由於地球暖化、氣候變遷的情形愈來愈劇烈，因此降低碳排與緩和環境變化成為現在各國重視的議題。許多國家提出改善環境的各項政策，並發展新的能源使用方法，開始進行能源轉型，促進再生能源的設置。台灣也受其影響，開始能源轉型，發展再生能源，以太陽能與風力為大宗。 本文以台灣為例，探討能源轉型對太陽能與風力相關之企業的股價影響。本研究以台灣上市上櫃的太陽能與風力相關產業鏈的公司為研究對象，透過事件研究法，以2016年5月20日蔡總統上任後，開始積極推動能源轉型為事件日，觀察推動能源轉型期間，是否對太陽能與風力相關之企業帶來顯著正向異常報酬。接著，以迴歸分析，探討研究樣本於2011年至2021年期間，能源轉型對台灣太陽能與風力發電的股價影響差異。 經實證後，能源轉型對台灣太陽能相關之企業有顯著正向異常報酬，對台灣風力相關之企業則是沒有顯著正向異常報酬。在能源轉型後，台灣太陽能相關之企業的績效並非較風力相關之企業來的好。 The global warming and climate change have become more and more severe. Reducing and mitigating environmental changes has become an issue for many countries. Therefore, many countries have begun to establish a consensus on environmental protection. They put forward various policies to improve the environment and develop new ways of energy use by starting energy transition to slow down greenhouse gas emissions. It promotes the installation of renewable energy. Taiwan has been affected by it and started energy transition to develop renewable energy which solar energy and wind power are primary. This study takes Taiwan as an example to explore the impact of energy transition on the stock prices of companies related to solar energy and wind power. This research takes OTC companies of the solar energy and wind power in Taiwan as the research objects. Through the event study method, the event day is on May 20, 2016, when the President Tsai took office and actively began to promote energy transition. It is to observe whether it brings positive and significant abnormal returns to solar energy and wind power enterprises. Then, regression analysis is used to explore the differences and the impacts on the stock prices of solar energy and wind power enterprises in Taiwan between year 2011 to 2021. The result indicates energy transition has positive significant abnormal returns for solar energy enterprises but has no positive significant abnormal returns for wind power enterprises. Moreover, after the energy transition, the performance of solar energy companies is not better than the wind power companies.
