2008年9月發生全球金融危機風暴，此危機造成全球金融市場莫大的衝擊。本文旨以此危機事件當作研究樣本，檢測此金融危機是否會對國際股市造成蔓延效應。其實證結果發現：2008年全球金融危機事件對部分歐洲與亞太地區的股票市場會造成較明顯的蔓延現象。此結果顯示：被蔓延的國家中，大部分的國家是與美國有密切經貿往來或金融體系相連結，所產生的基本面蔓延現象；但還有部分的國家是來自投資人恐慌的心理預期，所產生的純粹面蔓延現象。

The global financial crisis that took place in the latter half of 2009 is making a serious impact on the world's economy, financial authorities in the US and Europe are all working feverishly trying to address the problems. The objective of this study is to examine the contagion effect of international financial market after global financial crises. The study finds that contagion effect was caused in the stock market of the some Europe and Asian Pacific countries by the global financial crises. The results show that the majority of countries with contagion effect in the fundamentals usually have close trade relationship or the financial system link with the US. However, contagion effect was caused by investors' panic expectations for some countries.