本文主要針對在2020年疫情期間受損程度高之民生產業－綜合商品零售業為目標產業，探討「振興三倍券」發放後，不同所得階層在政策影響下之振興程度。本文將臺灣鄉鎮市區資料區分為最低20%與最高20%兩個所得階層，並採用財政部2019至2020年臺灣每日電子發票交易紀錄，以事件研究法與差異中之差異分析法，瞭解政策效果在高低所得地區的持續時間長短，以及「振興三倍券」實施期間對於綜合商品零售業所帶來的消費刺激差異。實證結果顯示，振興政策在不同所得階層之效果顯著最長持續約5週，最低階層與最高所得階層之綜合商品零售業每週平均銷售額分別顯著增加8.94%與3.80%，顯示所得差異在政策影響上相當顯著。綜合以上研究結果，說明在各所得階層中「振興三倍券」對刺激消費存在正面影響，其中以低所得階層的效用為大，且在政策實施的短期內，具有提振民眾消費的顯著效果。

This thesis investigates the differential impact of the Triple Stimulus Vouchers scheme conducted in Taiwan in 2020 by income-levels. We focus on Retail Sale in Non-specialized Stores that were highly damaged during the 2020’s pandemic. Daily E-invoice transaction data are compiled for 2019 to 2020 from the Ministry of Finance, Taiwan. Event Study and difference-in-difference (DID) methods are performed to estimate different effective durations and the consumption stimulation effect of the scheme on Retail Sale in Non-specialized Stores between top 20% and lowest 20% income level areas. Our empirical results show that the effect of the Triple Stimulus Vouchers scheme lasted for a maximum of five weeks in different income-level areas, and the average weekly consumption of Retail Sale in Non-specialized Stores in the lowest and highest income level area increase significantly by 8.94% and 3.80%, respectively. To summarize, the Triple Stimulus Vouchers scheme has a positive effect on stimulating consumption among all income-levels, especially the lowest income level. We also find a significant policy effect on boosting consumption in the short term.

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