依據公司法第165條以及復華證券金融股份有限公司融資融券業務操作辦法第38條規定，股東常會的召開是每年必須進行的，所以本研究運用事件研究法探討因召開股東常會而暫停信用交易對於股票報酬率的影響型態，進而提供投資大眾決策之參考。研究期間為2002及2003年，以二月至四月暫停信用交易的我國上市電子類股公司為研究樣本，2002年有189家、2003年有217家，樣本頻率為日股價報酬率。研究結果顯示：1.高外資、大股本、高融券及多頭軋空此分類的股票以及主機板、光電與零組件產業類股，非當沖的投資者無須過於調整其投資組合來因應事件的發生。2.若習慣於短線當沖操作的投資者對於高融資股、高融券、低融券及多頭軋空分類的股票以及主機板、光電與零組件類股，可以在事件期中逢停止融資效應發生時以多方操作介入，於恢復信用交易日或隔日獲利了結。3.低外資、低融資及小股本此分類的股票，非當沖的投資者在停止融券日及最後回補日，買方力道推升時候是先行出脫持股規避風險的機會。 The purpose of this study is to investigates the influences of the stock returns caused by suspending margin trading base on Article 38 of Fu-hwa Securities Finance Company's law of margin-buy and short-sell and Article 165 of Company Law. Specifically, margin trading data of the listed electronic companies in Taiwan is included from February 2002 through April 2002 and February 2003 through April 2003. Empirical results indicate that: (1)The long-term investors don't need to adjust their portfolio while have the stocks of higher holding ratio by foreign capital and higher short selling; (2)The short-term investors will make a profit during the event of suspending margin trading while have the stocks of lower short selling; (3)The long-term investors will have chances to sell stocks for avoiding risk on the day of suspending short selling and the last repurchase while have the stocks of lower holding by foreign capital and lower margin transaction.
