金融科技近幾年來在業界發展迅速,但過去的文獻多是著墨在單一金融科技如何改變銀行的經營模式,鮮少探討金融科技是否有助於增加銀行價值,故本研究蒐集了2013年至2019年間,25家台灣銀行發布的469項金融科技相關應用,並利用事件研究法探討市場投資人對相關宣告的反應。研究結果顯示金融科技宣告的累積異常報酬為負值。此外,投資人特別不看好較早期 (2014、2015與2016年) 的事件、由金融控股公司所屬銀行或是放貸業務集中在消費金融的銀行所宣告的事件,以及與區塊鏈相關的事件。未來獲利及法規的不確定性的隱憂可能是造成金融科技的開發無法得到市場投資人認可的原因。
The development of Fintech has grown fast in recent years. The literature places more emphasis on how a single Fintech changes the ways banks run their business than whether Fintech actually adds bank value. This study collects 469 announcements of Fintech applications between 2013 and 2019 from 25 banks in Taiwan, and uses an event study approach to examine how investors react to these announcements. The result suggests a significantly negative mean three-day cumulative abnormal return (CAR) for Fintech announcements. The regression analyses further show that the CARs are significantly lower for early events (i.e., those during 2014-2016) , events announced by banks which belong to financial holding companies or which focus on retail banking, and events associated with block chain. The uncertainty about government regulation and the concerns about future profitability may explain why Fintech is not greeted positively by the stock market.