- 學位論文
ECFA協議簽署對股票價格的宣告效果－以台灣航運與觀光產業為例
The Announcement Effect of Signing Economic Cooperation Framework Agreement on Share Prices: Evidence from Taiwan Shipping and Tourism Industries
摘要
本研究旨在探討臺灣與中國大陸共同簽署之兩岸經濟合作架構協議 (Economic Cooperation Framework Agreement, ECFA)對臺灣航運與觀光產業股票價格之影響。本研究結果發現股價會隨著協議的簽署而產生波動，因而證實了臺灣股票市場的效率性，再者，對於航運與觀光產業而言，ECFA簽署之訊息在臺灣股票市場並未達半強式效率市場，而是呈現弱式效率市場。 實證結果指出航運產業的股利殖利率與股東權益報酬率為影響ECFA簽署之宣告效果的重要指標，因為此二個指標是企業過去績效的反射，亦是企業向資本市場傳遞其擁有健全財務體質及樂觀經營前景的管道。對觀光產業而言，本研究建議投資者可透過財務資訊之股利殖利率及市價淨值比進行分析，以作為投資決策的重要依據，並使資源作最有效的配置。
並列摘要
The object of the present research is to explore the effects of the Economic Cooperation Framework Agreement, ECFA, entered between Taiwan and China on the equity of Taiwan’s shipping and tourism sector. The finding was that the equity changed with the execution of the agreement, and thus verified the efficiency of Taiwan’s stock market. It was also found that on the part of shipping and tourism sectors, the information of ECFA being signed did not lead to semi-strong form efficiency for the stock market in Taiwan, but to a weak form efficiency market. The empirical result suggested that the shipping sector’s equity yield rate and the rate of return on shareholders equity are key indices for the influence on the effect of the proclamation of ECFA execution. These indices thus reflect corporate past performance as well as a channel by which the corporations relay their sound financial standing and promising operation to the capital market. Moreover, in the tourism sector equity, investors are advised in this study to perform analysis using the dividend yield and the price-to-book ratio in the available financial information to serve as an important basis for their investment decisions so that resources can be allocated most efficiently.