本文在探討當破產公司宣告破產時，其上下游產業對於此消息的市場反應。文獻多在探討破產宣告對其競爭對手之市場反應，依其產業特徵可分為傳染效果與競爭效果。而破產宣告對其上下游產業之市場反應，也有類似的結果，其異常報酬亦可分為傳染效果與競爭效果。上游產業之異常報酬與破產公司之市占率有顯著的正向關係，符合購買力假說；另外也與破產公司產業的公司家數有顯著之正向關係，此關係與上游產業轉移客戶的機會多寡有關。而下游產業之異常報酬則與破產公司產業的集中度有關，但依競爭對手之異常報酬分群後，在不同的子樣本中有不同的顯著結果，我們懷疑其他關於產業前景之變數對於異常酬會更有解釋能力。 Previous research examines the extent to which bankruptcy is contagious within industries. We broaden the investigation by examining the wealth effects of bankruptcy announcement on customers and suppliers. We find that important contagion effects and competitive effects extend beyond industry competitors along the supply chain. Bankrupt firm market share has significant implications for suppliers, and that is consistent with buyer power hypothesis. And they also significantly positive related with the number of rivals in bankrupt firm industry, which means the suppliers have more other selling opportunities. Besides, bankrupt firm industry concentration had different significant effects under contagion or competitive effect. We conjecture that there are still some variables with regard to the prospect of industries which would be more powerful in explaining the abnormal return.
