本研究主要在探討美國量化寬鬆政策對台灣金融股及電子股之股票加權指數的影響。研究中使用計量經濟學的統計方式(迴歸、共線性檢定、顯著性檢定、自我相關檢定)檢視台灣總體經濟數據月資料及金融股及電子股2005年1月至2013年1月的關係，並加入金融海嘯、美國量化寬鬆貨幣政策、日本量化寬鬆貨幣政策三個虛擬變數，研究結果顯示美國量化寬鬆政策之實施對台灣金融股及電子股之金融指數並無顯著正面的影響，但在交叉項影響的檢定中發現，2008年第一次美國量化寬鬆政策之實施在金融海嘯期間對台灣金融股及電子股之股價指數有顯著的正相關。而相較於美國量化寬鬆貨幣政策，美國道瓊工業指數對台灣金融股及電子股之股價指數都具有正面顯著的影響。

This research aims to discover what impact the US quantitative easing made on the financial and electronics stock indexes in Taiwan. A series of econometric analysis methods are employed (OLS, Klein’s Method, Nested hypothesis test, and Durbin- Watson test) to examine the monthly macroeconomic statistics from January 2005 to January 2013. The results show that the implementation of the US quantitative easing did not have significant positive effects on the financial and electronics stock indexes. Yet, the result acquired from an examination of the interaction terms suggests that QE1 brought a significant positive effect during the financial tsunami in 2008. Compared with QEs, DJIA is a more positive factor that had influenced the two stock indexes significantly.

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