本研究旨在探討美國出口禁令發布及修訂後對臺灣電子相關產業公司的報酬績效的影響。我們以美國頒布美國軟體及相關晶片技術未取得美國政府核可前禁止出貨給中國華為事件日，使用事件研究法分析事件期間，電子產業相關公司股票的日報酬率變化。實證期間涵蓋自2020年5月至2020年12月止。實證結果顯示，美國對中國廠商實施出口禁令後，對臺灣的電子廠商帶來訂單移轉的效應。對全體電子股而言，在出口禁令事件發布後出現正向的異常報酬率以及正向顯著的平均累積異常報酬率。進一步，我們比較不同電子產業的差異性，發現大部分電子產業呈現相似的結果，但仍有部分差異。 This study investigates the impact of the US export restriction of technology to the stock returns on Taiwanese electronics-related industry companies. We use the methodology of event study to analyze changes in the daily stock prices of electronics industry-related companies during the event that the prohibitions of the software and related chip technologies shipped to China’s Huawei before the US government approved it. The sample period covers from May 2020 to December 2020.The empirical results show that after the United States imposed an export restriction on Chinese manufacturers, it has brought about an order shifting effect on Taiwan’s electronics manufacturers. For all electronic stocks, there was a positive or abnormal rate of return after the export ban event and a positively significant average cumulative abnormal rate of return. Furthermore, we compare the differences among the subset of electronics industries and find the similar results, but there are still some differences.
