我國實施普發現金政策對台灣證券市場股價影響之研究

Abstract

在本研究中，作者對台灣和香港股票市場對於普發現金政策的反應進行了實證分析。在台灣股市中，作者觀察到股票市場對於此政策呈現出不同的反應，大多為負面反應，尤其在科技業和傳統產業中更為顯著。然而在香港股市中，股票市場對此政策呈現出全面的正向顯著反應。此外，作者對台灣不同產業的股票市場進行了財務因子的分析，發現科技業和金融業對政策的反應受到財務因子的影響，而傳統產業則未受到顯著影響。然而在香港股市中，財務因子對金融業的影響並不顯著。作者推測目前的財務指標只能提供有限的市場洞察，若從需求端觀察投資者和消費者的偏好和行為模式，有助於更好理解市場動態並提前洞悉趨勢變化，未來研究應延伸至非財務指標以更全面了解市場行為。

This study empirically analyzed the reactions of the Taiwanese and Hong Kong stock markets to the cash handout policy. In Taiwan, the stock market’s response was mostly negative, especially in the technology and traditional industries. In contrast, Hong Kong’s stock market reacted positively across all sectors. The financial factor analysis revealed that in Taiwan, the technology and financial sectors were influenced by these factors, while traditional industries were not. In Hong Kong, financial factors did not significantly im- pact the financial sector. The author suggests that current financial indicators provide limited market insights and that observing investor and consumer behaviors could offer better market understanding. Future research should explore non-financial indicators for a comprehensive view of market behavior under such policies.