台灣面臨少子化和人口高齡化的趨勢，變遷的人口結構對社會經濟將會衍生出許多問題。在國外已有不少文獻探討人口結構變遷對資本市場之影響；但國內針對此一問題的研究並不多，故本論文就國內的資本市場之風險溢酬進行探討，觀察人口結構改變對其是否有顯著的影響。本論文採用1974年至2009年的人口結構資料進行實證分析，實證結果發現台灣資本市場之風險溢酬會因人口結構老化而增加，且65歲以上之退休人口又比勞動人口更有影響力。

Taiwan faces the demographic change trend, that low birth rate and population aging. Demographic change will cause many economic problems. There have many literature investigated how demographic change affects foreign capital market. However, it is not much research for how the demographic change influencing on Taiwan capital market. Thus, this research investigates the risk premium in Taiwan, analyzing how demographic change affecting Taiwan’s capital market risk premium. This research applies the time series population data from 1974 to 2009 to empirical test. Empirical result shows that aging population has a significant positive affect on risk premium. Furthermore, the age over 65 retire population have more influence on risk premium than working population.

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