金融監理沙盒市場反應及其影響因素之研究

The Study of Market Reaction and its influencing factors for Regulatory Sandbox

金融科技開啟全球金融產業重要里程碑，衝擊傳統金融監理的理論與實踐，監理法規應能讓金融科技創新及彈性發展，又需幫助監理機關掌握金融科技業的發展，適當法律將是金融科技發展成功的重要拼圖（Douglas 2016）。我國於2017年12月29日三讀通過金融科技發展與創新實驗條例（Regulatory Sandbox，以下簡稱監理沙盒），本條例為全球首部監理沙盒專法，對台灣金融科技發展及金融業競爭力的影響甚鉅。本研究以事件研究法探討監理沙盒市場反應及複迴歸模型探討公司特性對股價反應的調節效果。本研究實證結果顯示監理沙盒宣告具有正向顯著增額資訊內涵；相較於金融科技業而言，金融監理沙盒對傳統金融業股價反應較高。實證結果應可幫助政府制定後續監理沙盒發展策略與相關投資者進行決策時的重要參考依據。

The rise of FinTech marks a crucial milestone in the global financial industry that has affected theories and practices of conventional financial supervision. Laws and regulations for financial supervision should be flexible enough to help FinTech innovate and develop but should also assist supervisory agencies in controlling the development of FinTech businesses. Taiwan's Act on Financial Technology Innovations and Experiments was approved on December 29, 2017. This act is the first ''regulatory sandbox'' act worldwide and has had a great influence on the development of FinTech in Taiwan and the competitiveness of its financial businesses. This study explores the market response to the ''regulatory sandbox'' by employing a multiple regression model to investigate the moderating effects of company characteristics on share price. The empirical results of this study showed that announcing regulatory sandbox bills had a significant and positive effect on enhancing incremental information content. Regulatory sandbox bills had a higher influence on the stock prices of financial industries than on those of financial technology industries. These results can serve as references to governments for formulating subsequent regulatory sandbox development strategies and to related investors for decision making.