本研究以中國大陸、香港、台灣及韓國的股票市場為研究對象，主要探討上述四個國家及地區的股票市場在受到新冠病毒 (COVID-19) 的衝擊後表現如何，以及在央行施行寬鬆的貨幣政策後的約30、60以及90個交易日內，這些國家及地區的股票市場是否受到政策的影響而有所提升。本研究藉由一階隨機優越 (First-degree Stochastic Dominance)、二階隨機優越 (Second-degree Stochastic Dominance) ，以及績效衡量指標一階Omega比率、二階Omega比率發現，新冠疫情的爆發與傳播對中國大陸、香港、台灣及韓國的股票市場皆產生了嚴重的負面影響。而新冠疫情期間央行量化寬鬆的貨幣政策刺激了上述股票市場，使得股票報酬有所提升，同時也避免了各國經濟持續衰退，其中，台灣股市受到貨幣政策的影響最明顯。此外，在中國大陸的股票市場中，規模較大的上市公司受到新冠疫情以及貨幣政策的影響比中小規模的上市公司更為明顯。;This paper attempts to explore the impact of the COVID-19 pandemic on the stock markets of China, Hong Kong, Taiwan, and South Korea. I also investigate the short-term impact of the conventional monetary policy on these stock markets. First-degree stochastic dominance, second-degree stochastic dominance, first-order Omega and second-order Omega are used to analyze the above issues. The empirical results suggest that the COVID-19 pandemic has a negative impact on all of the stock market indices. And conventional monetary policy measures have the potential to ease stock markets during the COVID-19 pandemic, especially for Taiwan. Besides, high market capitalization stocks experience not only much more negative impact of the COVID-19 pandemic but also a more positive impact of the monetary policy in comparison with low market capitalization stocks on China stock market.
