本研究利用事件研究法與OLS多元迴歸模型探討一例一休法案對台灣觀光類股績效之影響，研究檢定樣本為台灣上市與上櫃之觀光類股，採用事件研究法，為日資料，日期為一例一休宣告日2016年12月23日前後各五個交易日為事件觀察期。並利用資本資產定價模型之市場指數調整模型預測股價，分別計算平均異常報酬與累積異常報酬去檢定一例一休法案對觀光產業股價績效，而在OLS多元迴歸，將觀光產業分類成旅館與非旅館作探討，分析日期為2016年1月1至2018年3月16止，先利用ADF單根檢定檢驗實證資料，確認變數是否為定態，再進行Durbin-Watson Test檢定誤差項是否存在自我相關，最後，即是多元迴歸模型證實結果分析與探討。實證結果顯示，在事件研究法中，有部分天數平均異常報酬率與平均累積異常報酬率具有負向顯著，本實證資料支持一例一休法案宣告與實施對觀光產業相關公司之股價波動有負向影響；而在多元迴歸模型的結果顯示，新制勞動基準法上路，新制勞基法再次的修法及中國限制來台旅遊團的數量確實對觀光產業類之旅館業股價有負向且顯著的影響；而在非旅館業方面，新制勞基法再次的修法及中國限制來台旅遊團數量則對股價有正向且顯著的影響。此外，整個觀光產業而言，黃金價格對整體的股價有正向且顯著的影響。 This paper tries to find out, if the revises of Labor standards Act affect the returns of tourism industry. Two methods are used to do the analysis, which are Event Study and OLS Multiple Regression. Analysis. In the Event Study Analysis, daily data are applied during the 11 days which including five trading dates before, five trading dates after and the twenty-third of December in 2016 itself. On the other hand, in the OLS Multiple Regression. Analysis, daily data form the first of January in 2016 to the sixteenth of March are used, moreover, the unit root test is applied to make sure all variables are stable. The results show that in the Event Study Analysis the first revise has negative effect on the returns of tourism industry. In the Multiple Regression Analysis, the new Labor Standard Act, amend new Labor Standard Act and the decreases of tour groups from China Taiwan have negative significant effects on the stock price of hotel tourism industry. However, in non-hotel industry, amend new Labor Standard Act and the decreases of tour groups from China Taiwan are positively significant effects on the stock price of non-hotel of tourism industry. Another significant variable is the price of gold which is positively affect the all tourism industry.
