[[alternative]]Impact of the Equalization of Land Rights Act on Stock Returns in Taiwan's Construction-Related Industries

[[abstract]]　　本研究採用事件研究法，分析平均地權政策在四個關鍵事件日（行政院通過日、立法院三讀通過日、總統公布日及施行日）對上市上櫃營建相關產業股價的影響。各個階段之宣告效果。再依照台灣經濟新報資料庫產業指數分類，將營建相關產業細分為水泥業、鋼鐵業、營建業及營造業等 4類，研究其在4 個宣告階段，不同產業股價是否有顯著異常報酬及累積異常報酬之情形，據此了解股票報酬與特定事件是否具有關聯性。　　研究結果顯示，在行政院通過政策之前，營建相關產業已經開始出現正向顯著異常報酬，顯示平均地權政策的消息可能已經提前在市場上發酵。細分事件日與產業來看，行政院通過隔天除水泥業外，其他產業均有顯著正向的平均異常報酬。立法院三讀通過日所有產業股價皆有影響，但具體情況因產業而異。總統公告日對鋼鐵業有3天的顯著負報酬呈現最為明顯。正式施行日後的第1日對營建類相關產業、水泥類、鋼鐵類有顯著的負向異常效果。[[abstract]]　　The study employs event study methodology to analyze the impact of the Equalization of Land Rights Act on the stock prices of listed and OTC construction-related industries in Taiwan across four key event days (Cabinet approval day, Legislative Yuan final reading day, Presidential announcement day, and implementation day). We categorize construction-related industries, including cement, steel, construction, and engineering, using the Taiwan Economic Journal Industry Index, and examine their abnormal returns and cumulative abnormal returns during these event periods to understand the relationship between stock returns and specific events.　　The results indicate that prior to the Cabinet approval of the policy, construction-related industries already exhibited significant positive abnormal returns, suggesting that market anticipation of the Equalization of Land Rights Act had already begun. On the day following the Cabinet approval, except for the cement industry, all other industries showed significant positive abnormal returns. On the Legislative Yuan final reading day, all industries experienced volatility, with specific impacts varying across industries. The steel industry showed a notable negative return over three days following the Presidential announcement day. The first day after the official implementation exhibited significant negative abnormal effects on construction-related industries, cement, and steel categories