摘 要
先前的文獻對於資本支出宣告的研究，結論大致顯示出資本支出宣告對於宣告者(announcer)的股價有正面的影響，但是沒有任何文獻有進一步探討資本支出宣告對於同產業競爭者(rivals)的股價將產生何種影響？故本研究除了再次探討資本支出宣告對於宣告者股價之影響，更進一步探討其對同產業競爭者股價之影響，研究結論顯示：『資本支出宣告對於同產業競爭者之股價有負面影響』，理論解釋如下：「Lang and Stulz(1992)在一篇有關『破產宣告』的研究中提出『蔓延效果』(contagion effect)與『競爭效果』(competitive effect)是影響競爭對手股價的二種主要效果。」，就資本支出宣告事件而言，『蔓延效果』對同產業競爭者之股價產生正面影響，而『競爭效果』對同產業競爭者之股價產生負面效果，而當『競爭效果』大於『蔓延效果』時，則同產業競爭者之股價將有負面的反應，實證結果驗證此結論。
本研究透過Wall Street Journal資料庫找出1989年~1998年九月共263個資本支出宣告事件，分佈於70個不同的產業，研究結論顯示：『就資本支出宣告事件而言，競爭效果大於蔓延效果，故對同產業競爭者之股價產生負面影響』。
本研究更進一步試圖找出影響同產業競爭者股票報酬的變數，結果發現：『(1)、宣告者之累積異常報酬 (2)、產業競爭者之Tobin’s q (3)、產業競爭者之負債比率』等三個變數具有顯著的解釋能力，其中宣告者累積異常報酬對同產業競爭者股價報酬有顯著的負向影響，這結果又再次驗證『就資本支出宣告事件而言，競爭效果大於蔓延效果』的資訊意涵。

目 錄
中文摘要---------------------------------------------------i
謝誌------------------------------------------------------ii
目錄-----------------------------------------------------iii
表目錄----------------------------------------------------iv
第一章 緒論------------------------------------------------1
第一節 研究動機與背景---------------------------------1
第二節 研究目的---------------------------------------3
第三節 研究架構---------------------------------------3
第四節 研究流程---------------------------------------4
第二章 文獻探討--------------------------------------------5
第一節 資本支出內容與特性-----------------------------5
第二節 投資理論---------------------------------------8
第三節 代理理論--------------------------------------10
第四節 實證文獻--------------------------------------14
第五節 競爭對手相關文獻------------------------------25
第三章 研究設計-------------------------------------------29
第一節 研究假說--------------------------------------29
第二節 研究樣本--------------------------------------35
第三節 實證分析方法----------------------------------37
第四節 變數操作型定義--------------------------------42
第四章 實證結果分析---------------------------------------48
第一節 樣本資料敘述說明------------------------------48
第二節 資本支出對宣告者的影響------------------------52
第三節 資本支出宣告對同產業競爭者的影響--------------56
第四節 橫斷面分析------------------------------------62
第五章 研究結論與研究建議---------------------------------65
第一節 研究結論--------------------------------------65
第二節 研究建議--------------------------------------66
參考文獻--------------------------------------------------68
一、 中文部分----------------------------------------68
二、 英文部分----------------------------------------69

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