新冠肺炎疫情、股市反應與公司特徵關聯性之研究-以台灣上市公司為例

本文旨在探討新冠肺炎疫情對臺灣股市產業類別的股價報酬影響，及產業別受影響的程度是否具有顯著差異；並加入公司特徵的考量，探討不同註冊地之公司治理、財務狀況與財務彈性的企業股價報酬對COVID-19衝擊的反應是否有所差異。實證結果發現，傳產類股與民生類股的股價跌幅較大，電子類股與生醫類股相對抗跌；海外來台第一上市股票價格跌幅相較於本國公司股票大。另外，若同時考量產業別及註冊地不同之股票時，生醫類股與民生類股之海外來台第一上市股票，其股價跌幅程度相較本國股票大。而在公司特徵方面，具有公司治理評鑑較高、財務狀況較佳與財務彈性良好之股票，其股價報酬受新冠肺炎疫情的影響較小，然而在本國公司股票與海外來台第一上市股票之公司治理評鑑、財務狀況與財務彈性對新冠肺炎疫情股價方面，其兩者的反應並無顯著差異。

關鍵字

新冠肺炎疫情；事件研究法；境外上市；公司治理；財務狀況；財務彈性

並列摘要

This article aims to explore the impact of the COVID-19 outbreak on the stock price returns of industries in the Taiwan stock market, and whether there are significant differences in the degree of impact across industries and consider company characteristics to explore corporate governance, financial status and financial flexibility in different places of incorporation of companies’ stock price returns differ in their response to the COVID-19 shock. The empirical results that the stock prices of traditional stocks and people's livelihood stocks have fallen significantly, and electronic stocks and biomedical stocks are relatively resistant to decline; the price of foreign listing stocks in Taiwan has fallen more than that of domestic companies' stocks. In addition, when considering stocks with different industries and places of registration at the same time, the foreign listing stocks of biomedical stocks and people's livelihood stocks will have a larger decline in their share prices than domestic stocks. In terms of company characteristics, stocks with high corporate governance evaluation, better financial status and financial flexibility have less impact on the stock price return of the new crown pneumonia epidemic. However, there is no significant difference in the responses of domestic companies' stocks and foreign listing stocks in terms of corporate governance evaluation, financial status and financial Flexibility to the stock price of the COVID-19.