The correlation research of the stock prices of the upper middle and lower stream of the electronic companies

• Main Authors: Chang Emmet, 張裕波
• Other Authors: Ku Yun-Cha
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/78747714366210746181

碩士 === 國立中興大學 === 企業管理研究所 === 86 === As the Taiwan industry has changed dramatically during the last few years , the Information and Electronic technology is the fast booming industry but also the main drive to stimulate the export. Because of the close relation among the upper、middle and lower stream of the Information and Electronic companies , I am determined to study whether the stockprices of these companies have existed any relations. I selected the daily stock prices of the 15 Information and Electronic companiesin Taiwan as my research samples which started from Jan 1,1996 to Dec 31,1997.The Granger cause-effect test and the VAR time series are applied to the research method. The VAR includes the Impulse Response Function and the Forecast Error Variance Decomposition. By looking at the correlation and market efficiency of stock prices among the samples, we hope the results can provide some information for investors.The conclusion is as followed：1. In terms of the individual stock prices , TSMC、UMC and ACER are more influential than the other 12 samples.2. Most of the lower stream samples are influenced by others but ACER.3. In terms of the group stock prices, we find out that the ranking of impact : upper stream comes the first , the middle stream the second and then the lower stream.4. Stock prices of the upper stream can be highly explained by itself. Obviously it is a leading group and unlikely to be explained by the stock prices of the middle and the lower stream.5. The stock prices of the 15 Information and Electronic companies do exist chain effects , above all , the stock prices of the upper stream are more likely to influence the stock prices of the middle and the lower stream .In addition , the impact interval can last over a week.