低利率時代貨幣政策如何影響觀光與休閒產業的股價

How the monetary policy affects the tourism industry under the lowest interest rate level?

賴冠樺

傳統與非傳統貨幣政策 ； 事件研究法 ； 多元迴歸模型 ； Traditional and non-traditional monetary policy ； Event study ； Multiple Regression Analysis

臺中科技大學財務金融研究所碩士班學位論文

2016年

碩士

鄭瑞昌

繁體中文

在過去大多數的文獻著重探討傳統貨幣政策對觀光休閒產業的影響，但較少的文獻探討非傳統貨幣政策對觀光休閒產業的影響。因此本研究將探討低利率時代的非傳統貨幣政策對觀光休閒產業的影響，再進而比較傳統貨幣政策與非傳統貨幣政策的宣告效果，最後以多元迴歸模型探討在傳統貨幣政策與非傳統貨幣政策的宣告之下，公司因素對觀光休閒產業股價的影響，實證結果發現非傳統貨幣政策的宣告效果優於傳統貨幣政策的宣告效果。

The previous studies focus on the impact of traditional monetary policy on the tourism and leisure industry, but little literatures investigate the effects of non- traditional monetary policy on the tourism and leisure industry. Therefore, this study examines the announce effects of non-traditional monetary policy on the tourism and leisure industry, and compare to the announce effect of traditional monetary policy. Finally, multivariate regression models is applied to explore the relationship between the announce effect and Finance characteristic. The impact of QE is higher than interest rate cut effect on the Hospitality industry.

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