台灣能源轉型政策對台灣能源產業股價的影響

Analysis of the Impact of Taiwan’s Energy Transformation Policy on the Stock Price of Taiwan’s Energy Industry

謝予綸(Yu-Luen Hsieh)

指導教授 ： 戴錦周

國立臺中科技大學/商學院/財務金融研究所碩士班/碩士(2024年)

摘要

本研究主要探討「能源轉型白皮書」是否對台灣能源產業股價帶來顯著異常報酬，事件之觀察窗口為2020年11月18日白皮書發布日前後10天，樣本資料以台灣經濟新報(TEJ)、公開資訊觀測站、台灣證券交易所之公司為資料來源。研究樣本包含儲能概念股、頁岩氣概念股、太陽能概念股、水資源概念股、碳權概念股、節能概念股、鋰電池概念股、電動車概念股及風電概念股，利用事件日研究法分析台灣能源產業的股價反應，研究結果顯示：
1.在「能源轉型白皮書」政策發布日前後10天，能源概念股股價的正異常報酬率主要有頁岩氣概念股、電動車概念股。
2.在「能源轉型白皮書」政策發布日前後10天，負異常報酬率主要有水資源概念股、節能概念股。
3.可觀察出「能源轉型白皮書」的發布，對台灣上市公司能源概念股股價並無顯著影響，應與公司體制是否健全、妥善經營管理為主要股價影響因素。

關鍵字

能源轉型白皮書 ； 事件研究法

並列摘要

The main purpose of the study is to investigate whether the content of “Energy Transformation White Paper” brings significant abnormal returns to the stock prices in Taiwan’s energy industry. The observation duration of the event was the 10 days before and after the release date of the white paper, November 18, 2020 and the sample data came from Taiwan Economic Journal (TEJ), Public Information Observatory, and companies in Taiwan Stock Exchange. Research samples include energy storage concept stocks, shale gas concept stocks, solar energy concept stocks, water resource concept stocks, carbon solution concept stocks, energy conservation concept stocks, lithium battery concept stocks, electric vehicle concept stocks and wind power concept stocks, making use of the event study method to analyze the stock price reaction of Taiwan’s energy industry. The research results are as below:
1.During the 10 days before and after the release date of the “Energy Transformation White Paper” policy, the positive abnormal returns on the stock prices of energy concept stocks mainly include shale gas concept stocks and electric vehicle concept stocks.
2.During the 10 days before and after the release date of the “Energy Transformation White Paper” policy, the negative abnormal returns mainly include water resource concept stocks and energy conservation concept stocks.
3.We can observe that the release of the “Energy Transformation White Paper” has no significant influence on the stock prices of energy concept stocks in Taiwan’s listed companies, while the main factors influencing the stock prices should depend on whether the company’s system is sound and the management is proper.

並列關鍵字

Energy Transformation White Paper ； event study method

參考文獻

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