新型冠狀病毒(COVID-19)對台灣電信業股價影響之研究

A study on the impact of the novel coronavirus on the stock price of Taiwan's telecom industry

邱聿柔(Yu-Jou Chiou)

指導教授 ： 劉晉吉

嶺東科技大學/商管學院/企業管理系高階經營管理碩士在職專班/碩士(2022年)

摘要

本研究以國內主要三大龍頭電信業者中華電信、台灣大哥大及遠傳電信作為研究對象，透過事件研究法，以大陸武漢發佈新冠狀病毒疫情(COVID-19)為事件日進行股價異常報酬率分析，股價資料範圍自事件日起共480期，分為短期、中期、長期三階段進行分析。股價樣本資料之取得係透過「台灣證券交易所」之公開交易資料做為分析異常報酬率之資料來源。
實證結果發現新冠狀病毒疫情(COVID-19)對於國內主台灣三大電信業者的股價異常報酬率，並無顯著的影響。探究其原因，雖台灣5G網路推廣期正逢新冠狀病毒疫情(COVID-19)事件期間，雖5G網路所延伸的應用產品在狀病毒疫情(COVID-19)期間也扮演重要的通訊媒介，但股市投資人對於5G的推廣已視為基礎建設，故在新冠狀病毒疫情(COVID-19)發生後，國內主要電信類股的股價市場反應，並無顯著的異常報酬。

關鍵字

事件研究法 ； (COVID-19) ； 5G ； 電信業 ； 異常報酬

並列摘要

This research takes Chunghwa Telecom, Taiwan Mobile and Far EasTone as the research objects, the three major domestic leading telecom operators, through the event research method. The abnormal return rate of stock price is calculated on the event day of the outbreak of the new coronavirus (COVID-19) in Wuhan, mainland China. For the analysis, the stock price data range has a total of 480 periods since the event date, which is divided into three stages: short-term, medium-term and long-term. The stock price sample data is obtained through the publicly traded data of the "Taiwan Stock Exchange" as the data source for analyzing abnormal returns.
The empirical results show that the new coronavirus epidemic (COVID-19) has no significant impact on the abnormal returns of the stock prices of the three major domestic telecommunications companies in Taiwan. To explore the reason, although Taiwan's 5G network promotion period coincides with the new coronavirus epidemic (COVID-19) event, although the application products extended by 5G network also play an important communication medium during the coronavirus epidemic (COVID-19) However, stock market investors have regarded the promotion of 5G as infrastructure, so after the outbreak of the new coronavirus (COVID-19), the stock price market reaction of major domestic telecom stocks did not show significant abnormal returns.

並列關鍵字

Event study ； Covid-19 ； 5G ； Telecommunications industry ； Abnormal returns

參考文獻

參考文獻

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