Covid-19升降級警戒宣告對上市營建子產業股價異常報酬的影響

The Impact of Covid-19 Upgrade and Downgrade Alert Announcements on the Abnormal Return of Stock Prices in the Listed Construction Sub-Sector

王癸元(Wang, Kuei-Yuan) ； 韓建國(Han, Chien-Kuo) ； 宋協嶸(Sung, Hsieh-Jung)

《藝見學刊》 25期 (2023/04) Pp. 77-93

https://doi.org/10.6207/ART-VISION.202304_(25).077-093

摘要

本研究主要探討Covid-19升降級警戒宣告對營建業上市各子產業股價異常報酬的影響。本研究以營建業60檔上市公司為研究樣本，並以疫情指揮中心頒布升至三級警戒（2021年5月17日）和降至二級警戒（2021年7月27日）為事件日，採取事件研究法，以利檢測各級警戒升降級是否對於營建業各子產業上市公司造成異常報酬之影響。實證結果指出，升至三級警戒對於全部營建業上市公司產生顯著負向異常報酬；降至二級警戒多數帶來正向異常報酬。本實證結果對投資者的投資決策具有實務意涵。

關鍵字

Covid-19 ； 營建業 ； 事件研究 ； 警戒宣告 ； 異常報酬

並列摘要

This study mainly explores whether Covid-19 alert declaration upgrade and downgrade has an abnormal return on the stock price of listed constructional sub-sectors. In addition, this study aims sixty constructional listed companies for samples and select the upgrade of Alert Level 3 (May 17, 2021) and downgrade of Alert Level 2 (July 27, 2021) as the Event Day. Empirical showed that while upgrading to Level 3, all listed constructional sub-sectors generated significant negative AR. And, while downgrading to Level 2 mostly generates positive AR. It provided some practical signals to investor's investment decisions.

並列關鍵字

Covid-19 ； Construction Industry ； Event Study ； Declaration Alert ； Abnormal Returns