重大政策宣告之市場反應──以強化電網韌性建設計畫為例

Market Response to Major Policy Announcements: The Case of Enhanced Electrical Grid System Resilience Policy

電線電纜作為國家基礎工業之一，在台灣經濟發展過程中扮演重要角色。隨著電力需求與經濟發展同步成長，政府將電線電纜產業納入策略性發展工業，使政府政策對產業需求變動產生顯著影響。本研究以2022年3月1日至2023年3月31日間的台灣電線電纜產業個股資料為研究對象，採用事件研究法探討因應經濟成長及新能源改革趨勢而制定的《強化電網韌性建設計畫》，分析政策宣告對相關企業股價波動的影響，並透過複迴歸模型探討影響累積異常報酬的關鍵因素，以期深入了解政府重大政策對傳統成熟產業經營方向與股價表現的影響，為投資者提供未來決策參考。

Cable and wire manufacturing, as one of Taiwan's fundamental industries, has played a crucial role in Taiwan's economic development. As power demand grows in tandem with economic development, the government has designated the cable and wire industry as a strategic industrial sector, making government policies significantly influential on industry demand fluctuations. This study examines Taiwan's cable and wire industry stock data from March 1, 2022 to March 31, 2023, employing event study methodology to analyze the ''Grid Resilience Enhancement Construction Plan'' - a policy formulated in response to economic growth and new energy reform trends. The research analyzes the impact of policy announcements on related companies' stock price volatility and explores key factors affecting cumulative abnormal returns through multiple regression models, aiming to provide a deeper understanding of how major government policies influence traditional mature industries' operational directions and stock performance, thereby offering reference for future investment decisions.