| Summary: | 碩士 === 國立交通大學 === 經營管理研究所 === 90 === The purpose of this study is to examine the information effects when Taiwan listed companies invest in Mainland China using event study method. Instead of considering announcement as the only one proxy for investment in previous studies, “approval from the authorities, which is MOEAIC in Taiwan” is taken into account as well in this study. “Announcement” and “approval” are applied as two dimensions to separate the companies into three subsets for the discussion of the information effects respectively. Three conclusions drawn as follows:
1. For those companies announced and got approved, there were information effects on both events. The abnormal returns on both events are not significantly different from each other. This indicates that there is no significant differences between the information effects of “announcement” and “approval”.
2. For those companies announced but did not get approved, there was information effect on “announcement “ for shorter periods.
3. For those companies got approved but did not announce, there was information effect on “approval“ for four out of fourteen industries. This indicates that investors can still infer and make reaction to the intension of companies to invest in Mainland China even without direct and obvious announcement from them.
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