本研究探討升息前後,資本結構對公司績效的影響。美國升息對公司績效報酬波動的影響是因為升息會提高借貸成本,降低企業盈利能力,導致投資人對該公司的評價下降,進而影響股票表現。台灣股市異常報酬現象可能是因為投資人對於某些具有潛力的產業或個股有過度樂觀的預期,或是某些重要的政策變革或事件的發生,引發投資人對市場的短期反應。所以,本研究以2022年至2023年的美國升息事件,運用事件研究法,探討台灣上市、櫃營建類股,資本結構對股票報酬和公司績效的影響。本研究實證結果發現: (1) 升息後公司股票存在顯著正的異常報酬。(2) 升息後公司績效顯著下降。(3) 升息後負債比重對公司績效有顯著正的影響。(4) 升息後負債比重對股票異常報酬有顯著正的影響。 This study explores the impact of capital structure on corporate performance before and after interest rate hikes. The impact of rising interest rates in the United States on the volatility of corporate performance returns is because rising interest rates will increase borrowing costs and reduce corporate profitability, leading to a decline in investors' evaluation of the company, which in turn affects stock performance. The phenomenon of abnormal returns in the Taiwan stock market may be due to investors' overly optimistic expectations for certain potential industries or individual stocks, or the occurrence of some important policy changes or events, which trigger investors' short-term reactions to the market. Therefore, this study uses the event study method to explore the impact of capital structure on stock returns and corporate performance of listed and counter construction stocks in Taiwan based on the US interest rate hike event from 2022 to 2023. The empirical results of this study find that: (1) There is a significant positive abnormal return on corporate stocks after interest rate hikes. (2) The company's performance dropped significantly after the interest rate hike. (3) The debt ratio has a significant positive impact on corporate performance after interest rate hikes. (4) The debt ratio has a significant positive impact on the abnormal return of stocks after the interest rate hike.
