新冠疫情對公司股價之衝擊-以台灣擁有壽險產險子公司之金控公司為例

保險公司對台灣經濟發展佔有極大比重，2019 年起新冠肺炎造成全世界經濟衝擊，導致股市波動劇烈，而在台灣，防疫險之亂的高額理賠也影響保險業者金控母公司股價。本研究以事件研究法為基礎並以台灣三間樣本金控公司為對象，探討自 2020年 1 月至 2022 年 5 月 Covid-19 新冠疫情管制期間，衛福部五個重大疫情管制宣告事件，對本研究中三間國內大型金控公司股價是否有異常報酬。經研究後明顯發現 2020 年 1 月 15 日台灣將新冠肺炎列為第五類法定傳染病，後續接著，2021 年 5 月 19 日全台升至三級警戒，2022 年 4 月 19 日無症狀或輕症確診者於居家照護期間得比照一般住院理賠，2022 年 5 月 12 日起快篩陽性視同確診，以上四個事件期間確實具顯著負向異常報酬;而 2020 年 3 月 21 日全球旅遊升至三級警戒事件期間經研究發現具顯著正向異常報酬。

關鍵字

新冠肺炎；金融控股公司；事件研究法；平均異常報酬；累積平均異常報酬

並列摘要

Insurance companies account for a large proportion of Taiwan's economic development.Since 2019, the Covid-19 has caused economic shocks around the world, resulting in violent stock market fluctuations. In Taiwan, high claims for epidemic prevention insurance have also affected the stock price of the parent company of the insurance company's financial holding company. This study is based on the Event study and takes three sample financial holding companies in Taiwan as objects to explore the five major epidemic control announcement events of the Ministry of Health and Welfare during the Covid-19 new crown epidemic control period from January 2020 to May 2022. Whether there are abnormal returns in the stock prices of the three large domestic financial holding companies. After research, it was clearly found that on January 15, 2020, Taiwan listed the new crown pneumonia as the fifth category of legal infectious disease, and then, on May 19, 2021,the whole Taiwan was raised to the third level of alert, and on April 19, 2022, asymptomatic or Those diagnosed with mild symptoms will be treated as normal hospitalization claims during the home care period. From May 12, 2022, a positive test will be deemed as a diagnosis. During the above four events, there are indeed significant negative abnormal returns; and on March 21, 2020, global travel Significant positive anomalous returns have been found during research to alert level 3 events.