兩岸金融MOU相關宣告事件對台灣金融業股價報酬率之影響

• Main Authors: Chen, Chin-yu, 陳錦毓
• Other Authors: Lai, Jing-yi
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/95319162479125973915

碩士 === 國立中正大學 === 財務金融研究所 === 99 === Due to financial liberalization, financial markets in Taiwan have long been in the intensive competition with very low interest margins. Enacting the financial Memorandum of Understanding (MOU) with China on cooperation in financial supervision hopefully would enhance cross-strait financial exchanges and solve the over-banking problem in Taiwan. Adopting the methodology of Event Study we investigate the announcement effect of cross-strait financial MOU. Our sample include all the financial institutions listed on the TSE and OTC and six events related to the announcements of MOU. The empirical results show that the stock price of financial markets is affected by the announcements of MOU while the magnitude of impacts is dependent on industry classification. The financial holding companies seem to be most effected, followed by the banks. However, no evidence shows that the abnormal returns exist for insurance companies. Finally, it is found that the announcement effect of the most recent events for security industry is beyond our expectation.