依據公司法第165條和證券商辦理有價證券買賣融資融券業務操作辦法第35條規定，公司每年必須召開股東常會，為了確定股東名單，須於開會前六十日內暫停信用交易。所以本研究想探討在不同市場強弱狀態下，此規定對於高融資族群股票報酬之影響型態為何。研究期間為1998至2009年，每年挑選30檔我國上市高融資電子股，於二月至四月暫停信用交易為研究樣本，共360筆。研究方法採用事件研究法、橫斷面複迴歸分析。研究結果顯示：因制度面規定暫停信用交易對高融資電子股股票報酬之影響型態和幅度大小，會受市場技術面狀態的影響而有所差異。 The purpose of this study is to investigate the influences of the stock returns caused by suspending margin trading under different market status base on Article 35 of Operating Rules for Securities Firms Handling Margin Purchases and Short Sales of Securities and Article 165 of Company Law. We use stock daily data from 1998 to 2009. Each year, we choosed the thirty stocks with highest financing rate in Taiwan. We adopted the event study and cross-sectional regression research methods. Empirical results indicate that：Different market status has different market return effect.
