近年來，隨著金融業數量的成長，金融相關法規也陸續修正，以建立健全的金融市場與維護公共利益。金融監督管理委員會從2012年開始於網站上公布金融業者的違法行為，並詳細列出處分日期、對象、法令依據、違法事實，以及處分結果。研究期間為2010年1月1日至2021年3月31日止，共91筆資料。本研究以事件研究法驗證裁罰案件公布日期的前後，金融業的股價是否會受到負面影響。實證中發現，金融業遭受金管會裁罰公佈時，並無證據顯示裁罰案件的宣告有負向的異常報酬率產生。其次，裁罰金額的多寡與股價異常報酬率之間的關聯性，迴歸模型未達顯著性。最後，本文經由T人壽個案分析，了解從業人員執業時易違反之情事並加以防範於未然，完成若干具有管理意涵之推論，做為未來進一步驗證之基礎，並將做出具體之結論與建議。 With the rapid growth in the financial industry during the past few years, financial statutes are revised accordingly to establish a well-developed financial market and maintain the public interest. Since 2012, Financial Supervisory Commission has announced all the illegal cases in the financial industry on its website, where the information of the illegal fact, the company involved, the legal basis, the punishment and the date is clearly stated. This study examines ninety-one pieces of data collected from January 1st 2010 to March 31st 2021. The method of event study is adopted to investigate whether the illegal cases announced by Financial Supervisory Commission will have a negative impact on the stock prices of the financial industry. From the empirical result, no evidence is found to show that the announced illegal case will cause a negative abnormal stock return. Moreover, based on the regression model, there is also no significant relationship between penalty amounts and abnormal stock returns. Finally, through a case study analysis of T Life Insurance Company in Taiwan, several inferences and conclusions of management significance are made in the hope of providing a basis for the future advanced empirical study.
