有關財政政策對股市影響之研究，明顥的比貨幣政策封股市影響之研究來的不足，因此有學者認為此一現象可能是受到1980年代貨幣學派盛行的影響。但在財務理論中認為貨幣政策與財政政策對股市皆具有影響力，與理性預期學派認為政府政策是否有效，端視政府政策是否被社會大眾預料到與否而做分別的探討，所以引起我們研究財政政策對臺灣股市影響的興趣。本研究建立二變數模型與七變數模型來進行實證分析，由此可以瞭解財政政策對股仿報酬的直接與間接影響。從二變數模型與七變數模型的實證分析結果，發現不管是在任何一程模型中，財政政策對股價報酬都不具影響力，與得到股價報酬領先財政政策的因果關係，除此之外，也得知財政政策並不會透過其他經濟變數來對股價報酬造成間接的影響。故在投資大眾完全預料到財政政策變動的情況下股價報酬早已事先反應財政政策變動的訊息，因此財政政策與其他相關經濟變數針股價報酬皆不具影響力，故台灣股市對於財政政策的訊息而言，充分顯示出台灣股市應該是屬於一個效率市場。

　　　　　The research is short of about the impact of fiscal policy to stock market. some scholars point out that the phenomenon may be affected by 1980's monetray School in vogue. Financial theory has mentioned that both of monetary policy and fiscal policy have effect on stock market, and rational expection school thinks that the policy has effect on stock market or not is result from the government policy be expected by invertor or not, so cause us to study the impact of fiscal policy on stock market. The study builds two variables model and seven variables model, then we can know the direct and indirect effect of fiscal policy. In our positive results, we find that the fiscal policy cann't explain stock return change and stock return lead fiscal policy change in all model, beside, we also know the fiscal policy not affect stock return by others economic variables, so we can include that the Taiwanese Stock Market reflect all avaiable fiscal policy information, Taiwanese Stock Market is a efficient market.