| Summary: | 碩士 === 中國文化大學 === 財務金融學系 === 102 === Recently, international trade has been deeply affected by the trend of industrial specialization, and it has been an important developmental strategy for multinational corporations to establish production base in oversea countries. Moreover, the shortage of raw materials, the increasing of wage, the price of lands, and the legal issues due to environmental conservation have made Taiwan lose its competitive advantage in labor- intensive industries. In order to pursue a bigger market, abundant resources, and lower cost, enterprises have gradually established production base in oversea countries. Therefore, this study used GARCH risk-adjustment model to investigate Taiwanese listed companies in which industrial incidents once occurred in their China production base from 2006 to 2013, and aims to find out how their Taiwan headquarter companies’ stock prices react to those incidents and whether there are information asymmetry and conceal a reality or not. In addition, this study tries to analyze the explanatory variables which affect by cross-sectional regression analysis. The empirical findings perhaps can be a reference benchmark for Taiwanese companies in decision-making.
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