全球貨幣政策偏向量化寬鬆，歐洲是我國第三大進出口地區，我國與歐洲每月進出口貿易總額平均在45億美元左右，歐洲執行貨幣寬鬆政策持續推展，對我國的經貿往來勢必造成影響。本研究旨在運用事件研究法探討歐洲執行貨幣寬鬆政策，以2014年1月1日至2015年6月30日為研究期間，三次QE事件宣告對台灣股市之影響。研究標的為台灣全體上市櫃公司與六大類股，其中六大類股包含電機機械類、電子類、 汽車類、鋼鐵類、化學類、金融類等。本實證研究發現，歐洲執行貨幣寬鬆政策宣告之三個訊息，對台灣股市全體上市櫃公司及六大類股股價存在顯著正面影響，符合預期結果。對台灣上市櫃產業的影響以電子類股、化學類股及金融類股影響較大，其次為電機機械類股及鋼鐵類股，汽車類股則影響較少。本文之實證結果除可提供主管機關參考，健全證券業之發展外，亦可以提供投資人資訊，以作為投資依據。 Due to the fact that global executes the quantitative easing monetary policy, and Europe is the third largest importer and export region to Taiwan market, the total import and export trade monthly average about $ 4.5 billion, therefore, the implementation monetary policy easing in Europe will affect Taiwan stock market. The study aims to investigate the implementation of the European monetary quantitative easing using event study from January 1, 2014 to June 30, 2015 on the Taiwan stock market based upon three quantitative easing events. The sample in this study uses all Taiwan listed companies and six industries stocks, including electrical machinery, electronics, automobiles, iron and steel, chemistry and finance. The empirical study shows that the implementation monetary quantitative easing in European, the existence of significant positive impact on Taiwan stock market. The electronic stocks, chemical stocks and financial shares have greater impact after the implementation monetary quantitative easing in European. The results of this study provide the consultation to the authority, and robust development of the securities industry. Furthermore, the result can also provide investors decision information.
