirical results are as follow, because Event Study return most of the non-normal distribution, So use of Traditional Method no significant levels, Instead use Ordinary Cross-Sectional Method and Sign Test is have varying degrees of significance level. When the impact of “Expensing Employee Bonus was announced, The sample group of higher stock prices before the announcement at the event, the stock price generate significant reaction and the cumulative average abnormal returns (CAR) up to 2.9838%,higher compared to other sample groups. And the other sample groups were in the stock price after the announcement has generated a significant level in varying degrees, also the day after the event (T = 2) mostly have a high significance level of 1%; Relative the sample group of low stock price, The reaction to this event return is negative, The results indicated that high and low stock price for this event there are different levels of response. Expensing Employee Bonus Event Study Traditional Method Ordinary Cross-Sectional Method Sign Test Stock Prices