COVID-19對電子業和航運業股價之影響

NHUIR > College of Management > Department of Finance, The M.A. Program of Financial Management > Disserations and Theses > Item 987654321/29169

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Title:	COVID-19對電子業和航運業股價之影響
Other Titles:	The Impact of COVID-19 on the Stock Prices of the Electronic and Shipping Industries
Authors:	施秀娟 SHI, XIU-JUAN
Contributors:	財務金融學系財務管理碩士班李怡慧 LEE, YI-HUEY
Keywords:	新冠肺炎;電子類股;航運類股;事件研究法;異常報酬 COVID-19;electronics stocks;shipping stocks;event study;abnormal returns
Date:	2022
Issue Date:	2022-09-05 11:58:38 (UTC+8)
Abstract:	本研究旨在探討COVID-19公衛事件，對台灣上市電子業與航運業股價之影響。文中採用事件研究法(Event Study)，以2020年1月21日台灣COVID-19確診首例、世界衛生組織2020年3月11日宣告全球將大流行、行政院衛福部疾管署宣告2021年5月15日為台灣三級警戒日作為事件日，分析COVID-19重大訊息宣告，是否對電子與航運類股產生顯著異常報酬與累積異常報酬。資料來源為臺灣經濟新報資料庫，實證以422家電子類股及23家航運類股為樣本，資料型態為日資料。　　實證結果顯示，COVID-19三個宣告日及宣告日後，對電子業上市公司股價之平均異常報酬率與累積平均異常報酬率皆有顯著性的影響。全球大流行宣告當日，對航運業股票之平均異常報酬率有顯著性的影響為正向效應，而累積平均異常報酬率未有顯著性的影響，而是反應在宣告日後第2天才開始有負向顯著性的影響。台灣COVID-19確診首例、台灣三級警戒日宣告日及宣告日後對航運業上市公司股價之平均異常報酬率與累積平均異常報酬率皆有顯著性的影響。　　This study aims to explore the impact of the COVID-19 public health incident on the stocks prices of Taiwan's listed electronics and shipping industries. The event study method is used in this article, with the first confirmed case of COVID-19 in Taiwan on January 21, 2020, the World Health Organization's announcement of a global pandemic on March 11, 2020, and the announcement by the Department of Health and Welfare, CDC of the Executive Yuan on May 15, 2021 Taking Taiwan's Level 3 Alert Day as the event day, analyze whether the announcement of major COVID-19 news will produce significant abnormal returns and accumulated abnormal returns for electronics and shipping stocks. The source of data is the database of Taiwan Economic Journal. The empirical evidence uses 422 electronics stocks and 23 shipping stocks as samples, and the data type is daily data.　　The empirical results show that the three announcement days of COVID-19 and the days after the announcement have a significant impact on the average abnormal return and cumulative average abnormal return of the stock prices of listed companies in the electronics industry. The global pandemic has a significant impact on the average abnormal return of shipping stocks on the day of the announcement, which is a positive effect, while the cumulative average abnormal return has no significant impact, but the reaction began to have a negative effect on the second day after the announcement. significant impact. The first confirmed case of COVID-19 in Taiwan, the announcement day of Taiwan's Level 3 Alert Day and the announcement day have a significant impact on the average abnormal return rate and cumulative average abnormal return rate of listed companies in the shipping industry.
Appears in Collections:	[Department of Finance, The M.A. Program of Financial Management] Disserations and Theses

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