本文主要探討伊斯蘭律法、新型冠狀病毒(Covid-19)、公司現金持有與債務持有對股票報酬率之影響，並以2018年Q3至2020年Q4印尼非金融上市公司為樣本，進行實證分析。實證研究結果發現Covid-19使印尼非金融上市公司的股票報酬率有顯著負相關。本文進一步分析現金持有與債務持有在疫情下對於股票報酬率之影響，發現現金持有與股票報酬率呈現顯著正相關，負債持有與股票報酬率呈現顯著負相關。最後分析遵循伊斯蘭律法的企業與非遵循伊斯蘭律法的企業在疫情下現金持有與債務持有對於股票報酬率之影響程度，發現遵循伊斯蘭律法的企業在現金持有與債務持有對股票報酬率影響分別為正不顯著與負不顯著，但是非遵循伊斯蘭律法的企業在現金持有與債務持有對股票報酬率分別為正顯著影響與負顯著影響。本文在管理實務上有貢獻，亦即內隱的宗教信仰與外顯的公司資本結構與疫情是影響公司股票報酬率的重要因素，投資人在制定投資決策時須加以權衡考量。;This paper mainly discuss the impact of Shariah law,Covid-19, corporate cash and debt holdings affect the level of corporate stock return, and conducts empirical analysis based on the sample of Indonesian companies from 2018Q3 to 2020Q4.The empirical result show that Covid-19 has a significant negative correlation with stock returns of Indonesian companies.This paper further analyzes the impact of cash holdings and debt holdings on stock returns under the epidemic, and finds that cash holdings are significantly positively correlated with stock returns, while debt holdings are significantly negatively correlated with stock returns. Finally, we analyze the impact of cash holdings and debt holdings on stock returns for companies that follow Shariah law and companies that do not follow Shariah law. It is found that the impact of cash holdings and debt holdings on stock returns is not significant for companies that follow Shariah law, but the companies that do not follow Shariah law is significant impact on stock returns. This paper contributes to management practice, that is, implicit religious beliefs and explicit corporate capital structure and the epidemic are important factors affecting the company′s stock return, which investors must consider when making investment decisions.
