極端氣候之變化，儼然成為全球議題且備受國際關注。為因應全球環保趨勢與落實碳中和目標，各國紛紛提出對策目標以呼應巴黎氣候協定。中國政府為達到先前在聯合國大會提出「雙碳政策」的承諾，同時燃煤短缺因素，在2021年實施多數省份之大規模限電措施。限電不僅影響到中國當地企業，也波及到在中國設廠之台商或外資企業。在COVID-19疫情之後，急於復甦的經濟，卻再度因限電造成停工與限產，面臨產能不足，對全球供應鏈衝擊甚鉅。
當中國限電成為常態，乾淨能源成為未來趨勢，與氣候變遷有關產業結構將隨之轉變，本研究依信號理論探究中國限電事件，對於台灣相關能源廠商宣告效果，以評估合適的投資決策，藉以避險與獲利。
本研究以台灣中國概念股145檔樣本數、台灣2050淨零碳排概念股33檔樣本數與台灣綠能概念股22檔樣本數為依據，透過台灣經濟新報資料庫 (TEJ) 系統分析、檢定樣本公司股價報酬率的反應，並觀察事件發生前、後5天之變化，來檢定中國限電事件對台灣能源相關廠商有何影響。
研究結果發現，中國限電事件對於台灣中國概念股、2050淨零碳排概念股與台灣綠能概念股等三大類股，均呈現正向異常報酬率。
不論在大陸設廠之台商或台灣境內廠商，中國限電危機有利於台灣廠商回台設廠或訂單回流。台灣廠商應提早為淨零碳排做好事先準備，更有必要減少化石油電之使用，積極轉型生產及使用綠電，防範限電帶來之損失，為社會企業責任 (CSR) 盡一份心力，更進一步將環境、社會與公司治理 (ESG) 列為投資決策或公司營運方針衡量之方向；投資者亦可慎選投資目標以期獲利。

Extreme climate change has become the focus of attention around the world. In response to the global trend of environmental protection and carbon neutrality, countries have proposed strategies and goals to echo the Paris Climate Agreement. The government of China, has implemented massive power rationing measures in most provinces in 2021 in order to meet its previous commitment to a "dual carbon policy" at the United Nations General Assembly, coupled with a shortage of coal. The power rationing affects not only local Chinese enterprises, but also Taiwanese or foreign-funded enterprises that set up factories in China. After the COVID-19, the economy that is eager to recover has once again been shut down and limited production due to power rationing. It is facing insufficient production capacity and has a huge impact on the global supply chain.
When China's power rationing becomes the norm, clean energy becomes the future trend, and the industrial structure related to climate change will change. This study explores the China’s power rationing event based on the signal theory, and announces the effect to the relevant energy manufacturers in Taiwan to evaluate the appropriate investment decision. For hedging and profit.
In this study, based on 145 samples of Taiwan China concept stocks, 33 samples of Taiwan 2050 net zero carbon emission concept stocks, and 22 samples of Taiwan green energy concept stocks, the samples were analyzed and verified through the TEJ Taiwan Economic Bulletin System. The reaction of the stock price return rate, and observe the changes in the 5 days before and after the event, and use regression analysis to prove the impact of China's power rationing event on Taiwan's energy-related firms.
The results of the study revealed that the China’s power rationing event showed positive abnormal returns for three major categories of stocks, including Taiwan Stocks - China concept stocks, 2050 net zero carbon emission concept stocks, and Taiwan green energy concept stocks.
Regardless of Taiwan firms with factories in China or Taiwan domestic firms, the China power rationing crisis is favorable for Taiwan firms to return to Taiwan, to set up factories or return orders. Taiwanese manufacturers should make early preparations for net-zero carbon emissions, and it is necessary to reduce the use of fossil fuels and actively transform the production and use of green power to prevent losses from power restrictions, and do their part in social corporate responsibility (CSR), and further include environmental, social and corporate governance (ESG) as a direction for investment decisions or corporate operating policies.

誌謝 i
中文摘要 ii
Abstract iii
目錄 v
圖目錄 vii
表目錄 viii
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究問題與目的 4
第三節 研究流程 5
第二章 文獻回顧與假說推導 9
第一節 市場訊息對股價之反應 9
第二節 能源政策與限電 10
第三節 中國在全球供應鏈扮演角色 15
第四節 因中國限電受影響的台灣產業 18
第五節 假說推導 24
第三章 研究方法 27
第一節 研究結構與假說 27
第二節 事件研究法 27
第三節 研究對象與區間 28
第四節 定義異常報酬率及檢定 30
第四章 實證結果與分析 33
第一節 中國限電對台灣中國概念股宣告之整體檢定分析 34
第二節 中國限電對台灣2050淨零碳排概念股宣告之整體檢定分析 37
第三節 中國限電對台灣綠電概念股宣告之整體檢定分析 40
第五章 討論 43
第六章 結論與建議 49
第一節 研究結論 49
第二節 研究建議 50
第三節 研究限制 51
參考文獻 53
附錄一 59
附錄1-1上市中國概念類股 59
附錄1-2上市中國概念類股 60
附錄1-3上市中國概念類股 61
附錄1-4上市中國概念類股 62
附錄1-5上市中國概念類股 63
附錄二 64
附錄2-1上市台灣淨零碳排概念類股 64
附錄2-2台灣淨零碳排概念類股 65
附錄三 66
附錄3-1台灣綠電概念類股 66

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