本研究檢視台灣上市 (櫃) 公司中觀光類股在2020年初新冠肺炎流行後，政府振興經濟紓困措施的公告 (共有六次) 所引起的股價反應及其是否受公司治理的影響。本研究以事件研究法衡量股價對政策宣布的反應，並以此為應變數，對公司治理和公司特徵執行迴歸分析。從考慮事件日集中的事件研究法得到的結果發現，政策公告前後兩日的異常報酬多為負數，並未系統性地出現正報酬；公告前後兩日的累積異常報酬顯示投資人認為政府一開始的紓困措施對疫情下觀光業的振興效果不佳，而後續的政策或雖有些許效果，但仍屬有限。迴歸分析結果指出：公司治理的影響不顯著，而前期公司資產規模及市價淨值比 (代表成長性) 都對異常報酬有正向影響，尤其是在紓困政策公布後；投資人對負債比率高的公司是否能從紓困方案獲得效益比較有疑慮，所以這種公司的股價反應比較負向。本研究結果有關以後類似的重大事件中政府所提措施的股票市場反應及其受公司特徵的影響情形，可供投資人擬定投資策略時參考。 This study examines the stock price reaction caused by the government's announcement of economic stimulus and relief measures (six times in total) after the COVID-19 epidemic in the tourism stocks of Taiwan-listed and OTC companies in early 2020 and whether it is affected by corporate governance. This article uses the event study method to measure stock price response to policy announcement, and uses this as dependent variable to perform regression analyses on corporate governance and firm characteristics. The results obtained from the event study method considering the clustering of event days find that the abnormal returns in the two days before and after the policy announcements were mostly negative, and there was no systematic positive return; the accumulated abnormal returns in the two days around the announcements show that investors believed that the early government relief measures have not had a good effect on the revitalization of the tourism industry under the epidemic, and the follow-up policies may have some effect, but they are still limited. The results of regression analyses indicate that: the impact of corporate governance is not significant, and the company's asset size and market-to-book value ratio (representing firm growth) for the last year have a positive impact on abnormal returns, especially after the bailout policy is announced. Moreover, investors have more doubts about whether the companies with a high debt ratio can benefit from the bailout plans, so the stock price reactions of such companies are relatively negative. The results of this study related to the stock market reaction to the measures proposed by the government in similar major events in the future and the impact of the company's characteristics can be used as a reference for investors when formulating investment strategies.
