本文旨在探討中華民國中央銀行溝通政策對股票市場的影響。1970 年代後，理性預期理論（Rational expectation theory）蓬勃發展，央行透明化逐漸受到重視。在過去半個世紀，提高央行透明化已為主流趨勢，而溝通政策（Communication policy）成為央行的重要工具。隨著國際金融情勢的變化，社會對中央銀行政策透明化抱有更高的期望，使政府的溝通在貨幣政策當中越來越重要。
為瞭解臺灣央行的聲明與股票市場之間的關聯，本篇文章探討2007年金融海嘯之後，發行量加權股價指數對央行招開記者會後所公布訊息的反應情形，其中包括股票價格調整方向以及股價反應新聞資訊所需時間。對於央行溝通政策的衝擊，將其分為兩部份：第一、目標利率改變所執行的貨幣政策；第二、央行對經濟前景的說明及展望。本文將市場意外區分為已預期及未預期部分，再將臺灣央行會議後的新聞稿依據鷹派與鴿派進行分類，建立衡量市場預期的Ordered Probit 模型，模擬市場參與者的預期心理。再採用股票高頻資料以Ordinary Least Squares模型探討政府溝通政策對股票市場的衝擊。
本篇論文研究驗證，不論金融市場動盪與否，中央銀行的聲明對臺灣股票市場具有統計上和經濟上顯著的影響，並且會對政府釋出的新訊息迅速作出反應、調整，在15分鐘左右將新訊息消化完全。也就是說，在臺灣央行實行的溝通政策確實能夠顯著影響股票市場，所以央行的溝通政策已經成為現今貨幣政策當中重要的工具。

This research investigates the effect of Taiwan’s central bank communication policy on the stock market using high-frequency data from the Taiwan Capitalization Weighted Stock Index (TAIEX) after the 2007 financial crisis. Specifically, this study explores the impact of news on the direction of stock price adjustments and the time it takes for stock prices to respond to the news. I distinguish between the expected and unexpected parts of the central bank statement, and use the ordered probit model to simulate the expected psychological attitudes of market participants. Then, the ordinary least squares model is used to analyze the effect of communication policies on the stock market. I find that an unexpected central bank communication has statistically significant and economically relevant effects on stock market. The stock market responds quickly to new information, and the new information is fully reflected in about 15 minutes. In other words, Taiwan's central bank is able to affect the stock market by using the communication policy, and the central bank's communication policy is an important monetary policy tool today.

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