國際運動賽事的財經觀點：舉辦2017臺北世大運對臺灣股市的效應

Financial perspectives on international sporting events: The impact of hosting Taipei 2017 Universiade on Taiwan’s stock market

緒論：過去研究普遍認為舉辦國際運動賽事可能對國家或特定產業產生正面經濟影響，但在臺灣鮮少有探究舉辦國際運動賽事與金融市場連動性的相關研究。因此，本研究旨在探討舉辦2017 年臺北世大運對臺灣股市及賽事概念企業異常報酬的影響。方法：透過引入事件研究法以及蒐集2017 臺北世大運主辦宣告及舉辦時期臺灣股市的次級資料，探究臺灣舉辦國際運動賽事對贊助商及賽事相關概念企業異常報酬的影響。結果：2017臺北世大運的主辦宣告對賽事概念股的累積超額報酬具有先期正向的影響，但這種效果是短暫的，宣告效果與規模較大的賽事概念股的股價異常報酬也有較強的正向關聯。在賽事舉辦期間，世大運概念股的投資風險相對低於整體股市大盤，賽事舉辦可能促使業績成長較差的概念股公司，產生相對較高的股價異常報酬。然而，世大運舉辦期間對官方贊助商股價異常報酬的影響並不顯著。結論：國際運動賽事的宣告和舉辦可能會影響股價的預期並引發投資組合重新分配，從而對賽事相關要素的股價報酬產生短期利多信號，投資者可以透過賽事舉辦期間選擇賽事相關股票作為投資組合進行短期投資以獲得超額報酬。從效率市場觀點而言，本研究結果也間接證實台灣股市並不具有完全效率性。本研究為舉辦國際運動賽事產生的財務效應提供文獻支持和實證證據，研究發現可作為運動賽事管理者及投資人研擬財務決策的參考。

Introduction: Although it is generally believed that hosting international sporting events may have a positive economic impact on a country or a specific industry, few studies have explored the link between hosting international sporting events and the financial market in Taiwan. This study aimed to examine the impact of hosting Taipei 2017 Universiade on the abnormal returns of Taiwan’s stock market and event-related companies. Methods: This study used the event study method to analyze secondary data from the Taiwan stock market during the hosting announcement and hosting period of the Taipei 2017 Universiade and explore the impact of hosting international sporting events in Taiwan on the abnormal returns of sponsors and event-related companies. Results: The announcement of the hosting of Taipei 2017 Universiade had a positive effect in advance on eventrelated stocks, but the effect was short-lived. A stronger positive correlation was evident between the announcement effect and abnormal returns of the stock prices of large-scale event-related companies. The investment risk of Universiade-related stocks was lower than that of the broad-based stock market during the event, and Universiade-related companies with poorer financial performance had higher abnormal stock returns. However, Taipei 2017 Universiade had no significant effect on the abnormal returns of the official sponsors’ stock prices. Conclusion: The announcement and hosting of international sporting events can generate an expectation effect on stock prices and trigger portfolio redistribution, resulting in short-term positive signals for the stock price returns of event-related elements. Investors are able to receive excess returns by choosing event-related stocks as a portfolio for short-term investments during international sporting events. The results of this study also indirectly confirmed the inefficiency of Taiwan’s stock market. This study contributes to the literature and empirical evidence on the financial impact of hosting an international sporting event. Its findings could serve as a reference for sporting event managers and investors in investment decision-making.