本研究旨在探討烏俄戰爭對臺灣股市、電子產業與非電子產業公司報酬績效的影響。我們以烏俄戰爭發生後，歐盟、美國在金融與經濟方面的制裁、擴大出口品項禁令的事件日限制等，重要日期作為事件日，使用事件研究法分析事件期間，臺灣股市、電子產業與非電子產業相關公司股票的日報酬率變化，檢定事件日前後期間是否呈現顯著的平均異常報酬率或累積平均異常報酬率。實證結果顯示，烏俄戰爭後，臺灣全體上市公司股票報酬率對金融與經濟制裁在事件日前呈現顯著的負向累積異常報酬率，事件日後的累積異常報酬率不顯著。全體上市樣本公司對擴大出口禁令，在事件日前後多呈現顯著為正的累積異常報酬率，表示臺灣股市對擴大出口禁令呈現正向的反應。電子類股對金融經濟制裁的宣告反應，在事件日前呈現不顯著異常報酬，事件日後呈現累積異常報酬率不顯著。非電子類股對金融經濟制裁的宣告反應，在事件日前呈現正向顯著異常報酬，事件日後呈現正向累積異常報酬率顯著。 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 negative 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.
