本研究主要是探討立法院三讀通過調升保險業國外投資上限比例之宣告，對保險類股股價是否存有異常報酬。運用事件研究法(Event Study)以立法院92年1月3日由20%調至35%及96年6月14日35%調至45%，三讀通過調升保險業國外投資上限比例為事件為研究樣本，觀察該事件對已上市保險公司股價的短期變化。研究成結果顯示：在此兩次宣告調高保險業國外投資上限事件日前後，在事件期中保險類股股價均有顯著的異常報酬；故有宣告效果，效果會持續到實施日六日後。 This research mainly discusses the Legislative Yuan's amendment. After the amendment in Legislative Yuan, the new law announces that abroad upper limit the insurance business investments would be lifted. Using the Event Study to examine the events that Legislative Yuan passed the three reading procedure of increasing the proportion limit fm 20% to 35% on 3/Jan/2003, and fm 35% to 45% on 14/Jan/2007, the study observes the short-term change that the events bring about toward stock prices of insurance company. The results of this study show: around the period of time that the announcements of increasing investment upper limits abroad are released, there is remarkable reward to average stock prices of insurance companies in the period of events studied. Hence we could conclude that the effect.
