過去由於『勞動基準法』規定嚴苛，導致勞退舊制無法發揮保障勞工晚年退休生活的立法意旨。民國93年6月11日立法院三讀通過的勞工退休金條例，架構上係以個人帳戶制為主，附加年金制－「延壽年金」為輔的新制；設計上則是由舊制「確定給付制」轉換成新制的「確定提撥制」，一方面符合世界各國提倡自我儲蓄養老與社會養老相結合的潮流趨勢，另一方面，對於勞工的未來保障勢將更趨臻善。

本研究主要係探討「勞工退休金條例」的制訂過程，各重大事件日對於資本市場股價表現是否存在顯著異常報酬的影響？而此是否又會因上市公司個別特性（如：勞力或資本密集產業、企業成立年限….等）的差異，而存在顯著之異常報酬影響。

故本研究實證結果如下：
一、針對「勞工退休金條例」立法過程所建立的四個重大事件日，經分析其五日事件窗期的累積異常報酬（CAR）後，均發現勞退新制在各重大事件期存有顯著的資訊內涵。

二、在『勞工退休金條例』立法院一讀通過事件日的CAR迴歸模型發現：公司盈餘表現越差、企業成立年數越長、員工總人數越多，和CAR呈顯著負向關係。而在本事件期裡又以造紙業與營建業與CAR亦呈現顯著的負向關聯性。

三、同時，在『勞工退休金條例』立法院二、三讀倂行通過事件日的CAR迴歸模型亦顯示：公司盈餘表現越差、勞力密集程度越高、負債比率越高，和CAR呈顯著負向關係。而在本事件期裡造紙業、鋼鐵金屬、電子業、營建業以及運輸業與CAR亦呈現顯著的負向關聯性。

In the past, the regulation of labor retirement Acts were criticized by the press as a fairy tale. Therefore the result is depart from the legislative purpose-to guarantee his or her late age is good.

On 11 June 2004, Legislative Yuan approved the New Labor Pension System regulations. And the president announced the regulations on 30 June 2004. It is the framework is given first place to the combination of the Individual Labor Pension Accounts system and the additional Annuity Insurance system. In the past it was the defined benefit plan, but now it is the defined contribution plan. On the one part it fit in with the trend that the combination of personal savings and the society to live his or her retired life, on the other part the protection for the labors’ futurity can get improved.
Through the implementation of the pension system stipulated in the Labor Pension Act (hereinafter referred to as the new labor pension system), pensions will become "visible and receivable", and workers' living after their retirement will be much more safeguarded.

This paper first aims at that after the new regulations approved, for the whole capital market if the performance of stock price performance has significant abnormal return. Further, I will probe into if there are differences between labor-intensive and capital-intensive distinct industries. And I also discuss if there are differences among public companies due to the differences of date of setting up and employee turnover rate.

The followings are the empirical results of this study,
1.In the light of process of legislation of “Regulation of Labor Retirement Pension “,we established four specific events and analyze the average AR and CAR of the five windows, we all found that the new regulation had significant information content in each window.

2.In the light of Regression model of CAR on the date May 28, 1995 ,we found that, when the earning performance of a firm is worse, years of be founded are longer, the employee are more, the effect to CAR is more significant and the symbol of regression coefficient is consistent with our expectation. Furthermore, papermaking and construction industries present significant association in this event period and CAR.

3.In the light of regression model of CAR on the date June 14, 1995, when the earning performance of a firm is worse, labor-intensive level is higher, debt ratio is higher, the effect to CAR is significant and the symbol of regression coefficient is negative. The result is consistent with our hypothesis. And in this window, papermaking , iron and steel , electronics, construction, and transportation industries all present significant negative association.

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