2011年10月25日，立法院三讀通過公司法197條之一條文修正案，於第二項新增：｢公開發行股票之公司董事以股份設定質權超過選任當時所持有之公司股份數額二分之一時，其超過之股份不得行使表決權，不算入已出席股東之表決權數。｣該法於同年11月11日實行。而後，於2018年8月1日，經濟部針對此條法律做出函釋，函釋內容包括：｢計算董事股份設質數時，係以股東會最後過戶日股東名簿記載之設質數為準。｣本文旨在探討修法後與函釋後對於有董事質押行為之公司以及董事質押比率大於50%公司的長期股價報酬影響，以驗證投資人對於董事質押相關法條影響的長期行為。
研究結果發現，在修法後方面，不論是有董事質押行為之公司或董事質押比率大於50%公司的長期報酬均沒有呈現顯著的結果，顯示出投資人對於公司法197之一的修正案已經反映完畢或有正反兩方的看法不一的情況；其次，在函釋後方面，發現在董事質押比率大於50%公司使用簡單平均的買進持有報酬及累積超額報酬率均有負向的顯著，顯示出市場上的投資人對於函釋的內容或有負向影響的疑慮。

This thesis aims to investigate the long-term effect of the amendment of Article 197-1 of the Company Act passed on October 25, 2011 and the administrative rule of the article posted by the ministry of economic affairs on August 1, 2018 on the long-term performance of the firm. In terms of methods, we use buy-and-hold abnormal return, cumulative abnormal return, and calendar time abnormal return to measure the long-run performance during the time periods. We find out that most of the results turn out to be insignificant, showing that the effect of the amendment or the administrative rule might be short term effect or no effect, but those with significant results also should be take into account in terms of lawmaking.

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