SARS疾病災難事件對台灣生技醫療產業股價影響之研究

The Research of SARS Catastrophe Effect of Stock of the Biotechnology Industry in Taiwan

SARS，是近年來造成我國證券市場不可抗力的突發事件之一。SARS在兩岸三地肆虐期間雖致使台股大跌，甚而調降經濟成長率，但其市場上對於醫療器材的大量需求，反而帶動了我國相關生技醫療產業的股價，由此點觀之，SARS對於台灣生技醫療產業的影響相較於其他重大事件而言是更為直接且影響顯著的。本研究以事件研究法中之市場模式及複迴歸來探討SARS疾病災難事件對於國內生技醫療產業股票異常報酬之影響及相關財務因子的分析。研究期間自2002年11月15日至2003年4月30日，115個交易日，20個觀察值。實證結果顯示，台灣生技醫療產業確因SARS疾病災難事件產生正的異常報酬，就產業類別而言，醫療產品通路產業的異常報酬顯著於生技製藥產業，而產業類別為其他醫療相關產業者，則完全無顯著異常報酬的呈現。SARS事件之發生所產生的異常報酬率並無法在一、二天之內就迅速反應完畢，反而有延遲的現象，故而推論台灣生技醫療產業不符合半強式效率市場假說。在財務因子方面，本研究採用的五項財務因子對於SARS事件股價正向異常報酬的影響由大至小分別為：存貨週轉率、毛利率、公司規模、淨值比率，至於流動比率則對於SARS事件完全無任何顯著的影響。

SARS was one of the most serious event affected stock market in Taiwan. During the period of SARS impact, Taiwan stock index experienced atremendous drop. Taiwan's economy annual growth rate was down, but SARS increased the biotechnology industry demand. Thus, SARS was more influence than other events on biotechnology industry in Taiwan. This study employ market model and regression of event study to explore the abnormal return and financial ratio about the SARS catastrophe of the biotechnology industry in Taiwan. The empirical period is from April 30, 2002 to April 30, 2003, including 115 trading days and 20 observations. The result indicated that the positive abnormal return occurred in the biotechnology industry. With respect to the industry classification, the medical treatment industry was more significant than pharmacy while the other industry was not significant. The biotechnology industry in Taiwan was not a semi-strong form efficient market because the abnormal return couldn't response quickly. As for the financial factor analysis, there are five financial ratio applied ill this study. The ratio of inventory was more significant than the ratio of grass margin. The ratio of grass margin was more significant than the ratio of company size. The ratio of company size was more significant than the ratio of equity. The current ratio was lot significant in this event.