臺灣與大陸在2012年8月31日簽署「海峽兩岸貨幣清算合作備忘錄」，建立兩岸貨幣清算機制，包括成立清算行及其監管，更進一步完善兩岸在貨幣互換機制上之共識。自2013年2月6日正式開辦人民幣業務宣布臺灣境內人民幣業務正式起跑，距離成為人民幣離岸中心，更往前邁進了一大步。本研究係採用事件研究法在探討開放人民幣業務對上市櫃銀行類股其股東財富效果之影響，並檢定相關事件日前後有無異常報酬產生。針對研究目的所提出的研究問題，經由實證的結果與分析，本研究得出以下結論：實證數據顯示由於開放人民幣存款業務，對於上市上櫃銀行類股產生顯著的超額報酬。尤其在開放人民幣存款業務之前兩天，超額報酬明顯有正報酬。針對事件累積異常報酬窗期分析中，資產總額達到5%的顯著水準，資產報酬率達到1%顯著水準，負債比率則達到10%的顯著水準，當資產總額越高代表其公司股價表現多為正向累積異常報酬；當資產報酬率越高代表其公司股價表現多為正向累積異常報酬；負債比率越高代表其公司股價表現多為負向累積異常報酬。
To promote cross-strait trade and financial cooperation, the currency regulatory institutions on both sides of the strait (Taiwan’s Central Bank of the Republic of China and mainland China’s People’s Bank of China) signed a memorandum on cross-strait currency clearing cooperation on August 31, 2012.The memorandum empowered each side to agree to a settlement institution to provide services on the other side of the strait. The Bank of Taiwan’s Shanghai branch is currently the settlement institution for NTD in mainland China, while the Bank of China’s Taipei branch serves as its counterpart for RMB settlement in Taiwan. Thanks to the memorandum, the two currencies can now be mutually exchanged as payment for cross-strait trade.The RMB business grow into a bottleneck for current operations domestic financial institutions, created a new oppor-tunity, as an offshore RMB center is where the long-term goal.
In this study, using event study to investigate the effects of open renminbi busi-ness to publicly traded bank stocks of its shareholders’ wealth effect, and test whether the abnormal returns generated before and after the relevant events. By empirical results and analysis, the study concluded that: Empirical data show that due to the Deregulat-ing Renminbi Business, for publicly traded bank stocks generate significant excess re-turns. Especially in the days before and after the opening of capital markets have a sig-nificant positive abnormal returns; And in the two days before the Deregulating Renminbi Business, excess returns have significantly positive returns.
