本研究是以事件研究法探討台積電重大事件對其供應商公司股價異常報酬之影響，以近五年（2022年至2026年）台積電發表重大訊息或新聞報導之全球擴產、資安洩密及公司治理等事件，估算台積電設備商、材料供應商、廠務工程供應商在事件窗期的累積異常報酬率，用以檢視台積電供應鏈的資訊外溢效果，並提供投資人做決策與風險評估時參考。
實證結果顯示，對供應商公司來說，在台積電全球擴產事件如美國及日本投資擴建案，市場出現正向報酬，惟在涉及3奈米先進製程投資案時，市場反應皆不顯著，日本投資甚至出現負向報酬；另在德國之投資案，股價出現顯著的負向累積報酬率。國內擴產事件中，以台積電購買群創廠房擴充CoWoS產能事件為本研究事件中平均累積異常報酬率最高者，顯示當涉及關鍵技術之擴產投資，市場預期供應商公司獲利的樂觀程度高於海外投資者。台積電資安洩密或公司治理等事件，供應商公司並未因台積電負面事件影響產生顯著異常報酬，顯示內部事件對供應商公司影響有限。

This study employs the event study methodology to investigate the impact of Taiwan Semiconductor Manufacturing Company’s major events on the abnormal returns of its suppliers’ stock prices. The study examines major events announced between 2022 and 2026, including global capacity expansion, cybersecurity breaches, and corporate governance change. The sample consists of 44 supplier companies. Daily stock return data obtained from the TEJ are analyzed using the OLS market model. Abnormal Returns and Cumulative Abnormal Returns are calculated over an event window of (-5, 5), with additional robustness tests conducted using alternative event windows.
The results indicate that regarding TSMC’s global expansion events—such as investment projects in the United States and Japan—the market generally exhibited positive returns; however, reactions to investments in 3nm advanced processes were statistically insignificant, with the investment in Japan even showing negative returns. Furthermore, the investment in Germany resulted in a significant negative cumulative abnormal return. Among domestic expansion events, TSMC’s acquisition of Innolux’s plant to boost CoWoS capacity yielded the highest average cumulative abnormal returns, suggesting that market optimism regarding supplier profitability is particularly strong for expansions involving key technologies. Regarding events such as cybersecurity breaches or corporate governance issues at TSMC, the impact on suppliers was limited, indicating that such internal corporate incidents had a negligible effect on supplier stock performance. The findings provide evidence of significant information spillover effects within Taiwan's semiconductor supply chain and offer useful implications for investors and corporate decision-makers.

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