COVID-19疫情對於公司股價之衝擊-以台灣觀光產業為例

COVID-19疫情剛爆發時馬上對台灣觀光旅遊業造成不小影響，本研究以事件研究法為基礎並以台灣觀光旅館業、觀光遊樂業、旅行業、航運業為對象，探討自2020年1月至2022年10月covid-19疫情期間，台灣政府對於旅遊宣布的相關事件，對本研究對象是否會產生異常報酬。經研究後明顯發現2020年05月27日台灣交通部推動三階段防疫旅遊具顯著正向異常報酬，而2020年01月15日將「嚴重特殊傳染性肺炎」列為第五類法定傳染、2021年05月19日本土疫情大爆發，宣布防疫警戒等級提升至第三級、2022年10月13日政府宣告COVID-19旅遊疫情建議等級調降至第二級，以上三事件期間具顯著負向異常報酬。

關鍵字

COVID-19 ；觀光產業；事件研究法；平均異常報酬率；累積平均異常報酬率

並列摘要

When the COVID-19 epidemic broke out, it immediately had a considerable impact on Taiwan's tourism industry. This study is based on the event study method and takes Taiwan's tourist hotel industry, tourism and amusement industry, travel industry, and shipping industry as examples to explore whether the information announced by Taiwanese government caused abnormal returns for tourism-related firms during the COVID-19 epidemic period from January 2020 to October 2022 Based on this research, we show that it was clearly found that on May 27, 2020, Taiwan’s Ministry of Transportation promoted the three-stage epidemic prevention travel tool with significantly positive abnormal returns. However, on January 15, 2020, severe special infectious pneumonia was listed as the fifth category of statutory infectious disease, and, on May 19, 2022, a major epidemic broke out in Turkey, and the epidemic prevention alert level was announced to be raised to level three. On October 13, 2022, the government announced that the COVID-19 travel epidemic advisory level was lowered to level two. The above three events had significant negative abnormal returns effects during the period.