本研究旨在探討臺海危機對臺灣上市公司股票報酬率之影響。我們分別以第三次與第四次臺海危機為事件日，使用事件研究法分析事件期間，臺灣上市公司股票的日報酬率變化。分別以第三次臺海危機1995年7月21日和第四次臺海危機2022年8月4日作為事件日進行分析。實證結果顯示，第三次臺海危機下，以全樣本股票來看可發現整體呈現負向顯著影響，再進一步將臺灣上市公司股票細分成電子與非電子類股，也都明顯觀察到平均累積異常報酬率呈現顯著負向影響，然而第四次臺海危機時，卻出現相反的結果，電子與非電子類股大都呈現正向的平均累積異常報酬率。 This study investigates the impact of the Taiwan Strait war crisis on the stock returns of listed companies in Taiwan. We take the third and fourth Taiwan Strait war crisis as the event days respectively, and use the event study method to analyze the changes in the daliy returns of stocks of listed companies in Taiwan during the event period. The third Taiwan Strait crisis on July21,1995, and the fourth Taiwan Strait crisis on August 4,2022,are used as event dates for analysis.The empirical results show that there are negative and significant impacts on the overall samples during the third Taiwan Strait war crisis. We further divided samples into electronic and non-electronic stocks, and the average cumulative abnormal returns are also negative and significant. However, the opposite result occurred during the fourth Taiwan Strait crisis. Most of the electronic and non-electronic stocks show positive average cumulative abnormal returns ..
