房價不斷攀升，為健全房屋市場，2010年起政府紛紛祭出多項打房措施，主要有央行公布的限制貸款業務、課徵奢侈稅…等措施，希望藉由這些打房措施抑制不動產價格。本研究利用事件研究法探討中央銀行各項打房措施消息公布之際，對上市(櫃)營建股股價是否產生負面的效應。 證實結果顯示：央行發布打房政策時，對上市(櫃)營建股股價會產生影響，特別是在央行發布特定地區購屋貸款業務及修正購置住宅貸款及土地抵押貸款業務限制措施時，投資人明顯對此訊息視為營建股股價之利空消息；並非每次宣告都對上市(櫃)營建股產生負面影響，其中發布調升重貼現率、擔保放款融通利率、短期融通利率等宣告，反而對上市(櫃)股價產生正面效應。 With housing prices continue rising, the government had introduced several housing control measures since 2010 in an effort to strengthen the real estate market. A part of these measures was to limit the lending activities through the Central Bank regulations to suppress rising prices. This study utilizes Event Study Method to analyze if there are negative impacts on listed construction stocks on each of the control measure implemented by the Central Bank. The results indicate that the stock prices of construction stocks would have been impacted when the Central Bank introduce its housing control measures. Specifically, when the Central Bank introduced tighter measures on property and land financing in the targeted areas, investors deem these messages as negative for construction stocks. However, not all measures impact the construction stocks negatively. When the Central Bank announce to raise the rediscount rate, the rate on accommodations with collateral, and the rate on accommodations without collateral, the construction stocks respond positively.