新型冠狀病毒對臺灣主要產業報酬績效研究

Research on the Impact of the Covid-19 Epidemic on the Returns of Major Industries in Taiwan

2019年底新型冠狀病毒重創各國經濟，引發長期衰退疑慮。新型冠狀病毒也對臺灣產業引發衝擊，本研究旨在於以事件研究法針對新冠狀病毒事件對台灣股票市場各主要產業指數每週後勢，是否會產生顯著異常報酬，以及是否對市場效率的造成短暫或較深遠的影響，進行探討。
本研究發現，因疫情肆虐各產業的程度並不一，致使後勢表現並不一致。新冠狀病毒疫情對臺灣產業造成中長期的影響，可能造成非同步的正負衝擊現象。疫情初期臺灣加權指數走勢下跌，大部分產業跟著下跌。疫情後期，趨於平穩復甦，但整體產業缺趨於低迷，特別是傳統產業。之後，各產業報酬回到基本面，相較前期微幅上漲。

At the end of 2019, Covid-19 hit the economies of various countries hard, triggering long-term recession fears. Covid-19 also hits Taiwanese industry. The purpose of this study is to use the event study to examine whether the COVID-19 event will produce significant abnormal returns on the weekly trends of major industry indices in the Taiwan stock market, and whether there will be short-term or long-term effects on market efficiency.
The study found that the extent to which the pandemic has ravaged various industries has led to inconsistent performance. The COVID-19 outbreak will have a mid-to-long-term impact on Taiwanese industries, and may have unsynchronized positive and negative impacts. At the beginning of the epidemic, Taiwan's weighted index fell, and most industries followed suit.
In the late stage of the epidemic, the recovery stabilized, but the overall industry stock price performance tends to be sluggish, especially in traditional industries. Then, the industries return to the fundamentals, slightly rebounding from the previous period.