中國經濟開放之市場反應－以兩岸服務貿易協議與中國(上海)自由貿易試驗區為例

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Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/29924

Title:	中國經濟開放之市場反應－以兩岸服務貿易協議與中國(上海)自由貿易試驗區為例 The Market Reaction of China Economic Opening up - The Cross-strait Trade in Services Agreements and China (Shanghai) Pilot Free Trade Zone
Authors:	楊登順 Yang, Teng-Shun
Contributors:	財務金融學系
Keywords:	服務貿易中國(上海)自由貿易試驗區世界貿易組織自由貿易協議內地與香港關於建立更緊密經貿關係安排 trade in services China (Shanghai) pilot free trade zone world trade organization free trade agreement Mainland and Hong Kong closer economic partnership arrangement
Date:	2015-06
Issue Date:	2015-07-28 13:50:50 (UTC+8)
Abstract:	本研究以事件研究法探討兩岸服務貿易協議簽署時，台灣上市櫃公司和中國上海、深圳上市公司的股票價格的變動情形。實證結果顯示，兩岸服務貿易協議的簽署對於台灣股票市場在事件發生日前多為正向異常報酬，在事件發生日後則轉向多為負向異常報酬；上海股票市場在事件發生日前正負異常報酬一樣互見，在事件發生日後則轉為負向異常報酬居多；深圳股票市場在事件發生日前以正向異常報酬為主，在事件發生日後則變為正負異常報酬一樣多。中國上海自貿區的成立，實證結果顯示，台灣股票市場在事件發生日前以正向異常報酬為主，在事件發生日後則轉向負向異常報酬為主；對於上海股票市場在事件發生日前後皆以正向異常報酬為主。 Event study is adopted to investigate the changes of the stock prices in all of the listed companies in Taiwan, China Shanghai, and Shenzhen when Cross-Strait Agree-ment on Trade in Services is signed. The empirical results show that Taiwan’s stock market presents positive abnormal returns before the signing of the agreement, and it turns to mostly negative abnormal returns after the signing. Shanghai’s stock market demonstrates positive and negative abnormal returns before the signing and negative abnormal returns after it; Shenzhen’s stock market shows positive abnormal returns be-fore the event, and then negative abnormal returns become roughly the same as the posi-tive abnormal returns. How does the establishment of China (Shanghai) pilot free trade zone impact the stock markets in Taiwan and China Shanghai? The empirical results show Taiwan’s stock market displays positive abnormal returns before the event and then mainly turns to negative abnormal returns; Shanghai’s stock market show positive abnormal returns before and after the event.
Appears in Collections:	[Department of Banking & Finance ] Thesis

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