自從1979年中國實施經濟改革政策，吸引外資流入，帶動民間投資。台灣在1980年代面臨國內經濟轉變，公司經營成本上升，加上兩岸政策陸續開放，台商紛紛前往中國投資。隨著中國經濟轉型，投資環境的變化使得台商重新布局對岸投資市場。為此，本研究以台灣上市櫃公司2011年至2015年為樣本，應用市場模式探討中國經濟轉型下，台商垂直投資與水平投資之股價異常報酬為何？並進一步分析台商投資績效之差異。冀希研究結果能提供市場參與者投資之參考依據。
China adopted the economics reform and open door policy in 1979, more foreign capital has been introduced to China, attraction of private investment. Taiwan face the domestic economic transformation in 1980s, many companies operating costs are also risen. Policy launched across the taiwan straits, Taiwanese capital flocked to the China. Recently, China government want to making changes in economy, Taiwanese firms must adjust their strategy as a part of investment when the invest environment has been changed
This study to explore the effect of capital investment on the abnormal returns of the stock price of Taiwanese companies who vertical and horizontal invested in China during 2011-2015, in response to the China economics transition policy and analyzed the information difference among the investment categories.
