| Summary: | 碩士 === 國立成功大學 === 會計學系碩博士班 === 98 === Taiwan, crowded, high mountains, is the island country. Taiwan is directly facing the Pacific Ocean, but also in the sub-tropical climate and tropical climate at the junction. It is quite prone to tropical cyclones, also known as typhoons.
In this study, the event study methods were adopted, and also adopt the market model used by Thompson (1993) and Grace, Rose and Karafiath (1995) to Investigate “921 Seismic events”， “Nari Storm events”， “88 Flood events” and “Jiasian Seismic events” on the stock abnormal return.
The empirical results show that for all ordinary shares listed on the sample, the stock market will indeed be a result of natural disasters caused by abnormal returns.However, the extent of abnormal returns varies according to different events. The “921 Seismic events”， “Nari Storm events”， “88 Flood events” in the extent of the abnormal returns will be more large than “Jiasian Seismic events”.
In addition to the abnormal returns of individual industries, the financial and insurance industry in the first few days after the disaster will have negative abnormal returns, but not there too long, the share price reaction is completed within a few days. Electronics industry is in the whole event period are affected, the share price response time longer. Building materials industry, the results are less significant, not because of natural disasters caused by abnormal returns.
In this study, we adopted four financial ratios factors which were "total assets", "current ratio", "debt ratio" and "return on assets"."Debt ratio" and "return on assets" for the 921 seismic events have a significant cumulative result on abnormal returns, and it is a negative relationship. At last, "Current Ratio" is significant positive influence for the 88 flood events.
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