加密貨幣相關犯罪事件對市場股價反應之分析

An Analysis of Market Response to Cryptocurrency-related Crimes

虛擬貨幣隨著行動科技日益蓬勃推波助瀾下，藉由新型態的犯罪模式也正快速影響台灣的金融交易市場。非但衝擊市場普遍認為法律監理有效的讓市場參與者在道德上遵守相關法規的認知，同時也扭曲原先虛擬貨幣欲改善其連結之金融市場效率的發展目的。因此，本文蒐集近年來台灣曾遭受以比特幣等虛擬貨幣產生勒索、洗錢等非法交易活動，並進行交叉比對產生之相關事件日與上市櫃公司之相關資訊。透過事件研究法探討虛擬貨幣產生勒索、洗錢等犯罪事件之揭露所導致事件日前後異常報酬存在與否之探討。

With the growing boom in mobile technology, cryptocurrency is rapidly affecting the financial market in Taiwan through new forms of crime. This study not only affects the market's perception of legal regulation as an effective means of moral compliance, but also distorts the original purpose of virtual currencies to improve the efficiency of the financial markets they are linked to. Therefore, this study collects information on the illegal trading activities such as extortion and money laundering with virtual currencies in Taiwan in recent years, and cross-references the relevant incident days and listed companies. Through the event study method, we investigate the existence of abnormal rewards before and after the event due to the revelation of criminal events such as extortion and money laundering generated by cryptocurrency currencies.