公共衛生事件為經濟發展帶來劇烈波動，公司特有財務特性能否緩解疫情帶來直接衝擊已引起關注。本研究採用臺灣2020年間COVID-19確診數、上市櫃公司股價和財務比率，共計59,252筆資料，且將樣本區分為爆發期、發燒期及後疫情時期，旨在探討COVID-19疫情發展下是否會影響股價表現，以及公司財務比率能否調節COVID-19疫情與股票報酬間之關聯，另針對紓困重點產業，探討紓困案對於具有特定財務特性的公司與股價表現間的關聯，分析紓困成效。
實證結果顯示，在爆發期及後疫情時期，隨著COVID-19確診案例增加，公司週報酬呈現上升趨勢，現金持有量愈多或舉債程度愈高，愈減緩週報酬升幅；在發燒期確診案例愈增加，使公司週報酬愈下降，且現金持有量愈多，愈能減緩週報酬跌幅，或舉債程度愈高，愈加劇週報酬跌幅。至於政府政策方面，在宣布前兩次紓困後，皆改善疫情對週報酬的負面影響，顯示紓困方案達成效。

Public health emergencies of international concern have brought dramatic fluctuations to economic development. It has aroused attention whether the financial characteristics of corporations can reduce the direct impact of the epidemic. This study uses the numbers of confirmed COVID-19 cases in 2020, stock prices, and corporate financial ratios of listed companies in Taiwan. It organizes the analysis along three periods: Outbreak, Fever, and Post-epidemic, with a total of 59,252 samples. The purpose is to explore whether the COVID-19 will affect stock price performance and whether the corporate financial ratios can change the correlation between the confirmed COVID-19 cases and stock return. In addition, it will explore the correlation between the relief packages, specific corporate characteristics, and the stock price performance, analyzing the effectiveness of the relief packages.
The empirical results show that COVID-19 causes poor stock price performance. However, in the Outbreak and Post-epidemic periods, if a corporation has more cash holdings or a higher degree of leverage, it weakens the positive correlation between confirmed cases and stock return. As expected, in the Fever period, the negative correlation between confirmed cases and stock return weakens as the corporate cash holdings become higher. This negative correlation strengthens as the corporate degree of leverage becomes higher. As for government policies, after the first two relief packages are declared, they both reduce the negative impact of the epidemic on weekly return, showing that the two relief packages are effective.

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