本文蒐集國內1998至2004年間曾發生財務危機的公司，共62件樣本，分別檢測當公司發生財務危機訊息時，是否會對其集團股、相同類股或當時之地雷股、強勢股或弱勢股造成蔓延效應？實證結果發現：當公司發生財務危機訊息時，僅對其集團股會造成相當程度的蔓延效應，但對相同類股則會造成輕微程度的競爭效應，而對當時之強勢股、弱勢股或地雷股，所造成的蔓延效應並不明顯，且那些造成蔓延的案例約20天後會逐漸衰退。此結果顯示：當個別公司面臨財務危機風險時，投資人可藉由增加其投資證券的數目，來降低個別公司財務危機風險（非系統風險）所造成的傷害。此外，本文發現當公司發生財務危機訊息時，會導致部分股票產生基本面蔓延，但不會出現純粹面蔓延。

This study collects 62 cases which suffered from financial distress over the 1998~2004period, and probes if the financial distress announcements having contagion effects on otherfirms in the same business group, in the same industry, on other financial crisis firms, or onwinner or loser stocks. The empirical evidence shows that companies declare their financialdistress news, only affiliated business group firms give fairly degrees of contagion effect, whilefirms in the same industry reveal slight degrees of competitive effect. However, other financialdistress firms, and winner or loser stocks do not show any contagion effect. Besides, thosecases with contagion (competitive) effects last about 20 days, then decrease. These results imply that investors can reduce their financial distress risk (unsystematic risk) of particularcompany by increasingly purchasing a number of other stocks in their portfolio when certain company releases its financial distress news. Moreover, when certain company suffers itsfinancial distress, some stocks may show contagion effects on fundamentals but not on puritybase.