國際貿易互動頻繁，各國廠商成立跨國企業，以便就近取得原物料與低廉的勞工等，資金在國際市場間高度的流動，使得金融市場更趨於國際化與自由化。重大災害的發生不僅危及人們的生命財產安全，甚至會進一步影響到國家的股票市場與經濟發展，本文針對國內外重大災害對日本日經225的股價報酬及波動性之影響作探究。本文實證結果顯示，國內重大災害(日本311大地震)會明顯影響本國的股價報酬及其波動性；而國外重大災害(泰國洪災)會影響日本股票市場的股價報酬，但不足以顯著影響日本股票市場的波動性。
Frequent interactive international trade, multinational companies are established around the world in order to obtain raw materials, the nearest low labor and so on. Financial markets have become more and more international and liberalization because high liquidity of funds. Major disasters not only endanger people's lives and property safety, and even further impact on the stock market and economic development. The impacts of major disasters at home and abroad to Japan's Nikkei 225 stock returns and volatility are explored. The empirical results show that domestic major disasters (Japan 311 earthquake) can significantly affect the country's stock returns and volatility of Japanese stock market; while foreign major disasters (floods in Thailand) will only affect stock returns of Japan.
