本文利用事件研究法分析自2004至2016年這段期間，台灣每次進行總統選舉事件後，對全體上市公司股價的影響。分別探討台股中權值比重高的前九大類股，在此重大政治選舉事件發生後，是否引發異常報酬AR及累積異常報酬CAR？實證結果顯示，每當在選舉事件日後，股票市場的異常報酬往往牽動著選舉相關概念股的股價。而影響相關類股的股價走勢與波動幅度，會因為當時政治時空背景的不同而有所差異。故總統大選結果若發生政黨輪替，則顯著對股市造成衝擊效應，導致股價走勢明顯，異常報酬率AR與累積異常報酬率CAR明顯增加。總統大選結果若發生執政黨連續執政，則對股市的衝擊幅度較小，其異常報酬率AR與累積異常報酬率CAR明顯為低。 This paper uses the event research method to analyze the impact of Taiwan's share price on all listed companies after the presidential elections in the period from 2004 to 2016. And separately discuss the top nine stocks with a high proportion of weights in Taiwan stocks. After this major political election incident, does it trigger abnormal returns AR and accumulated abnormal returns CAR? The empirical results show that every time after the election event day, the abnormal remuneration of the stock market often affects the stock price of the relevant concept stocks. The stock price movements and fluctuations affecting related stocks will vary depending on the political time and space background. Therefore, if a political party rotation occurs in the presidential election results, it will have a significant impact on the stock market, resulting in a clear stock price trend. The abnormal return rate AR and the cumulative abnormal return rate CAR increase significantly. If the ruling party continues to govern in the presidential election, the impact on the stock market will be small, and its abnormal return rate AR and cumulative abnormal return rate CAR will be significantly lower.
