新冠病毒(COVID-19)對台灣股票市場之影響-以主要出口產業暨生技醫療產業為例

Abstract

新型冠狀病毒（COVID-19）疫情發生後對全球影響甚劇，各國陸續實施封鎖管制，導致經濟活動劇減，同時對台灣各產業造成嚴重的衝擊。但在這樣嚴峻的情勢下，生技醫療產業卻呈現逆勢成長，是我國少數受惠於疫情的產業。故本研究藉由事件研究法，檢視台灣出現首位本土案例時，對台灣全球主要出口產業及生技醫療產業的股價是否會產生異常報酬，並進一步分析台灣市場是否為效率市場，同時檢定產業別的差異及所選的財務指標對異常報酬的影響。實證結果顯示，在台灣出現首位本土案例後，所選產業皆出現顯著的異常報酬現象，且大部分產業因疫情所產生之異常報酬現象無法在短時間內迅速反應完畢，檢定的結果則顯示產業別的差異及所選的財務指標會對累積異常報酬產生顯著的影響。The global economy has suffered from coronavirus since the outbreak. The blockade imposed by various countries has led to a sharp decline in economic activities and substantially impacted Taiwan’s industries. However, the Biotech-Medical industry is growing against the trend, and it is also one of the few industries that benefit from the pandemic in Taiwan. Therefore, this study uses the event study method to examine whether there will be abnormal returns in the stock prices of main exports and Biotech medical industries in Taiwan after Taiwan announced its first local coronavirus case. Meanwhile, the study analyzes whether the stock market is efficient and the factors related to abnormal returns. The empirical results show that, after Taiwan announced its first local coronavirus case, all the selected industries show abnormal returns. Most of them cannot respond to the stock prices in a short period, and the factors specified in this study have significant effects on cumulative abnormal returns.