自 2019 年 COVID-19 疫情開始蔓延後，各國實施之城市封鎖與邊境管制等防範措施，導致全球總體經濟狀況不佳，航空公司載客與載貨市場急劇萎縮。本研究先探討總體經濟與航空公司營運資訊在不同時期是否對股價報酬產生影響，再探討於疫情期間航空公司營運資訊及總體經濟是否影響三大法人淨買超以及三大法人淨買超是否對股價報酬產生影響。結果顯示總體經濟與航空公司營運資訊在不同時期會對股價報酬產生影響。營運資訊與總體經濟會影響三大法人對航空股淨買超，且三大法人對航空股淨買超於疫情期間對股價有正向顯著之影響。

Since the COVID-19 epidemic began to spread in 2019, countries have implemented preventive measures such as city blockades and border controls, resulting in poor overall global economic conditions, and the airline passenger and cargo markets have shrunk sharply. This study first explores the impact of the overall economy and airline operational information on stock price returns in different periods, and then explores whether operational information and overall economic information during the airline epidemic period affect the net buying of the Institutional Investors and whether the net buying of the Institutional Investors affects the stock price. The results show that the overall economic and operational information of airlines can have an impact on stock returns in different periods. And the operational information and the overall economy will affect the net overbuying of aviation stocks by the Institutional Investors and have a positive and significant impact during the epidemic.

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