台灣地狹人稠、高山環繞，為一海島型國家，直接面臨太平洋，又處於副熱帶氣候與熱帶氣候交界處，故相當容易產生熱帶氣旋，也就是所謂的颱風；在地理位置上又處於板塊交界處，故自古以來，大小地震不斷，災害頻傳。
本研究藉事件研究法（Event Study），以Thompson (1993)與race, Rose and Karafiath (1995)所採用的市場模式（Market Model）探討發生於1999年9月21日之九二一大地震事件、2001年9月19日之納莉風災事件、2009年8月8日之八八水災事件及2010年3月5日之甲仙地震事件對股票異常報酬之影響。
實證結果顯示，以全體上市普通股為樣本時，股票市場的確會因自然災害事件而產生異常報酬，但異常報酬的程度根據不同事件而有所不同，九二一大地震事件、納莉風災事件、八八水災事件產生異常報酬的程度會比甲仙地震事件來得大。
另外就個別產業的異常報酬率而言，金融保險業在災害發生後的前幾天會產生負的異常報酬，但不會持續太長，股價在幾天內即可反應完畢；電子工業則是在整段事件期中皆受到影響，股價的反應時間較長；而營造建材業的結果較不顯著，不會因自然災害事件而產生異常報酬。
在財務比率方面，本研究所採用的四項財務比率因子為：「資產總額」、「流動比率」、「負債比率」及「資產報酬率」為分析因子，並非每個因子都適合解釋所有事件的異常報酬差異程度；「負債比率」及「資產報酬率」對於九二一大地震事件之累積異常報酬有顯著的解釋力，且呈現負向關係；而「流動比率」則對於八八水災事件有顯著正向的解釋力。

Taiwan, crowded, high mountains, is the island country. Taiwan is directly facing the Pacific Ocean, but also in the sub-tropical climate and tropical climate at the junction. It is quite prone to tropical cyclones, also known as typhoons.
In this study, the event study methods were adopted, and also adopt the market model used by Thompson (1993) and Grace, Rose and Karafiath (1995) to Investigate “921 Seismic events”， “Nari Storm events”， “88 Flood events” and “Jiasian Seismic events” on the stock abnormal return.
The empirical results show that for all ordinary shares listed on the sample, the stock market will indeed be a result of natural disasters caused by abnormal returns.However, the extent of abnormal returns varies according to different events. The “921 Seismic events”， “Nari Storm events”， “88 Flood events” in the extent of the abnormal returns will be more large than “Jiasian Seismic events”.
In addition to the abnormal returns of individual industries, the financial and insurance industry in the first few days after the disaster will have negative abnormal returns, but not there too long, the share price reaction is completed within a few days. Electronics industry is in the whole event period are affected, the share price response time longer. Building materials industry, the results are less significant, not because of natural disasters caused by abnormal returns.
In this study, we adopted four financial ratios factors which were "total assets", "current ratio", "debt ratio" and "return on assets"."Debt ratio" and "return on assets" for the 921 seismic events have a significant cumulative result on abnormal returns, and it is a negative relationship. At last, "Current Ratio" is significant positive influence for the 88 flood events.

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