本文旨在比較2020年「振興三倍券」、2021年「振興五倍券」以及2023年「普發現金」發放後之消費刺激效果，使用財政部電子發票資料，並以2019年為對照組，分別比較各政策實施年份中綜合商品零售業與餐飲業之銷售額變動。研究發現普發現金未產生統計上的顯著效果，民眾多將其用於替代原有消費或儲蓄，而三倍券和五倍券皆有顯著刺激消費，顯示相較現金補貼，振興券的形式更能有效刺激民眾消費；透過事件研究法發現五倍券在綜合商品零售業與餐飲業中效果皆持續8週，三倍券則分別為5週與6週，進一步以差異中之差異法估計以比較紙本券之間的差異，三倍券所帶動之額外消費金額約為210.05至270.11億元，邊際消費傾向介於0.31至0.367，五倍券則約為249.84至294.4億元，邊際消費傾向介於0.176至0.201，顯示三倍券在刺激消費上具有較高之邊際消費傾向，其需先支付自付額之設計和實施時點在疫情前期更能有效誘發民眾額外支出。

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