本研究係探討「前瞻基礎建設計畫」各消息事件日有關「軌道建設」之產業的累計股價異常報酬是否存在，將水泥工業、鋼鐵工業、航運業、建材營造業及觀光事業等五產業納入受前瞻軌道建設影響之產業。
研究結果發現前瞻基礎建設計畫公布後，於股票市場中受益的產業未如預期得多，僅有建材營造業因其為火車頭工業及易受政策影響的特性而受益，反觀觀光業及航運業可能因大陸抵制及投資人未來效益尚有疑慮等因素所累及受益期程較晚致前瞻基礎建設計畫不足以短時間反轉其頹勢，使得此二產業股價異常報酬表現反而低於大盤報酬，而其他產業如水泥業及鋼鐵業在此計畫中則無明顯證據來證明受益與否。

This study examines whether there exists abnormal returns for “rail construction” related events of the “Special Act for Forward-Looking Infrastructure”. It covers five industries affected by the “rail construction” of “Special Act for Forward- Looking Infrastructure”, including cement industry, iron and steel industry, shipping industry, building materials construction industry and tourism industry.
This study finds that after the announcement of the Act, the stock returns of industries benefited were not as expected. Only the building construction industry is significantly benefited from its leading effect and vulnerability to policy influences. In contrast, stock abnormal returns of the tourism industry and the shipping industry failed to beat the market, perhaps due to factors such as the unrecognized future benefits, and the beneficial period was delayed, resulting in the policy was insufficient to reverse the trend in a short run. Other industries, such as the cement industry and steel industry, have no significant price responses to this Act.

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