中國在 2017 年 1 月 5 日發布「能源發展十三五規劃」，身為經濟大國，其著重的太陽能、風力發電產業，更是深深影響臺灣。同年，臺灣在 11 月 6 日推行「綠色金融行動方案」，主要內容包括綠色投資銀行、綠色債券、區塊鏈金融科技等，藉由綠色金融工具幫助經濟結構有效轉型、達成環境永續的目標。本研究運用事件研究法，以中國發布「能源發展十三五規劃」、臺灣推行「綠色金融行動方案」為重要宣告日，進行事前、事後異常報酬率與異常周轉率的比較，樣本為臺灣上市櫃公司:太陽能、風力發電與LED產業股，樣本期間自 2016 年到 2018 年，實證結果如下:(1)綠能政策推行後，綠能股事後的異常報酬率無顯著差異。(2)綠能政策推行後，綠能股事後的異常周轉率會大於事前的異常周轉率。(3)綠能政策推行，對不同產業的異常報酬無顯著差異。(4)綠能政策推行，對不同產業的異常周轉率影響效果不同。 China released the "13th Five-Year Plan for Energy Development" on January 5, 2017. As an economic power country, its focus on solar and wind power generation has deeply affected Taiwan. Therefore, Taiwan launched the "Green Finance Action Plan" on November 6, 2017. The main contents include green investment banks, green bonds, blockchain financial technology, etc., through the use of green financial tools to help the economic structure effectively transform and achieve environmental sustainability. This paper uses the event study, taking China's "13th Five-Year Plan for Energy Development" and Taiwan's "Green Finance Action Plan" as the important announcement day, and compares the abnormal return and the abnormal trading volume before and after the event. The sample is Taiwan's listed stocks include solar energy, wind energy and LED industry, the sample period is from 2016 to 2018, and the empirical results are as follows: (1) After the green energy policy, there is no significant difference in the abnormal return of green energy. (2) After the green energy policy, the abnormal turnover of green energy stocks after the event will be greater than before. (3) The green energy policy has no significant difference in the abnormal return of different industries. (4) The green energy policy has different effects on the abnormal turnover of different industries.
