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論文中文名稱:The Effects of Fluctuations in the Global Price of Crude Oil on the Taiwan Stock Exchange: An Analysis of Taiwan Stock Exchange Top 20 Most Actively Traded Securities [以論文名稱查詢館藏系統]
論文英文名稱:The Effects of Fluctuations in the Global Price of Crude Oil on the Taiwan Stock Exchange: An Analysis of Taiwan Stock Exchange Top 20 Most Actively Traded Securities [以論文名稱查詢館藏系統]
院校名稱:臺北科技大學
學院名稱:管理學院
系所名稱:管理國際學生碩士專班 (IMBA)
畢業學年度:102
出版年度:103
中文姓名:李喬治
英文姓名:Jorge Bonilla
研究生學號:100988016
學位類別:碩士
語文別:英文
口試日期:2014-03-31
論文頁數:95
指導教授中文名:林鳳儀
口試委員中文名:葉清江;劉芬美
中文關鍵詞:Crude oil priceTaiwanStock Market PerformanceLinear Regression
英文關鍵詞:Crude oil priceTaiwanStock Market PerformanceLinear Regression
論文中文摘要:The relationship between crude oil price fluctuations and the performance of stock market has been analyzed in various literatures, with different relationship (positive, negative, no relationship). However, a wide number of literatures published have not treated other factors that may affect the stock market performance as a result of changes in the oil price. This paper aims to examine whether fluctuations in the global price of crude oil affects the performance of the Taiwan Stock Exchange in terms of value to investors, trade volume, stock prices, and investor behavior.
This study will also analyze the specific case of the Republic of China (Taiwan) as a net oil importer, considerably changing the perspective of the analysis. In addition, Taiwan is a country whose Gross Economic Product relies heavily on exports specifically in the high technology industries, and a more thorough analysis of these factors is found in this research.
論文英文摘要:The relationship between crude oil price fluctuations and the performance of stock market has been analyzed in various literatures, with different relationship (positive, negative, no relationship). However, a wide number of literatures published have not treated other factors that may affect the stock market performance as a result of changes in the oil price. This paper aims to examine whether fluctuations in the global price of crude oil affects the performance of the Taiwan Stock Exchange in terms of value to investors, trade volume, stock prices, and investor behavior.
This study will also analyze the specific case of the Republic of China (Taiwan) as a net oil importer, considerably changing the perspective of the analysis. In addition, Taiwan is a country whose Gross Economic Product relies heavily on exports specifically in the high technology industries, and a more thorough analysis of these factors is found in this research.
論文目次:ABSTRACT..........................................................................................................................v
ACKNOWLEDGEMENT..................................................................................................vi
Table of Contents………………………………………………………………………...vii
List of Tables.........................................................................................................................x
List of Figures…………………………………………………………………………....xiv
Chapter 1 Introduction……………………………………………………………….…...1
1.1 Background………………………………………………………………….….1
1.2 Statement of Purpose……………………………………………………….…...3
1.3 Methods and Procedures………………………………………………….…….5
1.4 Research Structure................................................................................................7
Chapter 2 Literature Review…………………………………………………………... ...8
2.1 The World Market for Crude Oil………………………………………………..8
2.2 Taiwan Stock Market Overview……………………………………………. ...10
2.3 Relations between Oil Prices and Stock Market Performance…………...…….11
2.3.1 Negative Relationship…………………………………...…………...13
2.3.2 Positive Relationship………………………………………...……… 14
2.4 Other variables………………………………………………………..……… .15
2.5 Summary of Variables in Previous Literature…………………………..…….. 18
Chapter 3 Data and Methodology……………………………………………..…….... ..22
3.1 Research Focus…………………………………………………………….……….. …22
3.2 Data Sources …………………………………………………………………………...22
3.3 Hypotheses……………………………………………………………………………..25
3.4 Empirical Models …………………………………………………………………...…25
3.5 Correlation between Variables……………..…………………………………………..31
Chapter 4 Data Analysis…………………………………………………………...……..36
4.1 Overall Remarks………………………………………………………………..36
4.2 Descriptive Statistics……………………………………………………… …..38
4.3 Model 1 Analysis Results (Market Level)……………………………….…….39
4.3.1 Model 1 Analysis Results (Company Level)……………………...…41
4.3.1.1 Semiconductor Industry…………………………………....41
4.3.1.2 Finance and Insurance Industry…………………………....47
4.3.1.3 Optoelectronics Industry……………………………..…….51
4.3.1.4 Iron and Steel Industry………………………………..….. 54
4.4 Model 2 Analysis Results (Market Level)…………………………………... . 55
4.4.1 Model 2 Analysis Results (Company Level)…………………….…..56
4.4.1.1 Semiconductor Industry…………………………………....57
4.4.1.2 Finance and Insurance Industry…………………………....62
4.4.1.3 Optoelectronics Industry…………………………………...64
4.4.1.4 Iron and Steel Industry……………………………….….....68
4.5 Model 3 Analysis Results (Market Level)……………………………….....… 69
4.5.1 Model 3 Analysis Results (Company Level)…………………...……70
4.5.1.1 Semiconductor Industry……………...……………….……71
4.5.1.2 Finance and Insurance Industry………...………………….75
4.5.1.3 Optoelectronics Industry………………...…………………77
4.5.1.4 Iron and Steel Industry…………………………………..…80
4.6 Model 4 Analysis Results……………………………………………………....82
Chapter 5 Conclusion……………………………………………………...……………..84
5.1 Research Limitations……………………………………………………...……84
5.2 Study Findings…………………………………………………...………….…86
5.3 Contribution…………………………………………….…………...…………91
5.4 Implications………………………………………………….………...……….91
5.5 Future Suggestions……………………………………………….……...……..92
References…………………………………………………………………….……...……94
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論文全文使用權限:同意授權於2014-07-21起公開