本文係探討台灣ICT產業之上市櫃公司宣告資本支出時對於股價異常報酬之影響，以及找出最能影響資本支出宣告效果的因子，研究期間為2018年3月至2020年2月間，為期兩年度涵蓋中美貿易戰第一階段簽屬及新冠肺炎等重大事件，以台灣ICT產業之上市櫃公司為研究對象，共計112筆資本資出宣告。
本文透過事件研究法檢驗公司宣告資本支出時對於股價之異常報酬是否有顯著之影響效果，以累計異常報酬(CAR)為被解釋變數，並選用6項可能影響資本支出宣告因子為解釋變數，分別為：股東權益報酬率(ROE)、電子零組件出口年增率(ECEGR)、資本支出比率(CAPEX_Ratio)、營收成長率(SGR)、公司資產規模(SIZE)及企業價值(Tobin’s Q)，建立多元線性回歸模型探討解釋變數與被解釋變數之間的關係。
實證結果發現：(1) 資本支出宣告具有資訊內涵，結果顯示資本支出宣告對於股價報酬具有顯著正相關。(2) 資本支出比率對資本支出宣告之累計異常報酬具有顯著正相關。(3) 營收成長率對資本支出宣告之累計異常報酬具有顯著正相關。(4) 公司資產規模對資本支出宣告之累計異常報酬具有顯著負相關。

This research examines the stock market’s reaction to the announcements of capital expenditure. The research period is from March 2018 to February 2020 and includes the black swan events e.g. US-China trade war & COVID-19 pandemic. The research use 112 announcements of capital expenditure from listed companies on Taiwan Stock Exchange & Taipei Exchange as sample. This research mainly focuses on Information and Communication Technology (ICT) industry since it plays a key role in the economics development of Taiwan.
This research adopts Cumulative Abnormal Returns (CAR) as the variable to evaluate the stock market’s reaction to the announcements of capital expenditure. Furthermore, we adopt ROE, Electronic Components Export Growth Rate, CAPEX Ratio, Sales Growth Rate and Tobin’s Q Ratio as the independent variables.
Through the empirical examination, the overall findings in this study are that：(1) The announcement of capital expenditure has the information contents and leads to the positive abnormal return of stocks significantly. (2) The capital expenditure ratio has the positive relationship with cumulative abnormal return of stocks significantly. (3) The sales growth rate has the positive relationship with cumulative abnormal return of stocks significantly. (4) The size of firms has the negative relationship with cumulative abnormal return of stocks significantly.

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