營業秘密侵權訴訟與異常報酬率 ―臺灣電子業的實證研究

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题名:	營業秘密侵權訴訟與異常報酬率 ―臺灣電子業的實證研究
作者:	曾品潔;Tseng, Pin-Chieh
贡献者:	經濟學系
关键词:	營業秘密訴訟;異常報酬率;企業獲利能力;事件研究法;Trade secret litigation;Abnormal returns;Firm profitability;Event study
日期:	2025-06-13
上传时间:	2025-10-17 12:23:04 (UTC+8)
出版者:	國立中央大學
摘要:	本研究旨在探討營業秘密訴訟對臺灣上市櫃電子業股價與企業獲利之影響。研究設計分為兩個部分，第一部分採用事件研究法，分析2013年至2023年間營業秘密訴訟事件對原告和被告公司異常報酬 (Abnormal Returns, AR)之影響；第二部分則使用固定效果模型(Fixed Effects Model, FE)，利用2011年至2023年的廠商追蹤資料(panel data)，在控制廠商特性下，估計訴訟判決對企業營業收入淨額的潛在影響。實證結果發現，訴訟事件對原告與被告皆可能產生負面股價反應，但其影響時間與強度有所差異。原告公司僅於事件日前兩日出現顯著負異常報酬，判決當日則轉為正向反應，反映市場對原告維護能力仍抱有信心；被告公司則自事件日前一日即開始出現顯著負異常報酬，並持續至事件後數日，顯示市場對其前景更為悲觀。至於企業獲利部分，被告企業在訴訟發生當期和後期均面臨顯著的獲利下滑，反映訴訟當年因法律費用與商譽損失進一步加劇財務壓力，呈現跨期且持續的負面影響。原告企業之獲利變動未達顯著水準，顯示其財務表現受訴訟影響較為有限。 ;This thesis investigates the impact of trade secret litigations on the stock prices and profitability of publicly listed electronics companies in Taiwan. The research design is divided into two parts. The first part employs an event study methodology to examine the effect of trade secret litigation events on the abnormal returns (AR) of plaintiff and defendant firms from 2013 to 2023. The second part utilizes the fixed effect (FE) of panel data model in combination with a firm-level panel dataset panning from 2011 to 2023 to assess the potential impact of litigation rulings on firms’ net operating revenue. The empirical findings reveal that litigation events may lead to negative stock market reactions for both plaintiffs and defendants, though the timing and magnitude of these effects differ considerably. Plaintiff firms experienced significantly negative abnormal returns only in the two days preceding the event, but showed a positive market reaction on the judgment day itself. These results suggest that the investors in the market are confident in plaintiffs’ ability to defend their intellectual property rights. In contrast, defendant firms exhibited significantly negative abnormal returns in one day prior to the event and continuing for several days thereafter, indicating a more pessimistic market outlook. Moreover, defendant firms experienced significant declines in profitability during and after the litigation year, reflecting the intensified financial pressure caused by legal expenses and reputational damage. This suggests a sustained and cross-period negative impact. In contrast, the profitability of plaintiff firms did not exhibit statistically significant changes, indicating a relatively limited financial effect from the litigation.
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