| Summary: | 碩士 === 靜宜大學 === 財務金融學系 === 103 === This study investigated the announcement effects of a series of deregulation in tourism policy to China on public listed companies which are related to tourism industries and listed on the TSE and OTC since 2008. In this study, I also divided the policies into two different sub-policies including group and individual tourism policies. The event study methods are employed to estimate the abnormal returns and cumulative abnormal returns.
The empirical results show that the increase in profit, changes in debt ratios, growth of gross profit rates, and net operating profit margin growth rate positively relate to CARs.
In conclusion, the empirical results showed that the announcement effects of a series of deregulation in tourism policy to China on public listed tourism companies in Taiwan exist. The effects not only exist in daily average abnormal returns but also show in average cumulative abnormal returns.
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