本研究旨在分析新冠肺炎 (coronavirus disease，以下簡稱 COVID-19) 對全球主要定期貨櫃航商股價的反應及影響其營運效率的決定性因子。我們先挑選了全球五大定期貨櫃航商作為研究對象，分別為國內二家 (陽明海運及長榮海運) 和國外三家 (丹麥商馬士基、德商赫伯羅德以及韓商 HMM)，並將其股價透過事件研究法對世界衛生組織 (World Health Organization，以下簡稱 WHO) 於 2020 年第 1 季宣布 COVID-19 升級為 「國際公共衛生緊急事件 (public health emergency of international concern)」 及 「全球大流行 (pandemic)」 進行分析，發現這兩個關鍵事件對定期貨櫃航商股價具有負面影響，特別是 WHO 宣告 COVID-19 進入 「全球大流行」 時更為顯著，表示市場將 COVID-19 視為重大外部衝擊。接著，我們透過資料包絡分析法 (data envelopment analysis) 觀察自 COVID-19 流行 (2020 年第 1 季) 至 2022 年第 4 季期間，影響定期貨櫃航商營運效率的三個重要發現。首先，我們發現船舶艙位容量、平均海運運價和實際裝載量是影響貨櫃航商營運效率的關鍵因子；其次，我們進一步發現有訂造新船的貨櫃航商，短期內對營運效率產生負面影響；最後，我們發現市值對提高營運效率起到了關鍵作用，表示股東及市場投資人的態度對提升貨櫃航商的營運效率具有正向效果。

This study aimed to analyze the impact of coronavirus disease (COVID-19) on the stock prices of global container shipping companies and identify key factors influencing their operational efficiency. We selected five leading container shipping companies as our research subjects, including two domestic companies (Yang Ming and Evergreen) and three foreign companies (Maersk from Denmark, Hapag-Lloyd from Germany, and HMM from South Korea). By applying an event study method, we analyzed stock price reactions to the announcements of World Health Organization (WHO) in the first quarter of 2020, which declared COVID-19 as a “public health emergency of international concern” and a “global pandemic”. These two events negatively impacted the stock prices of container shipping companies, especially when WHO labeled COVID-19 as a “global pandemic”, indicating that the market viewed COVID-19 as a significant external shock. Therefore, we proceeded with a data envelopment analysis to observe three important findings affecting the operational efficiency of container shipping companies from the onset of the COVID-19 (first quarter of 2020) to the fourth quarter of 2022. Firstly, we identified vessel capacity, average ocean freight rate and actual lifting as three critical factors. Secondly, we found that ordering new vessels had a short-term negative effect on the operational efficiency. Lastly, our finding indicated that market capitalization significantly contributed to improve operational efficiency, showing that shareholders and investors’ attitude positively influenced the operational efficiency of container shipping companies.

1.前言.................1
2.文獻回顧.............4
3.研究方法.............8
4.實證結果.............11
5.結論................23
參考文獻..............25

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