本研究以公司的年股價報酬率作為績效指標，衡量民國78年至民國87年之187家上市公司在面臨績效不佳時所採行之反應動作及採行因應策略後之績效。結果發現公司在績效不佳之前後年度的財務性與非財務性特性變數，會反映公司經營不佳之訊息。公司發生績效不佳後最常使用的反應策略是減少股利及增加短期融資此二項財務上的動作，其次為更換高階經理人、資產產重整及裁員，這些反應動作皆屬撤退策略，亦即公司短期取得現金流入或減少現金支出的最快方式；相對於績效不佳次一年所採行之反應動作，則轉向於進行轉投資及資產重整的動作，這些動作屬於強化策略，以求未來營運的健全。至於績效不佳後所採行之反應動作的績效分析，本研究以年股價報酬率排名百分位變動作為績效標準，剸現採行財務性反應動作短期對公司的價值產生減損的效果，但長期財有增加的效果；至於採行營運性反應動作的影響則較為分歧。而且公司採行反應動作後的績效表現，亦受到公司採行反應動作當時公司特性的影響，尤其是績效不佳當期有採行反應動作的公司，必需配合有高度的資產成長力，其長期之績效表現才會有顯著的進步。

This study surveys the reactions of 187 public companies from 1989 to 1998, whose annual stock returns ranked in the top 67% the year before but ranked in the bottom 10% the year of poor performance. It was found that most companies adopted downsizing strategies in the poor performing year, for the purpose of quickly increasing cash inflows and reducing cash outlays. They resorted to dividend cuts and short term financing, followed by management turnover, asset restructuring and lay-offs. In contrast, they turned to positive strategies of investing and asset restructuring in the year that followed, setting the way for future healthy operations. And we also verify the effects of reactions base on the stock return percentile. Companies reacted by financial resposes appeared to have short-term negative effects but long-term positive effects on the corporate performance. Operation responses have no consistent conclusion. Corporate characteristic before poor performance had substantial bearing on the result of reactions to poor performance. Companies with growth rate before temporary setbacks could recover better and get back to further development.