公司發生火災對於股價報酬率之影響

NHUIR > College of Management > Department of Finance, The M.A. Program of Financial Management > Disserations and Theses > Item 987654321/28818

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Title:	公司發生火災對於股價報酬率之影響
Other Titles:	The Impact of Fire Outbreak in a Company on Stock Market Return
Authors:	王閔正 WANG, MING-CHENG
Contributors:	財務金融學系財務管理碩士班白宗民 PAI, TZUNG-MIN
Keywords:	事件研究法;異常報酬;火災 Event Study Methods;Abnormal Return;Fire
Date:	2021
Issue Date:	2022-08-16 13:21:19 (UTC+8)
Abstract:	股票市場投資人在投資交易期間充滿著各種突發及不被預期狀況影響著股價的波動，進而影響著投資人的報酬率。本研究旨在探討公司發生火災對於股價報酬率之影響，運用事件研究法來探討火災事件所造成短暫買賣力失衡對於股票報酬率的影響，進而提供投資人決策之參考及運用。研究期間選定2010至2019年期間有發生火災之上市櫃公司為研究樣本，總計共115家，樣本頻率為股價日報酬率。實證研究結果顯示，公司的股價於事件期期間存在異常報酬，顯示火災事件發生所造成短暫買賣力失衡的現象會對於股價報酬率產生影響。在公司分類中，公司產線宣告有無影響、有無人命傷亡、媒體報導、外資買賣、借劵賣出及股本大小等分類，其股價報酬於事件期間下有顯著之影響，但異常報酬率於短期迅速反映後，隨即回歸於平日正常波動。　　In the process of investment and transaction, stock market investors face various abrupt and unforeseen circumstances, which lead to stock prices fluctuation and further affect investors' returns on investment (ROI). By using an event study, this paper is exclusive to investigate the impact of fires taken place in a company, which caused short term order imbalance, on its stock market return. The study also aims to provide future references for investors' decision making. The selected 115 study samples are over-the-counter (OTC) or public listed companies that had fire outbreaks from the year 2010 to 2019, using daily stock market returns as sampling frequency. The study shows that abnormal return occurred during the event, indicating that the short term order imbalance is impactful on stock market return. Whether fires damaged the production line, caused casualties, reported by mass media, involved foreign investment or securities lending or not, and the amount of share capital, etc., all have notable consequences on stock market return. However, an abnormal return on stock market merely appeared for a short period time before reverting to its original state.
Appears in Collections:	[Department of Finance, The M.A. Program of Financial Management] Disserations and Theses

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