[[alternative]]The Influences of U.S.A. Quantitative Easing on Taiwan Stock Market

[[abstract]] 美國聯邦準備理事會(Federal Reserve System; Fed)於金融海嘯後宣佈實施三次的量化貨幣寬鬆政策(Quantitative Easing; QE)。本研究利用事件研究法探討2008年11月25日至2014年10月30日期間三次QE事件宣告對台灣股市之影響，更進一步探討QE實施對台灣上市櫃8產業-電子類股、鋼鐵類股、塑膠類股、航運類股、紡織類股、食品類股、金融類股、汽車類股的股價影響。本研究選取QE事件各3個正面與負面的事件期進行研究，分別探討這些事件期對各類股累積平均異常報酬(CAAR)是否有顯著不同。實證結果顯示，QE2及QE3宣佈實施結束對台股呈現顯著之負向影響，符合預期結果。對台灣上市櫃產業的影響以電子類股影響最大，其次為金融、食品及航運類股，接著為汽車及鋼鐵類股，而紡織及塑膠類股影響較少。[[abstract]] Federal Reserve System announces three rounds of quantitative easing monetary policy after subprime crisis. This research uses event study to investigate the effect of quantitative easing on Taiwan stock market. Moreover, this study examines quantitative easing effect on electronic industry, steel industry, shipping, textile, food, financial and car industries. The empirical results show that QE2 and QE3 announcements have negative effects on Taiwan stock market. QE has the biggest effect on electronic industry. Financial, food and shipping industry have subsequent effect. The textile and plastic industry have the smallest effect on Taiwan stock market