為貫徹資訊公開原則，證券主管機關立法要求上市櫃公司建立發言人制度，並應於發言人異動時立即發布重大訊息。過去已有不少國外文獻顯示，若將時間拉長遠看，發言人的設置確實明顯地改善了資訊不對稱的問題，並有效提升流動率及能見度，進而帶動股價成長(Vlittis & Charitou, 2012)。

惟至今仍鮮少文獻探討，證券市場如何解讀企業公告發言人異動之消息，本論文將研究重點鎖定於此，對股價累積異常報酬進行分析，並加入舊任/新任發言人之性別及職務異動原因等變數，藉以觀察影響股價累積異常報酬之主要因子，以期作為上市櫃公司未來選任合適發言人之參考依據。

本研究以台灣上市公司2011年至2020年間共計1,082筆之發言人異動公告為樣本，經實證後發現，整體而言，企業發布發言人異動的消息與該企業之股價累積異常報酬呈正相關。投資人將公司原女性發言人之卸任消息視為正向訊號，反之，當新任發言人為女性時則不甚看好。同時，當公司發布之發言人異動原因屬自願性時，市場也傾向給予正面支持。

To implement the principles of information disclosure, the securities competent authority mandates that TWSE/TPEx listed companies shall establish a spokesperson system and disclose the relevant information immediately whenever there is any change to the position of a spokesperson. In the past, some foreign literatures have found that the appointment of a spokesperson, if taking the long view, does significantly mitigate the information asymmetry, efficiently increase the liquidity and visibility as well as the growth of stock price (Vlittis & Charitou, 2012).

However, there is little research to explore that how the securities market interprets the announcement of spokesperson turnover. This study analyzes the cumulative abnormal returns (CAR) triggered by the event, coupled with some variables, e.g. gender of replaced/new spokesperson and reason of position transfer. The primary objective of this study is to discover the major influence factors on CAR, so as to provide references to TWSE/TPEx listed companies.

The sample data of this study is the material information on spokesperson turnover, with 1,082 observations in total, which released by TWSE listed companies from 2011 to 2020. On the whole, the empirical results indicate that a firm’s stock price is associated with positive CAR surrounding the disclosure of spokesperson turnover. Investors are favorable to see the original female spokesperson being replaced. Conversely, they seem disappointed if the successor is female. Meanwhile, the market tends to give support to an enterprise with voluntary change of spokesperson.

中文文獻
呂盈錄，2012，「淺談公開發行公司資訊揭露制度與法制規範」，證券暨期貨月刊，第三十卷第八期，頁6-17。
劉淑雯、蔡易儒，2017，「性別平等教育之推動對女性科技人才培育的影響」，國家教育研究院教育脈動電子期刊，第九期，頁5-12。
蘇偉華，2020，「副總統賴清德：民主制度保障性別平等，“她”經濟當道，金融業女力崛起」，台灣銀行家，第一百三十二期。

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