臺灣博碩士論文加值系統

本研究旨在探討中央銀行重貼現利率調整對企業股價之影響，選取台灣上市櫃公司2013年至2022年為研究期間，使用事件研究法和迴歸分析法分析。首先，透過觀察央行重貼現利率調整對企業股價報酬率的反應，以了解整個台灣股票市場受貨幣政策的影響，其結果為正向顯著的影響。本文進一步探討可能的解釋原因，分析其對股價報酬影響的差異，我們認為企業的有息負債是中央銀行重貼現利率調整對企業股價影響的重要因素之一，因此我們針對總負債比率、融資負債比率及浮動利率負債比率進行分析，實證結果顯示，不同類型的負債受到貨幣政策衝擊有明顯不同。

This study analyzes the effects of the Central Bank’s discount rate adjustments on corporate stock returns. We selected listed companies in Taiwan from 2013 to 2022, the event study method and regression analysis to examine the reaction of the stock return, we roughly understand the impact of monetary policy on the Taiwan stock market, which has a positive and significant effect. We try to find the explanation for the impacts on stock price returns, we think that the interest-bearing liabilities to companies are some of the important factors that affect the impacts of Central Bank discount rate adjustments on corporate stock prices. Therefore, we focus on the total debt ratio, the financing debt ratio and the floating debt ratio are analyzed. The empirical results show that the various types of debt have significantly different impacts as monetary policy adjustment are made.

謝詞
中文摘要
英文摘要
目錄
圖次
表次
第一章　緒論
第一節 研究背景
第二節 研究動機
第三節 研究目的
第四節 研究架構
第二章　文獻探討
第一節 重貼現利率宣告對股價報酬之文獻探討之文獻探討
第二節 公司負債對股價報酬之文獻探討
第三章　研究方法
第一節 研究假說
第二節 資料來源與樣本
第三節 研究方法
第四章　實證結果與分析
第一節 敘述性統計
第二節 相關係數
第三節 多元迴歸分析結果
第五章　結論與建議
第一節 研究結論
第二節 管理意涵
第三節 研究限制
第四節 後續研究與建議
參考文獻

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