本研究之目的在探討上市公司赴東南亞投資之消息宣告對股東財富所造成之影響，並進一步分析這些公司之特性及投資類型與財富效果之關係。近年由於國外環境之變遷，許多廠商紛紛轉赴海外投資，尤其以赴大陸及東南亞最多。但因兩岸敵意未減，政府為扭轉廠商西進熱潮，降低對大陸貿易的依存度，試圖藉由鼓勵南向投資分散大陸投資的風險。然而，南向政策到底是政府一廂情願的權宜措施，還是企業管理者增加股東財富之理性抉擇？本研究應用事件研究法，探討各類型東南亞投資對股東財富產生之影響，並分析投資規模、進入時機、經營績效及合資比率等四個特性變數與財富效果之關係。實證結果發現，上市公司赴東南亞投資宣告，對於公司股東而言，可得到顯著的正向累積財富效果，由宣告日前11日至宣告日後2日之累積平均超額報酬達顯著之2.2375％。塑膠、紡織及食品業赴東南亞投資均有正面效果，但機電產業則為負面。分析有關特性變數可知，愈早赴東南亞投資的公司，財富效果愈大。在正財富效果及負財富效果的公司分群分析後，發現正向財富效果公司有較低的合資比率。

The purpose of this study is to investigate the wealth effect of Taiwanese direct investment in some Southeastern Asian countries. Because of the dramatic changes in our economic environment, many firms in Taiwan are making foreign direct investment, especially in Mainland China and in some Southeastern Asia countries. Due to the hostility between the two sides of the Taiwan Strait, the R.O.C. government would like to control the Taiwanese investment in Mainland China. The authority has therefore encouraged the “Moving-South” strategy to reduce the reliance on Mainland China and to diversify the investment risk. However, is it a wishful thinking by the government or a rational decision by the management? This study is applying the event study method to explore the shareholders' wealth effect on the announcement of investing in these countries by their firms. The characteristics of the companies that have positive wealth effect are further analyzed. The empirical results show that Taiwanese foreign investment announcements get significant positive wealth effect to shareholders. The accumulated average abnormal return is about 2.2375% during the period between 11 days before and 2 days after the announcement. Investment from the plastic industry, cloth industry and food industry results in positive effect. The companies with positive wealth effect have lower equity ratio in the joint venture.