本文主要研究2004年至2008年這段期間危機事件對外資的影響，並探討外資在危機事件未發生及發生期間投資偏好與持股特性的差異。研究結果顯示，外資於危機事件未發生期間偏好為市值大、股東權益報酬率高、股票週轉率高、市值帳面比低、非電子產業且無發行存託憑證的股票，而在危機事件發生期間偏好為市值大、負債比率低、本益比低且無發行存託憑證的股票，此現象也可看出外資在危機事件未發生期間可承擔的風險比危機事件發生期間高。持股特性方面，外資在非電子產業與電子產業公司持股特性的差別，關鍵在於負債比率及本益比，而在有發行海外存託憑證與無發行海外存託憑證公司持股特性的差別，關鍵在股票週轉率的高低。 This study focuses on the research of the effects of crisis events to foreign investors from 2004 to 2008 and discusses the difference of foreign investors’ investment preferences and shareholding characteristics during crisis period and non-crisis period. The result shows that foreign investors prefer to invest on stocks that have large market value (large size), high ROE, high rate of turnover, low market to book ratio, non-electronic industry and stocks that have not published depositary receipts (DR) during non-crisis period, and prefer to invest on stocks that have large market value (large size), low debt ratio, low price to earning ratio and stocks that have not published DR during crisis period. This situation demonstrates that foreign investors can take higher risks at non-crisis period than crisis period. As for shareholding characteristics, the key difference of the shareholding characteristics of foreign investors between non-electronic industry and electronic industry is found in debt ratio and price to earning ratio. Furthermore, the key difference of shareholding characteristics between companies that published DR and non-published DR is found on the level of rate of turnover.