本研究採用2015年至2021年「臺灣高薪100指數」新增及剔除成分股之樣本資料，透過事件研究法及線性迴歸模型進行實證分析，探討「臺灣高薪100指數」新增及剔除成分股之宣告效果及此宣告效果的影響因素。細究之，即探索「臺灣高薪100指數」成分股新增及剔除之宣告是否具有資訊內涵(Information Content)，並進一步驗證樣本公司之季營收年增率及員工平均福利費用兩變數是否影響事件宣告效果。
事件研究法實證結果顯示，「臺灣高薪100指數」新增成分股存在短期正的宣告效果，符合資訊內涵假說，且股價有提早反應情形。但可能因獲利了結，事件日後2日發生價格反轉。另外，在剔除股方面事件生效日後，則產生顯著的負平均異常報酬率，且具持續性效果，符合資訊內涵假說。
而利用迴歸分析法驗證「臺灣高薪100指數」成分股增刪宣告效果因素，發現了新增成分股樣本部分，季營收年增率越高，能使公司股票累積異常報酬率提升，兩者具顯著正相關性，符合內涵資訊假說。而就剔除成分股樣本而言，無論季營收年增率或員工平均福利費用皆與股票累積異常報酬率無相關。
整體而言，本研究結果發現「臺灣高薪100指數」成分股增加有正的宣告效果，成分股刪除則有負的宣告效果。除此之外，若能再將新增成分股的樣本公司分出高季營收年增率之樣本，則將可形成擁有更高異常報酬之投資組合。本研究所獲實證結果除了提供投資大眾具正異常報酬之投資策略作參考，與員工分享利潤可提高企業價值的意涵更可給予法人作為企業永續經營之參考。

This study explored the impact of "Taiwan High Compensation 100 Index" when the newly added and excluded stocks announced, also the factors of this effect. We are doing empirical analysis through the event study method and the linear regression model, including the samples, which are the newly added and excluded constituent stocks price data of "Taiwan High Compensation 100 Index" during the periods from 2015 to 2021. Furthermore, we will explore whether the announcement of the newly added and excluded constituent stocks has information connotation, and find the impact of the two variables, “quarterly revenue growth rate” and “the average employee benefit expense”.
The empirical results of the event study method show that the newly added constituent stocks of "Taiwan High Compensation 100 Index" have positive announcement effect in short term, which is in line with the information connotation hypothesis, because of the stock price early reaction situation. However, a price reversal occurred 2 days after the event, possibly due to profit taking. In addition, after the effective date of the stock-excluded event, there is a significant negative average abnormal return with a persistent effect, which is consistent with the information connotation hypothesis.
The linear regression model was used to examine the factors of the newly added and excluded constituent stocks announcement effect in "Taiwan High Compensation 100 Index". For newly constituent stocks samples, there are a significant positive correlation, which is in line with the connotative information hypothesis. In terms of excluded constituent stocks, neither the quarterly revenue growth rate nor the average employee benefit expense is related to the stock cumulative abnormal return rate.
Overall, the results of this study found that the addition of constituent stocks in the "Taiwan High Compensation 100 Index" has a positive announcement effect, while the deletion of constituent stocks has a negative announcement effect. In addition, if the newly added constituent stocks can be divided into high-quarterly revenue growth rate group, an investment portfolio with higher abnormal returns can be formed. The empirical results obtained in this study not only provide the investors with investment strategies with positive and abnormal returns as a reference, but also the implication that sharing profits with employees can increase the value of enterprises. It can also be used by enterprises as a reference for the sustainable development.

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