| Summary: | 碩士 === 國立高雄第一科技大學 === 財務管理所 === 98 === This study IC foundry and packaging & testing industries keep the cooperation with upstream and downstream model, which is a very close supply chain. These high profitable and productive industries also enjoyed a higher economical fluctuation than other industries. These two industries contribute valuable firm investments to the development of Taiwan economy.
This study is focusing on the dynamics of two IC foundry firms and two packaging & testing firms, they are “Taiwan Semiconductor Manufacturing Company, TSMC”, “United Microelectronics Corporation, UMC”, “Advanced Semiconductor Engineering Inc., ASE”, “Siliconware Precision Industries Co., SPIL”. Using unit-root test, we find that the stock return of these four companies do exist unit-root. They are stationary series. Granger causality tests show that there exist feedback relations between these four companies show an interrelationship. Evidence shows that the four stock prices are cointegrated. From impulse response function analysis, the fluctuation effect of foundry industry is higher than packaging & testing. In packaging & testing, the fluctuation effect of ASE is higher than SPIL. And in foundry, the fluctuation effect of TSMC is higher than UMC.
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