2019年至今，受到嚴重特殊傳染性肺炎(COVID-19)的影響，全球股市無一倖免，其中美國三大股票指數在十天內竟熔斷四次，這對安居樂業習慣的我們，帶來了前所未有的危機感。臺灣各大產業也造成相當大的衝擊，影響了整體經濟表現，為因應寬鬆的財政政策，雖然金融業在此次扮演了重要的角色，但疫情來的猖狂放肆，金融類股還是難逃股價的重挫。本研究以事件研究法，探討金融控股公司股價面對疫情的重大事件或政策時，事件日或事件期是否有異常報酬，分析疫情發生時是否對我國上市櫃金融控股公司異常報酬有顯著影響，並檢定其是否符合半強勢效率市場假說。實證結果顯示嚴重特殊傳染性肺炎(COVID-19)對臺灣金融控股公司股價報酬率有顯著的影響。 All stock markets around the world have been affected by COVID-19 since end-2019. In fact, the three major stock indices in the U.S. triggered four circuit breakers over 10 days, which created an unprecedented crisis for people who are used to living and working in peace and contentment. The pandemic has also caused considerable impacts on Taiwan’s major industries and affected the nation’s overall economic performance. While the financial industry has played a major role in response to the implementation of a loosened fiscal policy, financial stocks have been unable to escape the plunge in their prices due to rampant epidemic. Through the event study method, this research explores whether there are abnormal returns on the stock prices of financial holding companies on the event day or during the event period in the face of major events or policies related to the epidemic. This study also analyzes whether the epidemic has significant effects on the abnormal returns of Taiwan’s listed and OTC financial holding companies and tests whether this effect adheres to the semi-strong form efficient market hypothesis. The empirical results show that COVID-19 had significant effects on the stock price returns of Taiwan’s financial holding companies, which fit in with the semi-strong form efficient market hypothesis.
