本文主要係以事件研究法探討政府在宣告不動產交易將以實價登錄之政策後，對臺灣證券市場上市及上櫃營建相關類股(包含營建類、鋼鐵類以及水泥類等) 股票異常報酬之影響，並利用複回歸模型分析相關財務因子對異常報酬的影響程度。 實證結果顯示，在2011年8月24日政府宣告不動產交易將以實價登錄之政策後，臺灣股票市場中─綜合營建相關類股之股價呈現顯著之負向累積異常報酬。顯示市場將政府宣告不動產交易將以實價登錄方式之政策視為利空消息，對股價異常報酬具有顯著地宣告效果。 複回歸模型分析中，營建相關類股公司之財務指標除淨值比率與累積異常報酬間呈現正相關之外，公司規模、存貨週轉率、流動比率及毛利率皆與累積異常報酬間呈現負相關。其中公司的財務比率之影響由大至小分別為：毛利率、淨值比率、存貨周轉率、流動比率、資產規模，且資產規模對累積異常報酬之影響不顯著。

This study investigates the relationship between the announcement effect of the actual price registry scheme(the 24th of August in 2011) and construction stock returns. Using a sample of publicly traded and the Gre-Tai companies on the Taiwan Stock Exchange, this study provides further insight into the influence of firms’ financialcharacteristics on abnormal stock returns. The empirical results of the regression analysis are as follows: The announcement of the actual price registry schemeleads the company to believe in pessimistic futures. This negative information causes investors not to invest and has a negative stock return. While the market-to-book ratio has a positive effect on the abnormal stock returns; other firms’ financial characteristics such as inventory turnover, current ratio, gross profit ratio are significantly negative related to abnormal stock returns.