非經濟因素對台灣股市影響之研究

Research on the Impact of Non-Economic Factors on Taiwan’s Stock Market

當投資者正努力分析總體經濟數據做為投資股市的依據時，或許某隻黑天鵝正無聲無息地朝我們靠近，或許是天災，或許是人為。不同於經濟因素相對容易預測波動，非經濟因素的影響可能是遠遠超出投資者的想像之外。本研究以3個選定之重大非經濟因素，包括新冠肺炎、921大地震及烏俄戰爭，針對台灣加權指數之漲跌幅進行統計分析，檢定重大之非經濟因素發生後台灣加權指數平均股價及報酬率是否有顯著差。基於上述的事件，本研究結果顯示，當重大非經濟事件發生時，台灣股票市場將無可避免地受到的影響。

When investors are trying to analyze overall economic data as a basis for investing in the stock market, perhaps a black swan is approaching us silently, perhaps caused by natural disaster or human error. Unlike economic factors, which are relatively easy to predict fluctuations, the impact of non-economic factors may be far beyond investors' imagination. This study uses three selected major non-economic factors, including COVID-19, the 921 earthquake and The Ukraine-Russia War, to conduct a statistical analysis of the rise and fall of the Taiwan Weighted Index, and to determine the average stock price of the Taiwan Weighted Index after the occurrence of major non-economic factors. and whether there is a significant difference in the rate of return. Based on the above events, this study predicts that when major non-economic events occur, the Taiwan stock market will inevitably be affected.