本研究旨在分析2023年Nvidia GPU Technology Conference(GTC)大會對台灣供應鏈相關產業上市櫃公司股價異常報酬(Abnormal Return, AR)及累積平均異常報酬(Cumulative Average Abnormal Return, CAAR)的影響。選擇2023年作為研究年度，是因為該年度Nvidia GTC大會展示了革命性的技術創新，尤其是在生成式人工智慧(Generative AI)領域。此次大會中，Nvidia發佈的最新AI模型與GPU架構不僅顯示出該公司在高性能運算和深度學習技術上的領先地位，亦標誌著生成式AI技術應用的全新時代。由於Nvidia與台灣半導體供應鏈的緊密合作關係，此次技術公佈引發市場高度關注，對相關企業的股價造成顯著影響。
本研究採用事件研究法(Event Study Methodology)來量化GTC大會對台灣相關產業的股價反應，設計事件窗口涵蓋大會期間(2023年3月20日至3月23日)及其前後數個交易日。透過市場模式(Market Model)計算異常報酬(AR)，並進一步分析累積平均異常報酬(CAAR)，以檢驗市場對該事件的短期與中期反應。本研究分析了台灣上市公司中與Nvidia供應鏈密切相關的主要行業，包括半導體、電腦及週邊設備、通訊網路、電子零組件、電子通路及資訊服務業等六大類別。
本研究提供了Nvidia GTC大會在台灣科技供應鏈市場影響的量化分析，探討 Nvidia GTC 大會對台灣供應鏈相關企業的短期市場反應，發現該事件對多個行業產生了顯著的影響。本研究更進一步揭示了公司市值和財務表現(資產報酬率)對異常報酬的影響，研究結果表明，市值較小和財務狀況較佳的公司，在事件後的異常報酬表現上優於市值較大或財務狀況不佳的公司。而分別從行業差異分析，本研究顯示，不同行業對 Nvidia GTC 公告的市場反應有明顯差異。尤其在半導體業、電腦及週邊設備業、通訊網路業及電子零組件業等行業中，該事件顯示出較強的市場正面反應。

This study examines the impact of the 2023 Nvidia GPU Technology Conference (GTC) on abnormal returns (AR) and cumulative average abnormal returns (CAAR) of Taiwan’s supply chain-related publicly traded companies. The 2023 GTC was notable for unveiling groundbreaking innovations in generative artificial intelligence (Generative AI) and advanced GPU architectures, marking a new era in AI applications. Given Nvidia’s close ties with Taiwan’s semiconductor supply chain, these announcements attracted significant market attention and influenced related companies’ stock prices.
Using the event study methodology, the analysis focuses on an event window spanning the conference period (March 20–23, 2023) and adjacent trading days. Abnormal returns were calculated via the market model, with cumulative average abnormal returns used to gauge short- and medium-term market reactions. The study covers six key industries linked to Nvidia’s supply chain: semiconductors, computer and peripheral equipment, communication and networking, electronic components, electronic distribution, and information services.
Findings reveal that the GTC had a significant positive impact on stock performance across multiple industries. Smaller companies with strong financial performance (higher return on assets) outperformed larger or financially weaker peers in terms of abnormal returns. Industry-specific analysis highlights stronger positive market reactions in the semiconductor, computer and peripheral equipment, communication and networking, and electronic components sectors. This research provides valuable insights into the short-term market influence of Nvidia’s GTC on Taiwan’s technology supply chain.

論文審定書i
誌謝ii
摘要iii
Abstractiv
目錄v
圖次vi
表次vii
第一章緒論1
第一節研究背景與現況1
第二節研究目的2
第三節Nvidia公司介紹3
第四節研究流程4
第二章文獻探討5
第一節事件研究法文獻回顧5
第二節股價異常報酬文獻回顧8
第三節研究科技公司技術影響的文獻回顧10
第四節研究假說12
第三章研究方法14
第一節事件研究法14
第二節資料來源15
第三節研究架構16
第四節回歸分析16
第四章研究結果與分析19
第一節回歸檢定19
第二節依公司市值分組分析異常報酬的影響22
第三節依ROA分組分析異常報酬的影響23
第四節依產業類別分析異常報酬的影響24
第五章結論與建議41
第一節結論41
第二節建議42
第三節研究限制與未來研究方向43
參考文獻 44

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