財經部會之重大決策還是以執行政府長期財經策略為主，故其部會首長人選將以政策穩健度為考量，更以專業度與曾擔任過財經相關職位之人才為首要選擇，而人民對於替換後的首長之接受度將透過市場造成影響。本研究透過將財經部會首長之經歷背景分為官員、業界及學者的這三種類別，使用EGARCH模型探討對台灣股票市場股價報酬與波動性之影響，實證結果顯示當背景為官員之首長對報酬及波動最具影響性，故本文可以提供投資人在該政治訊息發生時，得以進行資產配置的判斷依據。
Major decisions made by the candidates for the financial leaders are mainly based on the implementation of the long-term financial strategy of the government. Therefore, the candidates will take the policy stability as the consideration and the first choice should be professionalism and talent who have held financial-related positions. The people's acceptance of the replaced chief will have an impact through the market. Therefore, by dividing the background of financial leaders into three categories of officials, professions and scholars, and then explores the impact on stock market returns and volatilities in the Taiwan. The empirical results show that when the background is the head of the official, the most influential on returns and volatilities. This study is to provide investors with the political message at the time, to determine the basis for asset allocation.
