[[alternative]]The Impact of ECFA on Taiwan Stock Market--An Event Study Analysis

[[abstract]] 本研究主要探討簽訂兩岸經濟合作架構協議(ECFA)對台灣股價影響之事件研究，主要針對生技、金融、食品、航運、貿易百貨、觀光、電子產業並分析股價於簽定前後是否產生異常報酬之情形。 實證結果發現兩岸簽訂ECFA事件對八個事件日之股價有異常報酬率之現象。第一個事件日，生技、食品、航運、觀光、電子業存在顯著正的異常報酬，第二個事件日，生技、航運有顯著為正的報酬，第三個事件日，只有生技業有顯著為正的報酬。第四個事件日，所有產業均不存在異常報酬。第五個事件日，電子業雖顯著但為負報酬，其餘生技、金融、食品、航運、觀光、金融、貿易百貨業均不存在異常報酬。第六個事件日，生技業顯著但為負報酬、其餘金融、食品、航運、貿易百貨、觀光、電子業為不顯著。第七個事件日，電子業顯著為正報酬，其餘生技、金融、食品、航運、貿易百貨、觀光業不存在異常報酬。第八個事件日，生技、食品顯著為負報酬，其餘金融、航運、貿易百貨、觀光、電子業不存在異常報酬。最後，ECFA之簽定對相關類股之股價異常報酬成正向顯著關係，投資人可藉相關授會之類股獲得相當報酬。[[abstract]] This study investigates the abnormal return of signing cross-strait economic cooperation framework agreement on the Taiwan Stock market, i.e., biotech, finance, food, shipping, trade, general merchandise, tourism, electronic industries and analyze the share price changes before and after the signing of circumstances. The empirical results show that the two sides signed the ECFA event the share price of the benefit of the phenomenon of abnormal returns for eight episodes. First event, biotech, food, shipping, tourism, electronic industries exist significantly positive abnormal return. The second event day, biotechnology, shipping is significantly positive abnormal return. The third event day, biotech is significantly positive abnormal return. The fourth event day, all industries abnormal return are not significant. The fifth event day, electronic industry is significantly negative abnormal return, the rest of the biotech, financial, food, shipping, tourism, e-finance, trade, general merchandise was not significant. The sixth event day, biotech industry is significant but negative abnormal return, the rest of the biotech, financial, food, shipping, trade, general merchandise, tourism, electronic industries are insignificant. The seventh event day, electronic industry is significantly positive abnormal return, the rest of the biotech, financial, food, shipping, trade, general merchandise, tourism, electronic industries are insignificant. Eighth event date, biotech, food industries are significantly negative abnormal return, the remaining financial, shipping, trade, general merchandise, tourism, electronics industries are not significant, Finally, signing ECFA is benefit for Taiwan stock market and investors gains via this agreement